Offshore staff
LONDON – Independent Oil and Gas (IOG) has secured funding for its Harvey gas field appraisal well in the UK southern North Sea and plans to spud the well in December.
A facility signed with London Oil and Gas of £15 million ($19.3 million) will be used both for this campaign, to fund other costs in the run-up to IOG’s gas development project sanction, and full repayment of final remaining liabilities for the Skipper oil field exploration program in the UK northern North Sea.
IOG hopes the well will prove gas across the entire Harvey structure – a competent persons report last November assessed potential resources as up to 286 bcf, with a 50% geological chance of success.
Schlumberger WesternGeco has reprocessed 3D seismic over the Harvey area, and IOG expects to complete seismic re-interpretation and re-mapping this month. The aim is to optimize the appraisal well location, and thereby de-risk the project.
Even if the well delivers a mid-case 114 bcf, this would still represent the company’s largest gas asset, IOG said, and a fasttrack Harvey development could follow in direct continuation from Phase 1 of the development of the Blythe and Vulcan Satellites hubs, which are approaching a final investment decision.
08/24/2018
