London-based Ithaca Energy Inc. released a production and operations update on Oct. 10 that showed a considerable increase in production during the third quarter after a ramp-up in the Athena field in the UK section of the North Sea.
Total production for the three months ending on September 30 averaged 5,061 barrels of oil equivalent (boe) per day, up 28% from the 3,966 boe/day average during the second quarter. Company officials attributed the increase mainly to development activity in the Athena field, which came onstream in May.
Ithaca’s production has stabilized at a gross daily rate of between 10,000 and 11,000 barrels of oil per day, providing approximately 2,250 to 2,475 barrels per day in net production to the company.
A strong performance from the Beatrice and Jacky fields also helped offset a decline in production from the Cook and Broom fields during the quarter due to planned maintenance shutdowns as well as unplanned downtime at both the Topaz and Anglia fields. All these are located in the North Sea.
Ithaca forecasts that production will continue to rise in the fourth quarter, partly as a result from recent assets acquired from Houston-based Noble Energy in the Cook and MacCulloch fields.