Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Exclusive: North Sea newcomer targets deals after celebrating first oil

Petrofac CNR workers strike
CNR's Ninian Central Platform.

North Sea newcomer Decipher Energy has delivered first oil from the Orlando field less than two years after taking over the 10 million barrel project from a victim of the downturn.

Bosses at Decipher, founded in 2016, said Orlando was just the start for the Aberdeen firm as it presses ahead with a number of oilfield developments and hunts for acquisitions.

The business acquired an initial 75% of the field in April 2017 when it struck a deal with the administrators of Iona Energy, a Granite City firm which folded the previous year after failing to restructure its finances.

Decipher – led by Steve Bowyer, a former boss of now-defunct Aberdeen company First Oil – snapped up the remaining 25% of Orlando from Atlantic Petroleum.

Mr Bowyer revived a plan to develop Orlando as a tieback to the nearby Ninian Central platform, which is in the northern North Sea and is operated by Canadian business CNR International.

Decipher expects Orlando to reach peak production rates of more than 10,000 barrels of oil per day.

Oil will be transported to the Sullom Voe Terminal in Shetland for processing and offtake.

Mr Bowyer said bringing Orlando on stream within two years of completing the Iona acquisition was a “great achievement” and showed what could be achieved when operators and the wider supply chain agree a clear plan.

Oilfield services giant TechnipFMC completed the subsea work and Petrex Developments, of Aberdeen, managed the facilities development activities.

Decipher is also making tracks with its Senna and Mansell discoveries and hopes to make a final investment decision on a joint development project this year.

The company is targeting up to 70m barrels of oil equivalent from the fields.

Decipher believes its assets could form a new northern North Sea production centre.

Mr Bowyer added that Decipher was in the market for North Sea asset deals.

He said: “In parallel with maturing our existing portfolio, we are targeting the acquisition of further high value development opportunities and are in a strong position to execute our growth plans as a result of strong investor support.”

The company, which has six employees at its office on Queens Road, is backed by US investment firms Oaktree Capital and TPG Sixth Street Partners.

More from Energy Voice

Latest Posts