Aberdeen-based Ithaca Energy (www.ithacaenergy.com) says that it has benefitted from the drop in the cost of services due to the decline in crude oil prices and intends to start production from the giant Stella field — 175 miles east of Aberdeen — in September.

It has told investors that work is progressing well on the final stages of commissioning the FPF-1 floating production facility, which will be used on the Stella field.

Ithaca expects the vessel to leave the yard in Poland (where it is being developed) at the end of the summer.

The company’s initial share of the output from Stella is expected to be around 16,000 barrels a day. Stella was originally due to come on-stream late in 2014; since then, the price of crude oil has fallen from around $80 per barrel to $50.