IOG completes UK gas reception facilities

Producer set to bring on new UKCS volumes amid yet another record-breaking price spike

AIM-listed gas firm IOG has finished work on its Saturn Banks reception facilities at the UK’s Bacton gas receiving terminal and started ‘backgassing’—pressurising the Saturn Banks pipeline with gas reverse-flowed from the terminal. The firm aims to bring first volumes from Phase 1 of its Southern North Sea gas project onstream in around a week, just as the UK gas market hits new highs. The Ice NBP front-month contract had returned to sub-200p/th levels from a pre-Christmas peak above 450p/th a fortnight ago. But Russia’s invasion of Ukraine and a robust Western response to its aggression have stoked fears over the potential interruption to Europe’s supplies through the east, owing either to