Two North Sea producers have passed significant milestones in the development of their assets today.
Ithaca, which has agreed a takeover by Israel’s Delek, has announced the start up of production from its Stella field while EnQuest, which underwent a financial restructuring last year to secure its future, said its FPSO vessel to start production from its Kraken asset is now in place.
In an update on Friday, Ithaca said it has started the first stages of oil exports from Stella, adding that its “production ramp-up phase will commence when the on-going commissioning of the gas processing and compression facilities is complete”.
Last week, the company’s directors unanimously recommended a $1.24bn takeover from Delek Group which has been seeking to increase its presence in the North Sea.
EnQuest meanwhile said it was on course to report its first oil delivery from Kraken in the second quarter of this year.
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