IOG withdrawing from Cronx following North Sea data review

Offshore staff

LONDONIndependent Oil and Gas plc (IOG) has received initial results from new interpretations of 3D seismic data over its Blythe Hub licenses in the UK southern North Sea.

Schlumberger WesternGeco is reprocessing and reinterpreting 250 sq km (96.5 sq mi) of 3D data shot in the 1990s to create a more consistent set of maps over the area.

Gas-initially-in-place and therefore recoverable volumes appear to be greater than previously estimated. However, the data on the Cronx prospect suggests lower volumes than the estimates in the ERC Equipoise competent persons report of July 2012.

Accordingly, IOG has determined that committing to an appraisal well on this structure would not be the optimal use of its funds, and has therefore decided not to complete acquisition of the Cronx license.

A second phase of reinterpretation work is nearing completion over the Harvey and Hambleton discoveries and the Truman prospect in the same region.

11/02/2016



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

Shell Leverages Data to Transform from Reactive to Predictive Operations

This 6-page report describes how Shell engaged in a massive project with OSIsoft to transform the...

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Predict, Prescribe, Profit: Creating a World that Doesn't Break Down

What are you doing to reduce unplanned downtime at your plant? Equipment breakdowns and process i...