Ithaca Energy kicks off moves to start production from Athena field
08 February 2010
North Sea exploration and production group Ithaca Energy today credited improved oil prices for a decision to move ahead with plans to start producing oil from the Athena field.
First production is now being targeted for the second quarter of 2011 with estimated initial gross production rates of 22,000 barrels of oil per day (bopd) (4,950 bopd net to Ithaca).
Work on Athena was shelved during the latter part of 2008 because of the falling price of oil and disproportionately high costs in the oilfield services sector. However, the company has always signalled its intention to restart work as soon as the economic environment was right.
Today, Ithaca and its joint venture partners Dyas UK (47.5%), EWE Aktiengesellschaft (20%) and Zeus Petroleum (10%) committed to buying up US$14.85 million of long lead equipment to build the production infrastructure. A full project team has also been commissioned to plan the development and finalise submission of the environmental statement in March 2010 and field development plan (FDP) for approval in July 2010.
The team will also undertake the final stage negotiation of contracts for a Floating Production Storage and Offtake (FPSO) vessel, construction and provision of sub-sea facilities and drilling services.
Athena’s initial development will involve three production wells, which will be re-entered and completed for production, supported by one water injection well. Additional wells will be drilled from seabed locations close to existing wells to allow for ease of tie-back to a new subsea manifold. It is anticipated that all offshore installation works, including FPSO on location, will be complete by the end of the second quarter of 2011.
In the latest reserves report issued by Sproule International at the end of 2009, Athena’s proved and probable reserves were put at 24.40 million barrels of oil gross (5.49 million barrels net to Ithaca).
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