IOG's Saturn Banks output continues on track
Gas output IOG's Saturn Banks development in the UK North Sea is averaging at 54mn ft3/day, following an unplanned turnaround caused by drainage issues at its terminal condensate stabilisation unit, the UK-focused independent said June 20.
The terminal in question is at Bacton and is operated by Perenco. The fault was caused by problems with one of its recycle compressor units.
IOG notified investors May 23 that the downtime would last for around one week, before a "phased return to production." It subsequently confirmed the restart June 1, with an initial output of 30mn ft3/day. IOG expects Saturn Banks to average 45 to 60mn ft3/d production during July-December 2022, accounting for planned and unplanned downtime.
Andrew Hockey, CEO of IOG, said: "I am pleased to say that Saturn Banks production continues to be restored as planned, up to 54mn ft3/d gross currently from 30mn ft3 at the start of June. We are taking the necessary actions both to improve facilities uptime and minimise restart times after any outages. Allowing for planned and unplanned downtime, we expect to produce 45-60 54mn ft3/d gross on average over 2H22."
Saturn Banks' initial phase comprises three gas fields, Blythe, Elgood and Southwark. IOG is currently producing gas from the first two fields, and has also finished laying a 24'' extension of the core Saturn Banks gas pipeline, to connect to its forthcoming Southwark development.
Southwark is expected to arrive on stream in the fourth quarter. IOG recently completed drilling of a development well at the Southwark East section of the licence. IOG holds a 50% operated stake in Saturn Banks, while CalEnergy Resources also holds 50%.
IOG is now preparing to spud two further appraisal wells as part of Saturn Banks' second phase development, at Goddard and Kelham, in licence P2438 and 2442 respectively. A final investment decision is also due on its conventional shallow-water gas prospect Nailsworth, home to an estimated 2P reserve potential of 53bn ft3.