A North Sea oil field has been set up for a new lease of life after a £140 million investment to unlock fresh reserves.

On 16 March, Spirit Energy started oil production on the Oda field, almost five months earlier than the original plan. The project has also come in under budget, with development costs reduced by around 15%.

Two normally unmanned installations which used to produce gas in Morecambe Bay will be decommissioned under plans to be submitted by Spirit Energy.

Spirit Energy has been awarded nine new licences in the Awards in Predefined Areas (APA) round on the Norwegian Continental Shelf, including two as operator.

Spirit Energy has also taken on operatorship of the nearby Cobra licence, where it holds a 50% interest.

The plan for development and operation (PDO) for the Nova field is now approved. Spirit Energy has a 20 percent ownership interest in the North Sea oil field.

Spirit Energy will invest in exploration and appraisal West of Shetland for the first time early next year after farming into 50% of Hurricane Energy’s Greater Warwick Area.

Spirit Energy can today (Friday, 6 July) confirm that it has reached agreement with its joint venture partners in the Babbage field to take on operatorship of the licence, where it holds a 13% interest.

The Fogelberg discovery in the Norwegian Sea is shaping up to be Spirit Energy’s next operated development. This is the conclusion following a newly concluded appraisal well.

Spirit Energy and the Nova licence partnership have awarded Seadrill Operations a rig contract for the Nova development in Norway.