North Sea-focused development and production firm Independent Oil & Gas (IOG) is hoping to more than treble its discovered resources following the next round of UK licencing.
Following an award in the 27th licencing round of the Southern Gas basin, as well as the acquisition of the Cronos asset, the company has brought its reserves estimates to just under 20 million barrels of oil.
Following its initial public offering (IPO) IOG has applied for three more licences in the 28th awards round, which could add a further 45 million barrels of discovered resources to the company’s portfolio, potentially increasing its daily production rates to 25,000 barrels of oil per day within 10 years.
IOG chief executive Mark Routh explains.