Independent Oil and Gas (IOG) has hailed its latest licence win in the southern North Sea and said it is getting ready to submit plans for a number of projects.
The Oil and Gas Authority said yesterday that IOG has secured a licence which includes the western part of the Vulcan North West discovery that extends into 48/25a and also includes the Hogsback, Hobson and Goacher prospects.
Read: Majors, minnows scoop up blocks in North Sea bidding round
IOG said Vulcan North West was a key part of its Vulcan Satellites hub development.
The company said development planning for the hub was progressing with all three fields expected to be tied back to the Thames Pipeline, which IOG recently agreed to buy.
The new licence will be included in the field development plan (FDP) and the competent person report being prepared by ERC Equipoise.
The CPR for the Blythe hub, consisting of the Blythe and Elgood fields, should be received within the coming weeks.
The CPR for the Vulcan Satellites is targeted by the end of the third quarter.
IOG chief executive Mark Routh said: “The award is further endorsement of our technical and environmental competencies as a SNS development operator and extends our licence coverage in this core strategic region for IOG.
“Our SNS field development work continues to progress very well in the meantime. Static reservoir models have now been built for our entire SNS portfolio and dynamic reservoir modelling is also almost complete.
“This will provide our own best estimates of the recoverable reserves and production profiles for both hubs.”
Mr Routh added: “We are on track to submit the Blythe/Elgood FDP very soon and the Vulcan Satellites FDP in 3Q 2017 once the reservoir modelling work is finished.”
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