UK-based Independent Oil and Gas (IOG), a development and production focused oil and gas company, has been awarded a new license by the UK Oil and Gas Authority (OGA) comprising Block 48/25a in the Southern North Sea.
The license was awarded in the 2016 Supplementary Offshore Oil and Gas Licensing Round. The license includes the western part of the Vulcan North West discovery that extends into 48/25a and also includes the Hogsback, Hobson, and Goacher prospects.
Vulcan North West is a part of the company’s Vulcan Satellites hub development. It is a discovery with independently estimated P50 gas initially in place of 215 bcf and 2C recoverable resources of 131 bcf. Around 18 percent of the discovery is estimated to be in the new license 48/25a, so the award of this license secures some 24 bcf of 2C resources.