Ithaca cleared to pursue North Sea field developments

Offshore staff

CALGARY, Canada – Britain’s government has approved Ithaca Energy’s development plan for the Stella and Harrier fields in the UK central North Sea.

Ithaca’s project involves drilling subsea horizontal wells tied back to the semisubmersible production platform FPF-1, with processed hydrocarbons exported via nearby offshore oil and gas pipelines.

Arrangements for transportation and onshore processing of oil and liquid-rich gas remain to be finalized.

Ithaca has contracted the heavy-duty jackup Ensco 100 for development drilling which will start during the second half of this year. Soon it will award packages for procurement and installation of the subsea infrastructure.

Petrofac is upgrading and modifying the FPF-1, with associated cost and vessel performance incentives. The designated yard for the conversion works will be announced following completion of the front-end engineering and design.

Ithaca adds that both Stella and Harrier will benefit fully from the Supplementary Charge tax shelter which the government has introduced as an amendment to its Small Field Allowance.

4/12/2012

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