CALGARY, Canada – Iona Energy has issued an update on two of its UK North Sea field developments.
The partners are working to maximize recovery from the field. Subsurface studies may lead to additional investments – potentially a new production or injection well or a sidetracked water-injector during 2016.
Installation of equipment for the Orlando field tieback is due to start on June 8, during the platform’s summer shutdown.
The 2015-2016 budgeted costs for the project have been reduced from $228 million to $215 million. Iona’s management is targeting further cost savings of 10-15% on the revised budget.
Contracts awarded for long-lead items include the electrical submersible pumps and subsea valves. Iona says Orlando remains on course for first production in 4Q 2016.