The oil and gas producer, IGas, has said it is looking forward to making a “material contribution” to the green energy revolution.
In a business update today, the company said it was “well placed” to benefit from the transition to low carbon energy.
The chief executive, Stephen Bowler, said:
“Having completed a review of IGas’s assets, I am excited about the various energy transition opportunities that we have identified.”
Mr Bowler said the hydrogen opportunities would increase the value of the company’s gas and pioneer the use of small-scale methane reformation equipment in the UK. He also said:
“Our land portfolio is well suited to the development of renewable and hybrid flexible power generation and our assets have the potential for carbon storage at scale in locations close to emitters.”
[they provide for] significant opportunity for our geothermal business in the decarbonisation of large-scale heat.
“We look forward to advancing these and other opportunities which will allow IGas to make material contributions to the Green Energy Revolution.”
The update said IGas average net production for the 12 months to 31 December 2020 were within 1,850-2,050 barrels of oil per day (boepd), despite the impact of Covid-19.
IGas also said it had hedged 370,000 barrels for 2021 at an average floor price of US$44/barrel.
At 30 November 2020, IGas cash balances stood at US$2.8million, with net debt at US$17.2m.