Following its $133 million takeover by upstream private equity firm Petroleum Equity earlier this year, ATP has started screening alternative development options for the field, which lies east of Shetland.
ATP managing director Graham Walters told Upstream a leased floating production, storage and offloading vessel offering more than 25,000 barrels per day of production capacity is now the base case.
After delays and rising costs brought about by the bankruptcy of its former parent, Houston based ATP Corporation, Walters said ATP UK’s contract with Cosco for the under-construction semi-submersible Octabuoy hull was now cancelled.
“We’ve
