Ithaca Says Stella on Schedule

Canada’s Ithaca Energy said October 6 that first production from its Greater Stella oil and gas development in the UK central North Sea remains on schedule for November 2016.

Good progress has been made on final stages of the development since the FPF-1 floating production facility sailed from Poland in August 2016, it said.

Ithaca also said that average unit operating expenditure in 2016 for the existing producing asset base is anticipated to be approximately $25/barrel of oil equivalent but that, following the start-up of production from the Stella field, this cost is forecast to reduce to about $20/boe, reflecting the lower unit operating costs associated with the field.

Greater Stella area (Map credit: Ithaca Energy)

Ithaca’s interest as operator in Greater Stella is 54.66%; its partners are Dutch firm Dyas 25.34% and UK-based Petrofac 20%.  Ithaca and its joint venture partner Dyas acquired interests in the Stella and Harrier licence through transactions with Shell, Exxon and Maersk between 2008 and 2009.

Ithaca also said its net average production for the first nine months of 2016 was 9,550 boe/d, ahead of its previous 9,000 boe/d guidance.

Mark Smedley