Ithaca boosts production, on course for Harrier start-up

Ithaca Energy said today that output from the North Sea Stella field helped it increase overall production by 95% to 18,165 barrels of oil per day in the first quarter of 2018.

Aberdeen-headquartered Ithaca, which was taken over by Israeli firm Delek Group last year, said the FPF-1 production vessel on Stella was achieving “strong” uptime.

Ithaca also lowered its operating expenditure by 14% year-on-year to $18 per barrel.

Cashflow from operations totalled $47 million, equating to $29 per barrel, while net debt was reduced to $554 million at the end of March.

Read more on Energy Voice here.