Independent Oil and Gas (IOG) has secured a licence extension for the North Sea’s Blythe development.
IOG chief executive Mark Routh welcomed the move by the Oil and Gas Authority (OGA) to grant more time for the Southern North Sea discovery.
He said: “Blythe is at the centre of our first gas hub so this licence extension is welcomed and is absolutely essential. We are on track to submit a draft Field Development Plan for Blythe before the end of the year. We will provide further updates on our other SNS licences in due course.”
IOG owns 100% of the licence and is the operator. Blythe needs no further appraisal and has independently verified gross 2P reserves of 34.3 BCF (6.1 MMBoe).
The extension runs until December 21, 2017.
IOG is an oil and gas company with established assets in the UK North Sea. The company’s strategy is to deliver near term development and production assets in North West Europe, through its extensive technical and commercial expertise, whilst maintaining some exposure to exploration upside. The company is looking to grow both organically and through acquisition.
All of IOG’s licences are owned 100% and operated by IOG.