ABERDEEN, UK – Ithaca Energy has issued updates on its planned development projects in the UK offshore sector in its latest results statement.
The company has entered a marketing agreement with Shell UK concerning its interests in the Cambo oil field west of Shetland, part of the process of securing an aligned joint venture partnership to allow the project to progress to FID, subject to regulatory and licensing approval processes and market conditions.
Ithaca hopes to be in position to file a field development application ahead of the associated license milestone of March 31, 2024, subject to the outcome of its marketing campaign.
Another current focus is on finalizing development plans and financing for the Equinor-operated deepwater Rosebank oil project in the same region.
Following positive exploration drilling results at the K2 prospect in the North Sea, the company and its partners have committed to an appraisal side-track with results set to be issued in September.
In the Outer Moray Firth area, four of the seven wells for Ithaca’s Captain EOR Phase II project have so far been drilled, and polymer injection pumps and the subsea umbilical distribution structure have all been installed.
Over the remainder of 2023, planned activities include laying flowlines and umbilicals, installation of piping cassettes and completion of Area E drilling before moving to Area D, along with turnaround activity at the Captain offshore complex to support polymer injection into the new subsea wells in 2024.
EOR from Captain EOR Phase I continues to perform well with the first phase of polymer injection above expectations with more than 11 MMbbl recovered to date. Ithaca continues to refine the pioneering polymer formulation and the development of 5th and 6th generation polymer designs, as it seeks to improve the cost efficiency of the polymer flood by 10%.
FEED activity started in April concerning partial electrification of Captain, where more than 70% of the GHG emissions related to power generation.
08.23.2023
