First production from the field is planned for the third quarter of 2011 at 22,000 barrels of oil per day.
Ithaca CEO Iain McKendrick said that the company is now in a position to deliver the next phase of the Athena project, which will involve development drilling and fabrication.
"FDP approval is a major milestone for any development and testament to the ability and dedication of the company’s development team and exceptional cooperation between the joint venture partners," McKendrick said.
The initial development consists of four production wells supported by one water injection well, and production will be routed via the subsea manifold and a 2km, 8 inch flowline to a stand-alone floating production, storage and offloading vessel.
Ithaca holds a 22.5% interest in the Athena oil field, while Dyas UK, EWE Aktiengesellschaft and Zeus Petroleum hold 47.5%, 20% and 10%, respectively.
