The Dugong well is estimated to hold between 40 million - 120 million barrels of oil equivalent
Neptune Energy and its partners have announced making the commercial discovery of oil at the Dugong well in the Norwegian sector of the North Sea.
The Dugong well is estimated to hold 40 – 120 million barrels of oil equivalent, making it the largest discovery in Norway so far this year, according to the company.
Deepsea Yantai, a new semi-submersible rig, owned by CIMC and operated by Odfjell Drilling, was used to drill Dugong.
With a 40% ownership stake, Neptune Energy is the operator of the Dugong licence.
Located 158km west of Florø, Norway, at a water depth of 330 metres, Dugong is in proximity to existing production facilities.
Neptune Energy’s Norway managing director Odin Estensen, said: “This is a significant discovery and strategically important for Neptune Energy in this region.
“It underlines our commitment to continue investing in activities in the Norwegian sector which is an integral part of our geographically-diverse portfolio.
“Dugong may also open up additional opportunities in the surrounding licences, with the potential for a new core area for Neptune in Norway.”
Dugong prospect comprises two reservoirs
The Dugong prospect comprises two reservoirs located at a depth between 3,250 – 3,500 metres.
The discovery well 34/4-15 S and the down-dip sidetrack 34/4-15 A proved oil in the Viking and Brent Groups of the prospect.
Neptune Energy is partnered by Concedo, Petrolia NOCO, and Idemitsu Petroleum Norge in the Dugong licence.
Neptune Energy’s Norway exploration & development director Steinar Meland, said: “The discovery gives new and valuable understanding of the subsurface in this part of the Tampen area.
“We are very pleased to see that our exploration model developed together with our partners has proved to be successful. We will now initiate studies, as well as consider development options for the discovery.”