Neptune Energy says projects are progressing well in its Q1 report

By Neptune Energy on 5/13/2021

In reporting its first-quarter 2021 results, Neptune Energy said that its production growth momentum in Western European operations is on track for 2021. The firm said that it expects 27,000 boed of production to be added during the year. Neptune’s acquisition of oil and gas fields in Germany is complete, and this has added 1,800 boed of production. Furthermore, Neptune’s acquisition of a minority stake in the Pegasus West discovery (operator, Spirit Energy) offshore the UK, announced earlier this week, is addin

g a possible tie-back development to the Neptune-operated Cygnus gas facility.

In Norway, the Duva satellite field offshore Norway is on track for first production in third-quarter 2021, adding 8,000 boed initially. It will be tied back to the Neptune-operated Gjøa semisubmersible platform. In addition, the firm has revised the restart date for Snøhvit field offshore Norway from October 2021 to March 31, 2022. The field was closed, due to the fire at the Hammerfest LNG plant that receives gas from Snøhvit.

Looking ahead

The company is looking at future development prospects at two successful finds offshore Norway.   Neptune is bullish about its exploration success with the discovery well at Blasto field. In late March 2021, Neptune announced that it, along with operator Equinor and partners Vår Energi and Idemitsu Petroleum, had made the biggest discovery of the year, at that time, on the Norwegian Continental Shelf (NCS). Preliminary estimates placed the discovery’s size at between 12 million and 19 million standard cubic metres of recoverable oil equivalent, corresponding to 75 MMbbl to 120 MMbbl of recoverable oil equivalent.

And on March 29, Neptune announced that its Dugong appraisal well offshore Norway was successful. The firm released an updated volume estimate for Dugong field, in the Norwegian sector of the North Sea. Neptune’s revised estimate of recoverable resources is 40 MMboe to 108 MMboe, which will be subject to further detailed analysis and review. A drill stem test on the well is planned at a later stage. The discovery will be linked to nearby infrastructure or developed as a stand-alone development.  

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