IOG Hires Noble Corp. Jack-Up Rig for North Sea Project

UK-based oil firm Independent Oil and Gas has awarded the rig contract for its Core Project Phase 1 in the North Sea to Noble Corporation.

The Core Project comprises gas resources across six discovered UK Southern North Sea ("SNS") gas fields. Phase 1 will focus on the development of Blythe, Elgood, and Southwark fields.

IOG has hired Noble Corp's Hans Deul jack-up rig to drill the five Phase 1 production wells, one each of which are planned at the Blythe and Elgood fields and three at the Southwark field. The fields all lie in 20-30 meter water depth in the UK Southern North Sea ("SNS").

The Phase 1 drilling campaign is scheduled to start in Q1 2021 and, subject to actual well durations over the five wells, is expected to last into Q2 2022, with first gas scheduled for Q3 2021.

The contract also includes extension options to drill up to two further wells, at IOG's election. IOG did not share the financial details of the rig contract. Norwegian rig brokers Bassoe Offshore have estimated the day rate to be around $80,000 for an estimated 440-day contract.

Alongside the rig contract, detailed well design is progressing, on track to be completed in early 2021 ahead of the first well being spudded, IOG said.

IOG said Tuesday it had contracted most of the key services, tangibles, and logistics for the Phase 1 drilling campaign and is tendering and negotiating multiple associated contracts.

Back in August, IOG ordered two normally unmanned platforms for its Core Project from Dutch contractor HSM Offshore.

 The Southwark Hub platform will be a key installation both for Phase 1 and other planned developments. The Blythe platform will be the focal point of the Blythe Hub which includes the Elgood subsea tie-back.