Neptune Energy makes 'significant' oil discovery in Norway
04/08/2020 08:04
OSLO, Aug 4 (Reuters) - Britain's Neptune Energy and its
partners have discovered oil at a jointly owned drilling license
in the Norwegian part of the North Sea, and will now consider
options for how to develop the find, the company said on
Tuesday.
The Dugong well is estimated to contain between 40 million
and 120 million barrels of oil equivalent, making it the largest
find off Norway so far this year, the company said.
"This is a significant discovery and strategically important
for Neptune Energy in this region," the head of the company's
Norwegian unit, Odin Estensen, said in a statement.
"Dugong may also open up additional opportunities in the
surrounding licences, with the potential for a new core area for
Neptune in Norway," he added.
A separate prospect in the same license is estimated to hold
up to 33 million barrels of oil, the operator added.
Private equity-backed Neptune, founded in 2015 by former
Centrica CNA.L boss Sam Laidlaw, holds a 40% stake in the
Norwegian license, while Petrolia NOCO PETO.OL , Concedo and
Japan's Idemitsu 5019.T each own 20%.
(Reporting by Terje Solsvik, editing by Gwladys Fouche)
((terje.solsvik@thomsonreuters.com; +47 918 666 70))