Serica Energy is pressing ahead with the development of the Columbus gas field in the North Sea.
The development plan for the asset which has been sitting undeveloped for years is expected to be submitted mid-2018.
According to Serica, good progress has been made towards optimizing the Columbus development plan in together with other asset owners in the area.
Serica is in talks with Shell as the operator nearby Lomond and Shearwater offshore platforms to determine the best export route for Columbus.
Worth noting, Serica expects to receive commercial terms for the Lomond route from Chrysaor, as the new Lomond operator, as soon as the recently announced transaction to take over from Shell, as current operator, has been completed. As for the Shearwater route, commercial terms are expected to be received from Shell.
Serica will then make a final decision on the optimum route will depend upon the definitive commercial terms received and, in the case of the Shearwater route, firm commitments from other operators but it is Serica’s aim, as Columbus operator, to reach a decision and submit a field development plan for maximising economic recovery of reserves from the area by mid-2018.
Financing plans for the Columbus project will be worked in conjunction with the FDP submission. When the final decision to proceed with the Columbus development is made, the Group would consider a range of alternative means of finance to fund its share of development costs, Serica said.
Offshore Energy Today Staff