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    Neptune strengthens position in North Sea Dugong oil discovery

    Oct. 8, 2020
    Neptune Energy has agreed to acquire 5% of Concedo’s interest in the license PL882 in the Norwegian North Sea, containing the recent Dugong oil discovery.
    (Courtesy Odfjell Drilling)
    The Dugong oil discovery was drilled by the semisubmersible Deepsea Yantai.
    The Dugong oil discovery was drilled by the semisubmersible Deepsea Yantai.

    Offshore staff

    LONDON – Neptune Energy has agreed to acquire 5% of Concedo’s interest in the license PL882 in the Norwegian North Sea, containing the recent Dugong oil discovery.

    Subject to approvals from the other partners and the Norwegian authorities, Neptune’s operated stake in Dugong will rise to 45%.

    Dugong is 158 km (98 mi) west of Florø, Norway, in 330 m (1,082 ft) of water, and close to existing production facilities. The company estimates recoverable volumes in the range 40-120 MMboe.

    Neptune plans to drill two additional wells on the license starting in 1Q 2021, one to appraise Dugong and another targeting the 33-MMboe Tail prospect.

    Managing director in Norway Odin Estensen said: “We are committed to maturing the discovery and the prospects to be able to submit a plan for development and production within year end 2022.”

    Other partners in the license are Concedo (15%), Petrolia NOCO (20%), and Idemitsu Petroleum Norge (20%).

    10/08/2020