Ithaca Sanctions Captain EOR Stage 2

Ithaca Sanctions Captain EOR Stage 2
Ithaca Energy has announced the sanction of the Captain Enhanced Oil Recovery Stage 2 project in the UK Central North Sea.

Ithaca Energy has announced the sanction of the Captain Enhanced Oil Recovery (EOR) Stage 2 project in the UK Central North Sea.

The sanction comes after the company received field development plan addendum consent from the UK Oil and Gas Authority, Ithaca Energy, which operates the Captain field, revealed. EOR Stage 2 is designed to significantly increase hydrocarbon recovery by injecting polymerized water into the reservoir through additional subsea wells, subsea infrastructure, and new topsides facilities, Ithaca Energy highlighted.

“Consent for Captain EOR Stage 2 progresses the application of a technology that has already demonstrated an improved recovery rate and helps extend the life of the Captain field,” Bill Dunnett, Ithaca Energy’s chief executive officer, said in a company statement.

“This project underlines our long-term commitment to the North Sea and is a major demonstration of confidence in the viability of safe, long-term operations in this basin. Our board and partners have sanctioned the capital investment to maximize the sustained performance of this asset,” he added.

Jongwoo Kim, the chief executive officer of Dana Petroleum, which also has a stake in the Captain field, said, “we are really pleased to have worked collaboratively with Ithaca Energy to support this important project.”

“It is particularly exciting to see how extensive research alongside the application of new technology is being used with great efficiency to enhance recovery,” Kim stated.

The Captain field, which was discovered in 1977, lies approximately 90 miles north-east of Aberdeen, Scotland, in the Outer Moray Firth, in water depths of around 346 feet. The billion-barrel field achieved first production in March 1997 thanks to technology developments in horizontal drilling and down-hole pump technology, Ithaca Energy notes on its website. In 2018, daily production at Captain was said to have averaged 25,800 barrels of liquids and three million cubic feet of natural gas.

Ithaca Energy holds an 85 percent operated interest in the field, with Dana Petroleum holding the remaining 15 percent stake. Founded in 2004, Ithaca Energy is an independent oil and gas company with production, development, and exploration operations focused on the UK North Sea. The company is a wholly owned subsidiary of Delek Group Limited (TASE: DLEKG, US ADR: DGRLY), which is described as Israel’s leading integrated energy company.

Earlier this month, Ithaca Energy highlighted that it had achieved a strong operational performance in 2020, with limited disruption arising from Covid-19 related restrictions.

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