INDEPENDENT Oil & Gas has entered into a memorandum of understanding to acquire a currently disused pipeline in the Southern North Sea.

The firm said the pipeline would be the “cornerstone” of its portfolio in the area, providing an export route for gas from its Blythe and Vulcan Satellites hubs into the UK after it is recommissioned. The identity of the seller was not disclosed.

The acquisition comes as Independent warned the properties of the oil contained in the Skipper field could mean it trades at a “significant discount to the prevailing quoted Brent oil price.”