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Completion of Gas Sales Agreement with BP Gas Marketing Ltd

Source: 2/24/2014, Location: Europe

Independent Oil and Gas plc has entered into a gas sales agreement with BP Gas Marketing Ltd, a wholly owned subsidiary of BP plc for its 50% share of the gas produced from the forthcoming Blythe gas field development in the Southern North Sea.

Blythe gas is expected to be sold at Bacton on a day ahead basis, which is standard for gas that meets normal system entry requirements.

The short term target for Blythe is to submit the Field Development Plan in Q3 this year. More details regarding the development schedule will follow in due course.

Mark Routh, CEO of IOG said:
This agreement is another important step on the road to first gas from Blythe and also builds upon our excellent relationship with BP as already demonstrated by the long term crude oil marketing and offtake agreement already in place for the Skipper field with BP Oil International Limited, which includes a commitment to a Skipper debt facility.

Chris Schemers, Head of Origination, BP Gas Marketing Limited said:
As a North Sea producer BP understands the challenges faced by explorers and producers in getting their gas to market. Weíre pleased that many independent producers choose us to flow their gas into Europe and the UK.

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