Under the FDP, the company is planning to develop a three-field hub with first gas targeted by the end of the second quarter of 2019.
First gas from the company’s BLYTHE hub is also scheduled around the same time.
The FDP covers the three Southern North Sea gasfields Southwark, Nailsworth and Elland, which will be jointly developed with the Blythe hub.
IOG CEO and interim chairman Mark Routh said: “It is one year since we concluded the acquisition of the Vulcan Satellites at a very compelling price.
“Since then, the IOG team has completed extensive work across the portfolio on the seismic reinterpretation, geophysical modelling, dynamic reservoir modelling, development planning and optimal well design and placement in order to deliver this FDP.
“The alignment of contractors to deliver both the Vulcan Satellites and Blythe gas hubs reflects a new spirit of North Sea collaboration and dovetails with the OGA’s maximising economic recovery initiative.”
The Vulcan Satellites development comprises 2P reserves of 248 billion cubic feet, with peak 2P production targeted to be more than 150 million cubic feet a day from a total of eight development wells.
Based on the outcome of an appraisal well, the company expects to take up the development of the Harvey field.
Gross revenues over the life of the hub are estimated to be more than £1bn.
Final investment decision in connection with the development of the Vulcan Satellites hub is scheduled to take place at the end of the first quarter of next year.