Independent Oil and Gas (IOG) said today that Schlumberger would help get its field development plans for two North Sea gas projects over the line.
The two companies will set up a team to work on completing the development and execution plans ahead of a final investment decision being taken.
The letter of intent covers the Blythe Hub and Vulcan Satellites Hub developments in the southern North Sea.
IOG chief executive Mark Routh said: “We are delighted to attract a major contractor of the calibre of Schlumberger to the project, which is further vindication of our dual gas hub development strategy.
“The range of services and deep technical expertise provided by Schlumberger will be very valuable for us both in the pre-development phase and the drilling and operational phases of the project.
“We look forward to finalising terms with Schlumberger and other key contractors in the coming months. Our commercial model aligns the incentives of all project participants towards the efficient delivery of IOG’s substantial gas resources.
“Discussions with potential gas offtakers also continue to progress well and it is envisaged that these arrangements will include gas prepayments which would also contribute significantly to our development funding. We look forward to making further updates in due course.”
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