Oil and gas company Independent Oil and Gas (IOG) has extended the license containing the Blythe gas discovery in the Southern North Sea with plans to submit the field development plan before the end of 2016.
IOG said on Thursday that, following discussions with the UK Oil & Gas Authority (OGA), the licence for Blocks 48/22b and 48/23a was extended until December 31, 2017.
This was the final month of the company’s 15-month license extension agreed with the OGA in August 2015 with the expiration date being December 31, 2016.
IOG became the operator and 100 percent owner of the license after agreeing to buy the other 50% of the license from Alpha Petroleum Resources in April this year.
According to IOG, Blythe needs no further appraisal and has independently verified gross 2P reserves of 34.3 BCF (6.1 MMBoe).
Mark Routh, CEO of IOG, said: “Blythe is at the center of our first gas hub so this license extension is welcomed and is absolutely essential. We are on track to submit a draft Field Development Plan for Blythe before the end of the year.”