Dugong Reserve Estimate Tightens on New Well Results

Standalone or subsea development options remain in play.

Map of Dugong appraisal

Neptune Energy redefined the estimated reserves at its Dugong discovery in the Norwegian sector of the North Sea to between 40–108 million BOE based on the results of appraisal well 34/4‑16 S. Prior to this appraisal, the operator believed the prospect could hold as much as 120 million BOE. The main objective of the well was achieved by establishing the oil/water contact. Neptune Energy said the new range will be subject to further detailed analysis and review, and a drillstem test on the well is planned at a later stage.

The appraisal well was drilled using the Odjfell-operated semisubmersible Deepsea Yantai in about 330 m of water.

The Dugong discovery will either be linked to nearby infrastructure or developed as a standalone development. Dugong is located 158 km west of Florø, Norway, and is close to the existing production facilities of the Snorre and Statfjord fields. The Dugong license partners are Neptune Energy (operator and 45%), Petrolia NOCO (20%), Idemitsu Petroleum Norge (20%), and Concedo (15%).