CANADIAN oil and gas operator Ithaca Energy said yesterday it had completed the £10million leasing of the Beatrice oil field and Nigg oil terminal from Talisman Energy and had taken over operatorship.
It has appointed Wood Group Engineering to be the duty holder for Beatrice.
Ithaca is acquiring a lease of a 100% interest in Beatrice for a minimum of three years, which can be extended at Ithaca’s choice for the duration of production.
Although the effective date of the deal was yesterday, resulting in immediate production to Ithaca, the consideration is to be paid after the start of production from Ithaca’s nearby Jacky oil field.
After production from Beatrice stops the field will be returned to Talisman for decommissioning and abandonment. Beatrice produces around 2,000 barrels of oil per day (bopd).
A second platform, Beatrice Bravo, is shut-in. Ithaca said it planned to restore production through to a pipeline tied back to Jacky, which is an Ithaca discovery immediately north-east of Beatrice.
Ithaca also said yesterday it had gained approval for the Jacky field development plan from the Department for Energy and Climate Change.
Initial production rates are expected to be about 7,500bopd, with first oil expected early next year.