EurOil: Neptune has made third oil, gas find in six months

Neptune Energy has made its third oil and gas discovery in the last six months, in the Norwegian Sea, the Norwegian Petroleum Directorate (NPD) reported on December 9, estimating the size of the find at 6.3mn-22mn barrels of oil equivalent (boe).

The Calypso discovery well, 14 km north-west of the Neptune-operated Draugen field, encountered an 8-metre gas column and a 30-metre oil column in the Garm formation, with reservoir quality of “good to very good,” the NPD said. The water depth of the site was 271 metres.

Neptune operates the 938 production licence containing the discovery with a 30% stake, while partners OKEA, Pandion Energy and Var Energi have shares of 30%, 20% and 20% respectively.

“We actively explore in areas close to existing infrastructure,” Neptune’s managing director for Norway and the UK, Odin Estensen, said in a statement, noting that such near-field discoveries enabled low-cost and low-carbon developments.

“Initial analysis of Calypso indicates commercial potential. Together with our partners in the Calypso licence we will now study options to effectively develop the discovery using nearby infrastructure.”

The well was sunk to a depth of close to 3,500 metres. It was drilled by the Deepsea Yantai semi-sub rig owned by CIMC and operated by Odfjell. The well has been permanently plugged and abandoned.

If you’d like to read more about the key events shaping Europe’s oil and gas sector then please click here for NewsBase’s EurOil Monitor.