Finance & Investing
News Services
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy


Caithness Oil Pumps First Oil from N. Sea Field

change text size

Trapoil, the independent oil and gas exploration and appraisal company focused on the UK Continental Shelf ("UKCS") region of the North Sea, announced that production has now commenced at its Lybster field situated on Block 11/24 - 3v2 (License P.1270), which is operated by Caithness Oil Limited.

The Lybster production facilities have been installed and commissioned and commercial arrangements are in place to truck and sell the oil produced to ConocoPhillips at its Immingham refinery. Lybster was put on production on May 2, 2012 and the initial truckloads are expected to arrive at the Immingham refinery today. A further announcement will be made in due course, with respect to the anticipated volumes and production profiles, once production from Lybster has stabilized.

Trapoil holds a 35 percent carried interest in the P.1270 license, which formed part of the asset portfolio of Reach Oil & Gas Limited ("Reach"), acquired by the Company in July 2011. From the date of first production, Caithness is entitled to recover all development and operating costs attributable to Trapoil's carried interest out of net revenue achieved from the sale of Trapoil's percentage interest share of the crude oil produced. Until such costs have been fully recovered, Trapoil will receive approximately 20 percent of net petroleum revenues attributable to its carried interest in Lybster.


Most Popular Articles
From the Career Center
Jobs that may interest you
Defect Elimination Tech-Dickinson, North Dakota
Expertise: Production Operator
Location: Dickinson, North Dakota, ND
Operations Liaison Manager
Expertise: Gas Plant Operations|Operations Management
Location: Houston, TX
Production Engineer
Expertise: Production Engineering
Location: Alvin, TX
search for more jobs