Neptune

The well is the operator’s third discovery over the past 6 months in the region.

Neptune must pay Energean a break-up fee of $5 million for cancelling what was to be a $250 million deal.

With production declining and a nearby terminal closed, UK authorities have given the nod for decommissioning to begin on the aging North Sea gas field. Perenco has been in operation since 1992, with Perenco taking over as operator from BP in 2003.

The completion of the subsea installation marks another major step for one of several projects scheduled to tie back to the Gjøa platform in the Norwegian North Sea. Production for the Wintershall Dea-operated project is expected to start up in 2021.

The decision comes a year after Neptune stopped production from the North Sea gas field, and 4 months after it submitted decommissioning plans to the UK authorities.

The Neptune-operated project is on track to start drilling later this year, with first oil scheduled for the end of 2020. The Norwegian North Sea field is expected to produce 30,000 BOE/D at its peak.

Norwegian authorities approved development plans for Duva and Gjøa P1, both of which are expected to produce first oil in late 2020. The fields will each tie back to the Gjøa platform on the Norwegian Continental Shelf.