IOG secures outright control of North Sea Blythe field

Offshore staff

LONDONIndependent Oil and Gas has completed its acquisition of the remaining 50% of a license covering blocks 48/22b and 48/23a in the UK southern North Sea, containing the Blythe gas discovery.

The company paid an initial consideration of £1.5 million ($2.2 million) with deferred consideration of a further $5 million to be paid at first gas.

According to IOG, Blythe requires no further appraisal. The transaction adds a further 17.2 bcf or 3 MMboe to the company’s reserves.

06/21/2016

Share your news with Offshore at news@offshore-mag.com



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...