IOG plc is a UK-based energy company that is engaged in exploration and production of gas in the southern North Sea. It was founded in the year 2010 and its headquarters are situated in London. The company is listed and traded on the Alternative Investment Market (AIM) of the London Stock Exchange and complies with the UK City Code on Takeovers and Mergers. Its subsidiaries include Oyster Petroleum Limited and IOG North Sea Limited.
The company aims to produce high-value gas as a low carbon developer to make a contribution towards UK’s energy security and create a low-risk and high-quality offshore gas portfolio to maximise the long-term risk-adjusted returns for its shareholders. The portfolio of the company consists of 312 Bcfe 2P reserves and 110 Bcfe 2C contingent resources, which cover six core assets in the Southern North Sea. Besides, it also includes a few prospective incremental developments in the nearby regions, to gain from economies of scale and increase the overall returns. The assets of the company include, Thames pipeline, Thames reception facilities, Southwark, Blythe, Elgood, Goddard area, Nailsworth, and Elland, in the development and production stages, and Harvey, Abbeydale area, and P2589 license in the pre-development phase.
The core of its business strategy is its competitive advantage in infrastructure operatorship, and using its co-owned infrastructure to transfer gas, while cutting the costs and increasing the overall returns. The infrastructure includes both offshore platforms and onshore gas facilities. The prevailing infrastructures are re-commissioned and reused by the company as the concept of sustainability is at the heart of its business model, and it gives equal value to profits and the planet. It strives for sustainable business solutions to contribute towards the net-zero emission target of UK. The focus of the company is on the UK North Sea, but it is also pursuing potential opportunities in the Southern North Sea, which can support the further growth prospects of the company. The first gas production of the company is set to take place in Q3 2021.
IOG plc follows a well-defined framework of corporate governance and aligns itself with the Quoted Companies Alliance (QCA) Corporate Governance Code. The board of the company has set up separate committees for audit, remuneration, and nomination. It has an ethical code of conduct for running its business operations and promotes a culture of trust, transparency, and accountability.
Apart from fulfilling all its corporate responsibilities, the company also fulfils its environmental and social responsibilities. It has a comprehensive environmental, social, and governance (ESG) framework in place and strictly complies with the health, safety, and environment (HSE) policy, climate change and sustainability policy, and social policy. It aims to minimise the impact of its business activities on the environment and create long-term value for the business as well as the wider community. It gives high priority to ensure that its exploration and production activities are carried out in a safe and environmentally friendly manner.
Iog PLC 3rd Floor Endeavour House, 189 Shaftesbury Ave LONDON EC4R 9AY United Kingdom GBR
+44 207 036 1400