Ithaca to develop Athena field with FPSO

Ithaca Energy has entered into an agreement with Bluewater Energy Services to develop the Athena field with the FPSO Uisge Gorm.

Offshore Staff

LONDON -- Ithaca Energy has entered into an agreement with Bluewater Energy Services to develop the Athena field with the FPSO Uisge Gorm.

According to the company, developing the field using an FPSO offers a significant reduction in capital outlay of approximately $200 million and accelerates first oil production from Athena by up to 1 year, as compared to a subsea tie-back to the Talisman-operated Claymore facility that the company had previously explored. Initial production is anticipated at the end of 2009 at an approximate rate of 21,000 b/d.

"Securing this agreement is an example of how the new generation of North Sea oil companies can react quickly when opportunities present themselves," says Iain McKendrick, Ithaca Energy COO. "The immediate availability of the FPSO and the fact that its capabilities are already very well suited to the Athena field make it an excellent opportunity for us. We are looking forward to working with Bluewater to bring the field on stream before the end of 2009."

Bluewater will modify the FPSO and deploy it at the Athena field in late 2009.

06/09/2008

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