North Sea Vulcan fields could provide second gas hub for IOG

Offshore staff

LONDONIndependent Oil and Gas has signed an agreement to acquire Oyster Petroleum from Verus Petroleum.

The acquisition is conditional on Verus completing the transfer of certain licenses into Oyster with recoverable resources of 320.7 bcf.

Oyster will hold 100% of blocks 49/21a (license P039), 49/21d (P2122), 48/25b (P130) and 49/21c (P1915) in the UK southern North Sea (SNS).

They contain the Vulcan East, Vulcan North West and Vulcan South fields, collectively known as the Vulcan satellites. All are 30-45 km (19-28 mi) east of IOG’s Blythe field and are said to require no further appraisal.

Currently the company is in discussions on an export route for its proposed SNS gas hubs. Once offtake arrangements are in place IOG will prepare field development plans. 

CEO Mark Routh said: “This acquisition expands our hub strategy; to gain control over a number of dormant discoveries that can be developed through common existing infrastructure, thereby generating significant economies and capturing many synergies.

“Once all announced transactions have completed, we should have more than 100 MMboe of low-risk resources in our portfolio. This will be approximately two-thirds gas and one-third oil which provides an excellent springboard for us to become a significant development and production company.”


Share your news with Offshore at

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


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 ...