Neptune Energy taps Valaris jackup for Seagull development

Neptune Energy and its joint venture partners BP and JAPEX announced Valaris has been awarded a contract. The merger of Neptune Energy Norge with VNG Norge creates a strong platform with a broad operating skillset. Eko Lumadyo joins the company as Managing Director of the Indonesian business. The Company earns four licences as operator and five as partner in the APA 2018 licensing round. It provide a heavy-duty jack-up drilling rig for the Seagull development oil project in the UK North Sea. Neptune Energy and Sonatrach announced that first gas has gone in to its Touat project. Neptune Energy and its partners have been awarded the West Ganal production.

Valaris will provide the Rowan Gorilla VI (VALARIS JU-248) to drill four firm wells for the development. Neptune Energy is the global independent oil and gas exploration and production company. Company announced it has agreed to acquire interests from Eni in the Kutei basin Production Sharing Contracts (PSC). The approximately 18-month drilling campaign is scheduled to start Q3 2020. Neptune Energy announced it has been formally selected to participate in a pioneering pilot project. Neptune Energy announces that it has completed the integration with the former VNG Norge business. Company announced the appointment of Eko Lumadyo as Managing Director of its Indonesian business, based in Jakarta.

“This is an important milestone for the Seagull project”, Neptune Energy’s UK managing director, Peter Jones, said.

The licences, 4 as operator and 5 as partner, are located in the greater Njord-Fenja area. The development will produce around 75,0001 barrels of oil equivalent per day. Neptune Energy and its partners Eni have been awarded the West Ganal production sharing contract (PSC). Company further demonstration of how the development is progressing at pace. Touat comprises eight gas fields and a gas processing plant and is located in the Basin of Sbaa. The block, offered in the second conventional oil and gas bidding round 2019. Neptune Energy, the global independent oil and gas exploration and production company announced its financial results on last week.

The agreement will see Neptune acquire a 20 per cent working interest in the East Sepinggan PSC. The pilot was commissioned by NexStep, the Dutch Association for Decommissioning and Re-Use. Company following the award of the SPS and SURF contract to TechnipFMC in July. Company pleased to be working again with Valaris which continues to demonstrate strong safety and operational performance. The integrated business Neptune Energy Norge will be amongst the top five independent producers. Mr Lumadyo will join Neptune from Mandala Energy Indonesia. The entire business of former VNG Norge including participating interests in production licenses.

Mr Lumadyo has more than 30 years experience in upstream oil and gas exploration. An important part of strategy is to grow operatorship. The development work involved drilling 18 new development wells. The project partners have embraced a collaborative, commercially-innovative approach. The transaction includes the low-cost Merakes development in East Sepinggan PSC. It extended the life of operating assets through the use of existing infrastructure. The block includes the Maha discovery with in place gas resources in excess of 600 Bscf. The East Ganal PSC provides longer term exploration potential.

Seagull is a high pressure, high temperature development located on UK license P1622 Block 22/29C. Development work also involved the installation of a connection to the main GR5 pipeline. The consortium has committed to drilling four exploration wells during the first exploration period. Seagull will be tied back to the ETAP CPF partially utilizing existing subsea infrastructure. Through the licensing round, company have strengthened the position in the North Sea. Gas from the development will come onshore at the CATS processing terminal at Teesside. The announcement follows Neptune’s recent agreement with Eni to acquire a 20 per cent working interest.

Company provides further long-term growth potential in the strategically important Kutei Basin. The East Sepinggan PSC offers the fast-tracked, low-cost Merakes development. It will come onshore through the Forties Pipeline System to the Kinneil Terminal, Grangemouth. The development will provide a natural hedge to Jangkrik. The Netherlands Organisation for applied scientific research in close collaboration with the industry. The development is expected to initially produce around 50,000 boepd across its 10-year design life. The combination of both businesses creates a strong platform with a broad operating skillset.

It proved plus probable gross reserves are estimated at 50 million boe. The recent discovery of Merakes East next to Merakes offers additional contingent resources. A megawatt electrolyser will be placed within a sea container. Work on the Seagull project has continued at pace since the Field Development Plan (FDP) was submitted. The transaction and integration of former VNG Norge adds a strong team as well as competitive growth assets. The East Ganal PSC provides longer-term exploration prospects in the prolific Kutei basin. It approved by the Oil and Gas Authority (OGA) in March this year. Fenja is our first development project in Norway.

Peter Jones says “Seagull is a very positive example of what our industry is working hard to achieve in terms of MER UK”.

The APA licensing round is held once a year in mature areas on the Norwegian Continental Shelf. It will feature innovative solutions enabling production through long distance tiebacks. Companies can apply for additional acreage where discoveries or mapped prospects extend continuously. First gas in at Touat marks a significant milestone for the important project. The acreage contains world-class exploration potential. This is a strategically important agreement for Neptune. In March 2010, the Algerian joint venture Groupement TouatGaz was established. Company aim to realise additional opportunities and synergies from Fenja.

Neptune is the operator of Seagull and has a 35% equity interest. The award provides Neptune with further long-term growth opportunities. Its joint venture partners are BP with 50% and JAPEX with 15%. The block has significant exploration potential. EPCIC contract awarded and drilling campaign expected to commence at the end of 2019. Company look forward to deepening the strong relationship with Eni. The platform is well-suited for the ground-breaking project. Indonesia has significant hydrocarbon resources. The organisation will be led by Managing Director Odin Estensen as of 2 January 2020. Neptune acquired its 35% interest in Seagull from Apache North Sea.

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