Cairn Energy expects to shave £250million off its capital expenditure following the completion of a farm-out of Catcher to Netherlands-based Dyas.
The Edinburgh-based oil and gas indy agreed to sell a 10% working interest in the North Sea field to Dyas UK, retaining a 20% working interest in Catcher.
The news comes as Cairn was awarded five licenses in the Norwegian 2014 APA licensing round.
Cairn confirmed Catcher is on track for first oil from 2017.
The Catcher area – about 124 miles east of Aberdeen – is expected to produce 96million barrels of oil with a peak production rate of about 50,000 barrels of oil per day.
In June, the Department of Energy and Climate Change (Decc) gave the field the go-ahead after granting the development a small field tax allowance.
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