Aberdeen oil minnow cuts N. Sea operating costs by 14% to $18-barrel

Aberdeen-based oil minnow Ithaca Energy has managed to cut its North Sea operating costs by 14% in the first quarter of this year, compared to the same period in 2017.

Ithaca is now pumping out oil at a unit operating price of $18-barrel while it has increased production by 95% over last year’s performance, driven by a full quarter’s contribution from the Stella field.

Meanwhile, completion of its Harrier field development activities is progressing ahead of schedule and only the tie-in of the Harrier infield pipeline to the existing GSA facilities remains to be completed prior to start-up in Summer this year.

Ithaca – now owned by Israel’s Delek Group – is also planning to drill a potential Stella infill well in 2019 to maximise reserves recovery from the field.

9 May 2018

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