IOG gears up for Blythe field development
- Project & Tenders
Independent Oil and Gas (IOG) has submitted the Blythe Field Development Plan (FDP) in draft format to the UK’s Oil and Gas Authority (OGA).
The Blythe gas field, which is 100% owned and operated by IOG, is located in the Southern North Sea close to existing infrastructure and other IOG-owned licenses.
Last week, IOG got an extension for the license for Blocks 48/22b and 48/23a, which contains the Blythe discovery.
According to the company, the discovery contains independently verified 2P reserves of 34.3 billion cubic feet (BCF) (6.1 million barrels of oil equivalent, (MMBoe)) and needs no further appraisal. First gas is expected in the second half of 2018, subject to completion of the development funding, IOG said on Monday.
Submission of the draft FDP by the end of 2016 was a requirement of the recent license extension.
IOG noted that the Blythe discovery is important because it is expected to produce first revenues from its current portfolio of assets. Furthermore, the planned gas hub around Blythe is expected to include the nearby Elgood discovery as a tie-back to the same infrastructure, the company added.
The company is in exclusive talks to secure the main export route for all of its SNS fields, including the 100%-owned and operated Vulcan Satellite fields, which the company recently acquired from Verus Petroleum.
Mark Routh, CEO of IOG commented: “We are pleased to deliver on our commitment to submit the draft Blythe FDP by year end. Blythe is at the heart of our first gas hub and is therefore of great strategic value to us.
“We continue to work hard to maximize the gas that can be commercially developed from our core Southern North Sea area, including the Blythe and Vulcan Satellites hubs. We are working with some well-established parties on the financing of these hubs and are pleased with progress to date.”