IOG Company Overview:
Independent Oil and Gas plc (IOG) is a UKCS development and production focused Oil and Gas Company. IOG owns substantial, low risk, high value gas reserves in the UK Southern North Sea which it owns 100% and operates. IOG also owns 100% of the previously abandoned Thames Pipeline which it is planning to use to export its gas to the UK gas market, the integrity of which has recently been proven through a series of inspections and test activities.
The Company is targeting a 2P peak production rate in excess of 200 MMcfd (c. 35,000 Boe/d) from its substantial current portfolio (2P Reserves of 303 bcf) via an efficient hub strategy. Alongside this it continues to pursue value accretive acquisitions to generate significant shareholder returns. IOG was recently awarded three new licences in the recent 30th Round; all have known discoveries which could be developed via the above hub strategy.
IOG plans to develop the above reserves by way of a two Phase approach – Phase 1 (FID expected Q4 this year) comprising Southwark, Blythe and Elgood fields tied in via NNM platforms and a subsea well (5 wells in total) to the Thames Pipeline and then onto the Bacton gas plant (major contracts for this phase of work are in the process of being awarded); and Phase 2 comprising NNM platforms at each of Nailsworth and Elland tied back to Southwark (another 5 wells); FID is expected late 2019. The Harvey licence is planned to be drilled early 2019 and if successful could result in a platform development also tied into the Thames Pipeline. The other two licence areas are within potential tie-back range of the Thames pipeline.
IOG website: www.independentoilandgas.com
IOG are seeking to engage with Tier 1 Contractors to provide services for the above developments and appraisal campaigns. They are particularly interested to talk to companies who are prepared to offer deferred payments during the project phase.
ODE Company Overview: ODE Asset Management Limited (ODEAM), a wholly owned subsidiary of the international engineering and operations support services contractor ODE, are currently supporting IOG by providing extensive technical and operational support across the execute phase and will be the Installation and Pipeline Operator (Duty Holder) for the IOG Assets.
ODEAM will be responsible for the operational management of all IOG’s assets, including the Thames Pipeline and the network of in-field pipelines, with IOG continuing to be 100% Licence Owner and Operator for all assets in the Project. ODE will also be the Operations and Maintenance contractor upon first gas, hosting IOG’s onshore operational base at its facilities in Great Yarmouth, close to the Bacton terminal.
Whilst ODEAM will provide full core crew capability and onshore management and support activities, ODEAM will also look to the supply chain for support across a multitude of services, ranging from consumables through to various vendor and logistic support services. With specific areas of potential supply chain requirements typically being: • Logistics; Helicopters, Supply Vessels, Walk to Work Vessels, onshore transportation.
• Specialist Vendor Support; Cranes, Metering, Control Systems, Fabrication.
• Fabric Maintenance; Scaffolding, Painting, Inspection Services
ODEAM will also look to the supply chain for support across a multitude of services, ranging from consumables through to various vendor and logistic support services. With specific areas of potential supply chain requirements typically being:
1. Logistics; Helicopters, Supply Vessels, Walk to Work Vessels, onshore transportation.
2. Specialist Vendor Support; Cranes, Metering, Control Systems, Fabrication.
3. Fabric Maintenance; Scaffolding, Painting, Inspection Services