ithaca rns athena section26 Mar 2013 09:10
Following completion of the BW Athena FPSO conversion and mobilisation operations by BW Offshore, start-up of production from the Athena field commenced in late May 2012. This represents the third major development delivered by the Corporation, further underlining the Corporation's ability to execute upon its business model of driving forward the monetisation of reserves identified following appraisal success.
Since the completion of post start-up commissioning activities, production from the field has been stable at a gross daily rate of between 10,000 and 11,000 bopd, 2,250 to 2,475 bopd net to Ithaca. Strong operational performance by the BW Athena has resulted in a vessel uptime in excess of 95% following the start-up period.
The field continues to produce "dry" oil, with nearly 3MMbbl having been produced from the field to date, 0.675MMbbl net to Ithaca.
Reservoir performance to date, including the continued production of dry oil, provides a positive signal for the longer term potential of the field. The timing of water breakthrough, along with the efficiency of the sweep of oil through the reservoir assisted by water injection, will be key to predicting the ultimate field production profile.
Athena's 2P reserves remain materially unchanged following completion of the end-2012 Sproule reserves evaluation, despite initial production rates from the field being lower than originally forecast. Taking into account the latest dynamic field data and actual oil production to date, Sproule's end-2012 2P reserves are within approximately 5% of that anticipated prior to start-up of the field. Total gross 2P remaining reserves at 31 December 2012 are estimated by Sproule to be 22.6 MMboe, 5.1MMboe net to Ithaca.
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