• 2019 October 14 18:06

    Neptune Energy acquires North Sea assets from Energean

    Neptune Energy has entered into a conditional Sale and Purchase Agreement with Energean Oil and Gas to acquire Edison E&P’s UK and Norwegian producing, development and exploration assets for an initial cash consideration of $250 million1. The purchase is contingent on Energean completing its proposed acquisition of Edison E&P.

    The portfolio will provide Neptune with material growth in contingent resources, an estimated 30 million barrels of oil equivalent (mmboe) of 2P reserves and near term production in core areas of the North Sea close to infrastructure. It includes:

     Glengorm gas condensate discovery (25 per cent WI) in the UK’s Central North Sea, close to Neptune’s operated Seagull project. Glengorm is an additional contingent resource.

     Nova gas development project (15 per cent WI) in the Norwegian North Sea: Nova is being developed as a subsea tie-back to the Neptune-operated Gjøa field. Production is expected from 2021, with estimated net 2P reserves of more than 11 mmboe.

     Dvalin (10 per cent WI) gas development project in the Norwegian North Sea: developed as a subsea tie-back to Heidrun, the four gas wells are expected to be drilled from the end of 2019, with first gas expected by the end of 2020. Net 2P reserves are estimated at more than 11 mmboe.

     Scott (10.5 per cent WI) & Telford (15.7 per cent WI), Tors (68 per cent WI), Wenlock (80 per cent WI) and Markham (3.1 per cent WI): combined incremental non-operated production of 3,000 barrels of oil equivalent per day (boepd) in 2019. Tors is strategically important to the Neptune-operated Cygnus field due to the shared export route.

    The transaction is subject to customary regulatory approvals, with completion expected early in 2020.

    About Neptune Energy

    Neptune Energy is an independent global E&P company with operations across the North Sea, North Africa and Asia Pacific. Neptune had production of around 160,000 net barrels of oil equivalent per day in 2018 and 2P reserves at 31st December 2018 of 638 million barrels of oil equivalent. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.




2020 April 4

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2020 April 3

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17:28 ECSA Board: Shipping industry keeps Europe running but will need more EU support to recover
17:14 Tallink continues transporting passengers on Tallinn-Helsinki route
16:50 GT Morstoy completed slope protection under LUGAPORT project
16:25 World Maritime University stays connected in uncertain times
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15:22 Rosmorport's Azov Basin Branch carries out measures to prevent COVID-19 spread
14:57 New bunker alert service available for BIMCO members
14:33 NUTEP recognized as best in Basic business activities nomination of Best Stevedore contest
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13:01 Zeebrugge Port Authority facilitates extra ground for port users in need due to corona crisis
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09:36 Yury Bezdudny appointed Acting Governor of Nenets Autonomous Area
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2020 April 2

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16:59 DHT Holdings announces time charters for six of its VLCCs
16:30 Navigation season opens on the Lower Volga
15:48 PGNiG commences operations at Klaipėda LNG Reloading Station
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14:49 Bunker prices show no considerable changes at the Far East ports of Russia (graph)
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12:52 Covid-19: Passenger transportation by seaborne transport and traffic of small-size ships banned in Crimea
12:25 ABP update: port operations remain open for business
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11:28 IMO urges keyworker exemptions for crew changes and repatriations
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10:43 Russian President signs Decree on establishment of Marine Instrument Engineering Corporation
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