Cladhan launch behind schedule

The operators of a North Sea oil project have confirmed it will launch behind schedule next year as it prepares to begin drilling on the site.

Sterling Resources confirmed the Cladhan development was now scheduled to begin production early next year, but insisted it remained progress.

The project, with partners Taqa, is set to produce more than 17,000 barrels of oil equivalent per day once it starts up next year, with the field being tied back to Taqa’s nearby Tern Alpha platform.

“The Cladhan development is proceeding satisfactorily, slightly behind schedule but within budget,

satisfied with with first production expected around the end of the first quarter of 2015,” Sterling confirmed yesterday. “Development drilling is expected to recommence later in April.”

The news came as Sterling revealed full- year losses at theNorth Sea firm had narrowed, with the company posting a £18.6million loss for the y e a r, compared to £29.6million in losses for 2012.

Increased revenues thanks to Breagh gas field starting up, along with the company relinquishing its Sheryl licence helped reduce the firm’s losses.

Sterling chief executive Jake Ulrich said: “The past year has been a transitional one as the company finally achieved production at Breagh.”