By Jaime Llinares Taboada

 

IOG PLC said Thursday that it has signed an agreement with the trading arm of Gazprom PJSC to sell gas from its offshore U.K. fields.

The London-listed gas producer said the sales contract is for the first two years of production from the Elgood, Southwark, Nailsworth and Elland fields.

The deal followed a competitive offtake process involving more than 10 bidders over recent months, IOG said.

"We were pleased at the strong interest in offtake rights for our gas, which helped to secure attractive terms for IOG," Chief Executive Andrew Hockey said.

Shares at 0823 GMT were up 6.3% at 21.00 pence.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

July 29, 2021 04:42 ET (08:42 GMT)

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