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    IOG doubles Saturn Banks flow in July

Summary

The Southwark field is on track for first gas in the fourth quarter.

by: NGW

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IOG doubles Saturn Banks flow in July

London-listed IOG reported on July 4 that gross gas production at its flagship Saturn Banks gas project in the south UK North Sea had doubled to 60mn ft3/day by the end of June, from 30mn ft3/d a month earlier. 

Saturn Banks, which is 50%-owned by IOG and 50% by CalEnergy Resources, entered production in mid-March. Gross production averaged 45mn ft3/d in June, with IOG securing a volume weighted average realised price of £1.30 ($1.60)/therm.

Two of Saturn Banks' fields, Blythe and Elgood, are already flowing gas, and IOG has nearly finished the Southwark East well at the third field, Southwark. The Noble Hans Deul rig is expected to resume drilling the Southwark West well this week, IOG said, and after this both wells will be hydraulically stimulated before being brought on stream. Southwark is due to achieve first gas in the fourth quarter of 2022.

IOG and CalEnergy are yet to take a final investment decision on Saturn Banks' second phase, aimed at developing the Goddard, Nailsworth and Elland fields. IOG has plans for two appraisal wells targeting Goddard and another prospect Kelham.