Neptune Energy’s partner and operator Equinor has discovered oil and gas near the Fram field in the Norwegian North Sea.
ESTIMATES
Neptune holds a 15% share in the discovery, which lies within the Equinor-operated Fram licence area.
“Preliminary estimates of the size of the discovery are between 1.5 and 5.5 million standard cubic metres (Sm3) of recoverable oil equivalents, or about 9 – 35 million barrels of oil equivalent (mboe),” said the company in a statement.
“The licensees consider the discovery to be commercially viable and will consider the potential tie-in to other recent discoveries in the area, via existing infrastructure.”
Odfjell Drilling’s Deepsea Stavanger drilled the wells and extensive data acquisition and sampling conducted. Water depth at the site is 356 metres.
Neptune’s managing director in Norway and the UK, Odin Estensen, added: “We congratulate Equinor for their safe and successful drilling operation, which again proves the potential in the highly prolific Fram area.
“Its close proximity to existing infrastructure provides potential opportunities for a low emission, cost-efficient development.”