Independent Oil and Gas (IOG) boss said 2021 would be a breakthrough year for the firm as it heads towards first production and maiden revenues.
London-listed IOG said phase one of its core project in the southern North Sea remained on track for first gas in the third quarter of this year.
Contractor Subsea 7 installed the Blythe and Elgood pipelines lines at the end of last year.
Construction of the Southwark and Blythe platforms in the Netherlands is expected to be completed during the current quarter, with installation and drilling of a first development well on the slate for Q2.
Read more: IOG reveals progress on platform construction for ‘Core’ project
Contracting of tier one, two and three drilling services is now well advanced, while permit applications and risk assessments continue in parallel.
In November, IOG said Noble’s Hans Deul jack-up rig would drill five production wells — one on the Blythe field, another on Elgood and three Southwark.
IOG is also stepping up preparations for a competitive gas sales tender process for the initial years of production, on behalf of the IOG-CalEnergy Resources joint venture.
The Energy Contract Company, a specialist gas sales advisor, has been engaged to assist the process.
In addition, IOG expects to confirm the selection of a highly experienced new chief operating officer in the coming weeks.
CEO Andrew Hockey said: “This is set to be another breakthrough year for IOG, when we deliver our first production and revenue, paving the way for sustained value generation for shareholders.
“Having made real progress in 2020 in difficult conditions, we expect to complete fabrication of our phase one platforms this quarter and start development drilling by early Q2.
“We recently completed important steps towards achieving first gas in Q3 including the LAPS tie-ins at Bacton and the offshore Blythe-Elgood pipelay campaign.
We now have our full development team in place, led by in-house specialist senior managers across all disciplines.
“This is important both for phase one execution and to maximise wider portfolio value.”
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