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July 19, 2017

IOG submits development plan for Blythe and Elgood offshore fields

Independent Oil and Gas has submitted the field development plan (FDP) to the UK Oil and Gas Authority (OGA) for its Blythe Hub, which hosts the Blythe and Elgood fields in the UK's Southern North Sea.

Independent Oil and Gas has submitted the field development plan (FDP) to the UK Oil and Gas Authority (OGA) for its Blythe Hub, which hosts the Blythe and Elgood fields in the UK's Southern North Sea.

In December 2016, the company submitted a draft FDP for the Blythe field.

The Blythe and Elgood fields, which are completely owned and operated by IOG , are situated near to the company’s existing infrastructure and other licences.

An independently verified assessment estimated that Blythe hosts 34.3 billion cubic feet (BCF) of 2P reserves and Elgood contains 22 BCF of 2C resources.

A new competent persons report (CPR) is currently being completed for the Blythe Hub to provide up-to-date, independently verified estimates of the reserves and resources.

"The Blythe Hub is of great strategic value to IOG , alongside the larger Vulcan Satellites Hub."

IOG noted that neither of the fields requires further appraisal.

IOG interim chairman and CEO Mark Routh said: “The Blythe Hub is of great strategic value to IOG , alongside the larger Vulcan Satellites Hub.

“Commercial negotiations continue to progress upon the basis of deferrals of a substantial proportion of contractor costs as well as prepayments from potential gas off-takers to help meet the funding requirements.” 

Under the development plan, the Blythe Hub is expected to provide the first gas for IOG through the re-commissioned Thames Pipeline.

IOG is in the process of completely acquiring the pipeline, after which it will be tested before being re-commissioned.

The Blythe Hub is expected to provide significant synergies with the 100%-owned Vulcan Satellites Hub, another IOG asset hosting 321 BCF of independently verified 2C resources.

The company also owns Harvey discovery, a resource situated between Blythe and Vulcan Satellites Hubs.

Harvey is estimated to have 113 BCF of P50 recoverable resources, subject to further appraisal.

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