Independent Oil and Gas submits Field Development Plan for Vulcan satellites hub development

Independent Oil and Gas has submitted the Field Development Plan for the Vulcan satellites hub development to the UK oil and Gas Authority, it announced on Tuesday.

The Vulcan Satellites FDP covered the three 100%-owned and operated Southern North Sea gas fields and were to be jointly developed with Independent Oil and Gas's Blythe hub, for which the Field Development Plan was submitted in July 2017.

Gas from both hubs were planned to be exported through the recommissioned Thames Pipeline, in which IOG would also own 100%, with first gas targeted by the end of the second quarter in 2019, alongside first gas from Independent Oil and Gas's Blythe hub

The company also said the final Investment Decision was targeted for at the end of the first quarter of 2018.

Mark Routh, CEO and Interim Chairman of IOG commented: "It is one year since we concluded the acquisition of the Vulcan Satellites at a very compelling price. Since then, the IOG team has completed extensive work across the portfolio on the seismic reinterpretation, geophysical modelling, dynamic reservoir modelling, development planning and optimal well design and placement in order to deliver this FDP.

"The alignment of contractors to deliver both the Vulcan Satellites and Blythe gas hubs reflects a new spirit of North Sea collaboration and dovetails with the OGA's Maximising Economic Recovery initiative. We look forward to updating all stakeholders on further progress towards project Final Investment Decision early in 2018."