Neptune Finds Resources off Norway

Neptune Energy and its partners have made a discovery at the Dugong well in production licence (PL) 882 off Norway, the North Sea-focused producer said on July 3.

"Upon entering the reservoir, logs and cuttings have identified hydrocarbons and a decision has been made to initiate coring," Neptune said in a statement. Operations are still at an early stage and final results are not yet available, it said, adding that a contingent side-track might be drilled to further define the discovery's extent.

Dugong is 158 km off Floro, Norway, in waters 330 metres deep. It is nearby the production facilities of the Equinor-operated Snorre oilfield, and its reservoir is at a depth of between 3,250 and 3,400 metres.

Neptune declined to comment to NGW on whether the discovery was oil or gas or a mixture. The find has not yet been reported by the Norwegian Petroleum Directorate. Neptune operates PL882 with a 40% stake, while Concedo, Petrolia NOCO and Idemitsu Petroleum each have 20%.