Growing North Sea operator Ithaca Energy has set out its expected capital expenditure plans of $444m this year as a pair of projects progress.
Reporting its Q1 results, the operator said the Abigail field, produced via the FPF1, is on track for first oil in Q3 of this year.
Meanwhile its Captain EOR (enhanced oil recovery) stage 2 scheme will start producing next year.
Capex for Q1 was $84m, not including producing assets acquired from Marubeni of $333m.
The firm said spending of around $400m per year over the next three years is predicted, not including assets like Cambo being acquired via its deal to take over Siccar Point Energy.
Siccar Point is one of two deals closing for the firm at the moment, which also recently announced it is taking on Summit Exploration and Production’s oil and gas assets.
Production for the period totalled 70,500 barrels of oil equivalent per day, up from 65,000 in Q1 2021, with 64% being liquids.
Unit operating costs stand at $19 per barrel.
Revenues totalled $744.6m, more than double that of Q1 2021 at $344.6m.
Ithaca enjoyed pre-tax profits of $874.6m, a drastic increase on $61.5m in the same period last year.