IOG opts for two-phase southern North Sea gas project
Independent Oil and Gas has revised its gas development plans for its fields in the UK southern North Sea.
LONDON – Independent Oil and Gas (IOG) has revised its gas development plans for its fields in the UK southern North Sea.
The company’s revised Core Project plan now involves a two-phase development of its 302 bcf of 2P reserves at the Blythe Hub and the Vulcan Satellites Hub, and 108 bcf 2C contingent resources from the Goddard area.
Phase 1 takes in the Southwark, Blythe and Elgood fields, and Phase 2 the Goddard, Nailsworth, and Elland fields.
According to IOG, Phase 1 is technically ready to enter the execution phase with all engineering work completed for the final investment decision (FID), and commercial terms mostly in place with all major contractors.
The Goddard license was awarded last year under the UK’s 30th offshore licensing round: it contains discovered gas which is said to be technically ready for development, and 73 bcf prospective resources which will be appraised at a future point.
IOG aims to submit the field development plan for Goddard to the UK’s Oil & Gas Authority during the first half of this year, with a view to re-categorizing the 2C resources as 2P reserves.
It is also close to signing documentation for the purchase of the onshore Thames reception facility at the Bacton gas terminal on England’s North Norfolk coast, the landing point for IOG’s 550 MMcf/dThames pipeline.
In addition, it is progressing commercial and technical preparatory work for the Harvey appraisal well.