Ithaca Cuts Capex Budget by 60% for 2015

North Sea-focused independent producer Ithaca Energy Inc. that its budget for capital expenditure in 2015 will be almost 60-percent less than what it spend in 2014.

Approximately two-thirds of the planned $150-million capital spending budget relates to the company’s Greater Stella Area assets. The balance will be spent on the completion and tie-in of the Ythan development well, the continuation of the onshore UK Wytch Farm well work-over program, asset maintenance activities and two Norwegian wells.

Ithaca added that, given the schedule of activities in 2015, its capital spending for the year is expected to be weighted towards the first half.

Ithaca also said that it anticipates its base production for 2015 to be around 12,000 barrels of oil equivalent per day (boepd) – of which approximately 95 percent will be oil. This target does not include the additional contribution resulting from the start up of the Stella field, the exact timing of which is unclear. However, once it comes on line Stella is expected to contribute approximately 16,000 boepd to Ithaca.

Ithaca achieved average production in 2014 of roughly 12,300 boepd. The firm has 6,300 barrels of oil per day hedged at an average price of $102 per barrel from Jan. 1 to June 30, 2016.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)
 -  Linde to Build New PP Line at Braskem ... (Jul 11)

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Application Evaluation Specialist
Expertise: Drilling Engineering|Field Development
Location: Houston, TX
Senior Budget Analyst Job
Expertise: Accounting|Budget / Cost Control|Financial Analyst
Location: Denver, CO
Senior Planner / Scheduler
Expertise: Planner / Scheduler|Project Controls
Location: Buenos Aires, AR
search for more jobs

Brent Crude Oil : $49.3/BBL 0.80%
Light Crude Oil : $46.79/BBL 0.70%
Natural Gas : $3.04/MMBtu 0.97%
Updated in last 24 hours