North Sea Western Isles project moves forward

Offshore staff

ABERDEEN, UK – Dana Petroleum has begun detailed engineering design for its $1.5-billion Western Isles development in the UK northern North Sea.

The project involves development of the Harris and Barra oilfields, 160 km (99.4 mi) east of the Shetland Islands, and 12 km (7.4 mi) west of the TAQA-operated Tern field. Harris and Barra contain an estimated 45 MMbbl of recoverable oil, with upside potential in the area.

Dana has contracted Sevan Marine, which worked on the front-end engineering design for more than a year, to supply an FPSO to host the nine-well development. Western Isles is expected to add more than 26,000 boe to Dana’s daily production.

The two parties have negotiated a technology license agreement, whereby Dana pays a license fee to Sevan for the right to use the proprietary Sevan technology, and a service agreement under which Sevan will provide technical and administrative resources to Dana during the project.

Dana expects to receive full approval for the project from the UK government toward the end of 2012, leading to first oil in 2015. The company has a 65% operated interest in Western Isles, the remainder held by Japan’s Cieco.

7/13/2012

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