Neptune Energy Confirms New Oil And Gas In Norway

neptune-energy-confirms-new-oil-and-gas-in-norway

The Gjøa platform

The Gjøa platform

London-based Neptune Energy announced a new commercial oil discovery at the Ofelia exploration well, near the Gjøa field in Norway.

The preliminary estimate of recoverable volume is in the range of 16-39 million barrels of oil equivalent (mmboe).

Neptune has completed drilling of the Ofelia well and said it has encountered oil in the Agat formation.

North of the well there is a potential upside of around 10 mmboe recoverable gas in the shallower Kyrre formation, which Neptune said brings the total recoverable volume to approximately 26-49 mmboe.

This comes days after Neptune announced it had begun drilling on the 10th well on the Cygnus field.

Located less than 10 miles north of the Gjøa field at a depth of over 1120 feet, Ofelia is being considered for development as a tie-back to the Gjøa semi-submersible platform.

The Ofelia drilling program has confirmed an oil/water contact at 8658 feet total vertical depth.

Ofelia, drilled by the Deepsea Yantai, will then work in parallel with the company’s recent oil and gas discovery at Hamlet.

This marks the third discovery from Neptune in the Agat formation, a reservoir which until recently was not part of established exploration models on the Norwegian Shelf.

The two previous discoveries were:

  • The Duva field, which is now online and being operated by Neptune.
  • Hamlet which has estimated recoverable volumes between 8-24 mmboe.

These recent discoveries contribute to the opening of a new geological play in Norway and can add additional new volumes to the Neptune-operated Gjøa field.

Gjøa is electrified with power from shore and produces at less than half the average carbon intensity of Norwegian Continental Shelf fields.

Neptune Energy’s managing director for Norway and the UK, Odin Estensen, said: “I am pleased to announce our second discovery in four months which further enhances Neptune’s position in the Greater Gjøa Area.

“Gjøa is an important growth area for Neptune in Norway, where existing infrastructure allows for low cost and low carbon developments.”

Neptune Energy’s director of exploration & development in Norway, Steinar Meland, added: “The Ofelia discovery underlines the strength of our exploration strategy and confirms the high prospectivity potential of the area around Gjøa, where we have several more exciting exploration opportunities.”

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