IOG launches second Saturn Banks well
London-listed IOG has brought on stream the second well at its Saturn Banks gas project in the UK North Sea, the company reported on March 16.
IOG announced it had launched the first Saturn Banks well targeting the Blythe field on March 14, and it has now opened a well exploiting the Elgood field. Elgood is tied back to the Blythe unmanned platform.
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The company will assess flow rates once stable production has been established at both fields, it said. It will analyse reservoir performance data over the initial months of production, in order to calculate an annual output guidance.
"Developing further UK gas resources is the right thing to do both from an environmental and energy security perspective," IOG CEO Andrew Hockey said in a statement. "We are encouraged by the recent government discussions with industry and ministerial comments on supporting further investment in domestic gas supply, which is exactly what IOG stands for."
UK prime minister Boris Johnson has said his government will review ways of bolstering North Sea oil and gas production in order to reduce the country's reliance on energy imports, in the face of soaring global energy prices and moves by the West to cut back on purchases of Russian supplies. At a roundtable he held with oil and gas executives on March 15, Johnson described the North Sea as a "key asset" in the country's plan for achieving "greater energy independence" and "ensuring a smooth transition to net zero."
Among those attending the meeting were representatives of the Oil and Gas Authority, BP, Equinor, Esso, Offshore Energies UK, TotalEnergies and Shell. Johnson said his government was looking into how barriers facing investors and developers can be removed, so that projects can be brought online more quickly.