Ithaca Energy has agreed a contract extension for BW Offshore’s floating production, storage and offloading (FPSO) vessel currently serving the Athena field in the UK.
BW Offshore’s FPSO vessel was originally contracted to run between 2012 and 2015, and the new agreement sees Ithaca exercise its option to use the vessel for an additional five years.
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Ithaca retains the right to cancel the contract with 12 months’ notice.
The Athena oilfield is located in UK Continental Shelf block 14/18B in the central North Sea at a water depth of 130m.
Ithaca Energy is the operator of the field with a 22.5% interest, while Dyas UK holds a 47.5% interest, EWE Energie a 20% interest and Zeus Petroleum a 10% interest.
Ithaca initially owned a 70% interest in the field, but later sold 47.5% to Dyas UK.
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By GlobalDataAfter acquiring the block licence, the partners drilled four appraisal wells, 14/18b-15A, 14/18b-17z, 14/18-16 and 14/18b-18, to assess the reservoir potential.
The proved and probable reserves are expected to be 24.4 million barrels, while the recoverable oil reserves are estimated between 9.6 million barrels and 15.7 million barrels assuming field life of 3.5 to 4.5 years.
If two more production wells and a second water-injection well are drilled, then the recoverable reserves would be approximately 31.8 million barrels, assuming a field life of 10.5 years.
Athena is being developed as a subsea tieback to FPSO BW Carmen.
The UK Department of Energy and Climate Change approved the field development plan in September 2010.
Image: The Athena oilfield is located in UK Continental Shelf block 14/18B in the central North Sea at a water depth of 130m. Photo: courtesy of Ithaca Energy.
