IOG plc said it had signed a new gas sales agreement covering the Saturn Banks Phase I fields including Blythe, Elgood and Southwark in the Southern North Sea.
PHASE II
The deal also includes the Nailsworth and Elland fields which are part of Phase II, on a long-term basis with break clauses after September 2023.
The agreement with BP Gas Marketing Ltd (BPGM) replaces the original signed with BPGM in February 2014, which covered the Blythe field only, and is on improved terms for IOG.
IOG previously had a gas sales agreement with Gazprom Marketing & Trading Ltd (GM&T).
On 1 March the company said it had served notices on GM&T due to the Russian invasion of Ukraine.
SOUTHWARK
IOG added it had made good progress in processing the rock-dumping solution for the seabed scour issue at the Southwark field location.
Resumption of Southwark drilling remains targeted for later this month or mid-April depending on logistical factors and tidal conditions.
Southwark first gas currently remains targeted for Q3 2022.