ABERDEEN oil firm DEO Petroleum said yesterday it was on track to start production in the North Sea Perth field in 2014.
DEO, which now owns just over 52% of the discovery after Maersk Oil withdrew from the project last month, said it expected to invest £215million with its partners before first oil in the second quarter of 2014.
DEO said the Perth area held a gross 51.2million barrels of oil. The operator added that the Dolphin and Sigma discoveries – within tieback distance of Perth – were estimated to hold 11million barrels.
It also said it had signed an interim agreement with Emas Offshore and Construction for a floating production vessel to develop the first phase of the Perth field.
DEO chief executive David Marshall said Emas had recently completed work for Premier Oil in Vietnam and its experience would contribute significantly to the success of the project.
DEO’s partners in Perth, which is 114 miles north-east of Aberdeen, are Faroe Petroleum and Atlantic Petroleum, with 34.6% and 13.3% respectively.
DEO expects approval for its development plan for the fields early next year.