Antrim bags option on FPSO for Fyne Field

Oil firm Antrim Energy has bagged itself an option to lease a floating production, storage and offloading (FPSO) vessel for the development of its wholly-owned Fyne Field in the North Sea.

Antrim will need the FPSO should the UK Department of Energy and Climate Change give the green light to the Field Development Plan which Antrim expects to submit in January of next year. First oil from Fyne Field is anticipated in the fourth quarter of 2014, contingent on the timing of the redeployment of the FPSO from its current location.

"This agreement for the Hummingbird Spirit FPSO is a major achievement. Development of the Fyne area in the UK Central North Sea has been hindered for some time due to the lack of commercial infrastructure and export route. The Hummingbird Spirit resolves that issue, not only for the Fyne Field, but potentially for other Antrim assets in the area and nearby stranded assets of other operators. Antrim looks forward to successfully leading the development of the area," said Stephen Greer, Antrim's President and Chief Executive Officer.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

JH