Independent Oil and Gas to Acquire North Sea Pipeline
Independent Oil and Gas plc has signed a Memorandum of Understanding to acquire a currently disused pipeline in the Southern North Sea.
The MOU contains exclusivity provisions until February 28, 2017. At completion, IOG will assume operatorship of the pipeline and the liability for future decommissioning. Under the terms of the Sale and Purchase Agreement, the company would also acquire associated onshore reception facilities.
Upon acquisition of the pipeline, IOG will undertake an intelligent pigging inspection to ensure the pipeline’s integrity for safe re-use. The company then intends to re-commission it to enable gas transport from both the Blythe hub and Vulcan Satellites hub. This will require the installation of inter-field pipelines and tie-in points.
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