Orlando to come on stream before end of March

The Ninian Central Platform
The Ninian Central Platform

First oil from the Orlando field in the North Sea should be achieved before the end of March, a former project partner said.

Atlantic Petroleum is no longer involved in the development, having sold its 25% stake in the field to Aberdeen-headquartered Decipher Energy in 2017.

But the sale agreement entitled Atlantic to 2% of revenues from Orlando until the field has produced 5 million barrels of oil.

Once that threshold is crossed, Faroe-based Atlantic will pocket 4.35% of Orlando revenues.

Decipher, led by former First Oil executive Steve Bowyer, bought the other 75% of Orlando from the administrators of Iona Energy in 2017.

The intention was to develop the field as a subsea tieback to CNR International’s Ninian Central Platform.

Breaking

    Cancel