The plan calls for a three-field hub development with first gas targeted by the end of 2Q 2019, parallel to start-up of the company’s Blythe hub in the same region.
IOG is aiming to extract 248 bcf from the Vulcan Satellites, producing more than 150 MMcf/d from eight wells. Assuming a positive final investment decision at the end of 1Q 2018, the company anticipates life-of-hub gross revenues of more than £1 billion ($1.32 billion), based on forward gas prices.
The Vulcan Satellites FDP covers the recently renamed Southwark, Nailsworth and Elland fields, which will be jointly developed with the Blythe hub, taking in the Blythe and Elgood fields.
In both cases, the gas will be exported through the recommissionedThames pipeline, which IOG owns 100%.
Discussions continue on contracts with rig owners, subsea and pipeline contractors and gas off-takers.