IOG is reviewing the Pipeline Works Authorization applications and other necessary applications for pipelay activities
IOG to move ahead with first phase of Core Gas Project in the southern North Sea. (Credit: C Morrison from Pixabay)
UK-based development and production firm Independent Oil & Gas (IOG) has secured approval from the UK Oil & Gas Authority for field development plan (FDP) for the first phase of its Core Gas Project in the southern North Sea.
Being developed in partnership with CalEnergy Resources (UK), the Core Project is estimated to hold 410 billion cubic feet (BCF) of 2P+2C reserves.
IOG is reviewing the Pipeline Works Authorization applications (PWAs) and other necessary applications for pipelay activities. It is also planning to sign a full engineering, procurement, and construction (EPC) contract with the platform contractor in near future.
Fabrication preparations underway for Core Project Phase 1 installation platforms
The firm noted that the fabrication preparations continue for two Phase 1 normally unmanned installation (NUI) platforms, namely the Southwark and Blythe platforms.
IOG CEO Andrew Hockey said: “This innovative low-carbon project, re-using previously decommissioned infrastructure to develop otherwise stranded domestic gas resources, is a definitive example of maximising economic recovery, in line with UK government strategy.
“In such a turbulent and unpredictable environment, we remain as focused as ever on leveraging our core strengths: funded status, proven resource base, infrastructure ownership, excellent partner, low unit costs, low carbon footprint and experienced team with a clear value creation strategy.
“As Phase 1 execution ramps up, we have avoided any schedule impact to date from Covid-19 and are also targeting cost savings even more proactively to help deliver our project on time and budget.”
Last year, IOG has farmed out 50% of its SNS upstream assets, the Thames Pipeline and associated Thames Reception Facilities to CalEnergy Resources.