Neptune Energy Group Holdings Ltd.

02/23/2021 | Press release | Distributed by Public on 02/23/2021 01:50

Neptune Energy announces start-up of Gjøa P1 development

23/02/2021

Operator Neptune Energy and its partners Wintershall Dea, Petoro and OKEA today announced that production has started from the Gjøa P1 development in the Norwegian sector of the North Sea.

Gjøa P1 has been developed via a new subsea template, tied back to existing infrastructure on the Gjøa field. It is a two well development with one oil and one gas producer. As planned, the gas well came onstream the on 22 February, with the oil well planned to start-up later this week.

The semi-submersible Gjøa production unit is electrified with hydropower from shore and has one of the lowest CO2 footprints per produced barrel of oil equivalent (boe) on the Norwegian Shelf.

Neptune Energy's Managing Director in Norway, Odin Estensen, said: 'This is an important milestone for Neptune and our Gjøa partners and demonstrates our commitment to invest in Norway.

'Despite the challenges of the pandemic, we delivered the project on time and on budget. The start-up of Gjøa P1 underlines the Gjøa platform's position as an important hub, increasing total remaining developed reserves at Gjøa by 30%.'

Good reservoir management has already extended the field life considerably. Gjøa is now set to produce over 100 million boe more than was estimated when production began in 2010. Gjøa P1 will help further maximise use of hydrocarbon resources.

Estensen added: 'The start-up of Gjøa P1, as well as the upcoming production start from the neighbouring Duva field, strengthens Neptune's role in the northern part of the North Sea, an important growth area for the business.'

Neptune Energy's Projects and Engineering Director in Norway, Erik Oppedal, said: 'The P1 development enables us to recover significant quantities of oil and gas from deeper lying reservoirs, as well as to utilise spare production capacity. This will help lower production costs per barrel, adding significant value to the Gjøa Licence Partners and to Norwegian society.'

Licence partners: Neptune Energy (30% and operator), Petoro AS (30%), Wintershall Dea Norge AS (28%), OKEA (12%).

- ends -

Notes to editors
The Gjøa field was discovered in 1989, and the development plan was approved by the Norwegian authorities in 2007. The field is developed with five subsea templates tied to the Gjøa Semi-Submersible for processing and export. Production started in 2010. Oil is exported by pipeline to Mongstad and gas by pipeline to St. Fergus in the UK. The Gjøa P1 segment is located in the northern part of the Gjøa field, and is tied back to Gjøa's subsea facility via a 5 km oil pipeline and a 2 km gas pipeline at a water depth of 340 meters.

For media inquiries:
Liv Jannie Omdal
+47 97 66 71 37
[email protected]

About Neptune Energy Norge AS
Neptune Energy Norge is a subsidiary of Neptune Energy. The company is the operator of the Gjøa field in the North Sea. It has three operated development projects: Fenja, Duva and P1. The Company is a partner in several producing fields: Bauge (under development), Brage, Draugen, Fram, Gudrun, Hyme, Ivar Aasen, Njord and Snøhvit. Neptune Energy Norge is a participant in a total of 75 licences. For the full year 2019, Neptune produced 67 kboepd in Norway.

About Neptune Energy Group
Neptune Energy is an independent global E&P company with operations across the North Sea, North Africa and Asia Pacific. The business had production of 144,000 net barrels of oil equivalent per day in 2019 and 2P reserves at 31st December 2019 of 633 million barrels of oil equivalent. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.
More information: www.neptuneenergy.com