UK: IGas Energy provides trading and reserves update
11 Feb 2021
IGas has provided an operational, reserves and financial update for the year ended 31 December 2020. Final results for the year are expected to be announced on 7 April 2021. The information contained in this statement has not been audited and may be subject to change.
Operational Highlights
Net production averaged 1,907 boepd for the year, within guidance, while operating costs for the year were c. $33/boe (at an average 2020 exchange rate of £1:$1.29).
We anticipate net production of between 2,150-2,350 boepd and operating costs of c.$32/boe (assuming an exchange rate of £1:$1.35) in 2021, albeit subject to the ongoing challenges that COVID-19 presents.
A net zero industrial zone will see all industries in a region collectively reducing their carbon dioxide emissions to as close to zero as possible using low-carbon energy sources and new technology like carbon capture.
All six areas receiving the funding have high concentrations of industrial activity and will get a share of up to £8 million towards the development of decarbonisation plans.
Energy Minister Kwasi Kwarteng said: The UK is leading the world’s green industrial revolution, with ambitious targets to decarbonise our economy and create hundreds of thousands of jobs. As we continue to level up the UK economy and build back greener, we must ensure every sector is reducing carbon emissions to help us achieve our commitment to net zero emissions by 2050.