Independent Oil and Gas (IOG) has issued an replace on its numerous packages within the southern UK fuel basin.
The firm claims its latest deal to amass the offshore Thames pipeline at a nominal price from Perenco, will reduce capital prices for its growth initiatives within the space by as much as £100 million ($134 million).
The sale and buy settlement for Thames ought to permit the corporate to export fuel from its total portfolio of fields to Bacton Gas Terminal in Norfolk on the English east coast.
It additionally entails the switch of the PL370 license and IOG turning into the pipeline operator. Once the regulatory course of has been fulfilled, IOG intends to conduct clever pigging to evaluate the state of the road and establish any remedial work required previous to de-watering.
This 12 months the corporate additionally carried out seismic interpretation and mapping on the Vulcan South, Vulcan North West and Vulcan East fields, with Fenix Delft conducting hydraulic stimulation research for the Vulcan Satellites, and ERC Equipoise reservoir modeling.
This has led IOG’s administration to revise its estimates of fuel volumes.
Preliminary effectively design work was additionally accomplished for the Vulcan Satellites and the fee mannequin additional refined. Work is below manner on a subject growth plan which might be submitted later this 12 months to the UK authorities.
Currently IOG anticipates first fuel in 2Q 2019 from Vulcan South by way of an unmanned wellhead platform exporting to Bacton by means of the re-commissioned Thames pipeline.
Engineering work continues with choice of platform services and interfield strains.
In the identical space, IOG has a 100% curiosity in license P2085 east of the corporate’s Blythe subject (blocks 48/23c and 48/24b). Beagle Geoscience’s 3D seismic reprocessing and mapping has improved understanding of the advanced faulting within the overlying strata.
Based on this work, the corporate has altered its in-place estimates for the Harvey prospect to 77/176/403 bcf.
The research on Harvey recommend a doubtlessly substantial fuel discovery between the corporate’s two southern North Sea fuel hubs within the effectively understood Leman sandstone formation play.
If appraisal drilling delivers, Harvey may emerge as the most important fuel discovery in IOG’s portfolio.
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The UK’s Oil & Gas Authority has granted an extension for P2085 till Dec. 20, with a dedication to an appraisal effectively required to increase the time period additional.
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