Neptune Energy Awarded New Licences In Norway

Neptune Energy has today been awarded two new licences in the Awards in Predefined Areas (APA) 2022, announced by the Norwegian Ministry of Petroleum and Energy.

The new licences are located close to existing infrastructure in the Gjøa and Fram areas of the Norwegian North Sea, where Neptune already has a presence, reflecting the company’s exploration strategy to focus on key opportunities within core areas.

The awarded licences are:

• PL1180 (40% and operator) in the Gjøa area
• PL1179 (15% and partner) in the Fram area

Neptune Energy’s Managing Director in Norway and the UK, Odin Estensen, said: “Neptune has continued to demonstrate its ability to convert exploration success into development and production in a safe, timely and cost-efficient manner. Through this latest licensing round, we continue to build a sustainable exploration portfolio in our core areas.

“These licence awards further strengthen Neptune`s growing position in Norway and emphasise the importance of the Norwegian Continental Shelf to our global business.”

Neptune’s Director of Subsurface in Norway, Steinar Meland, added: “We are pleased to have been awarded an operatorship in the vicinity of our operated Gjøa area where we hope to build on 2022’s exploration success.”

The APA licensing round is held once a year in mature areas on the Norwegian Continental Shelf.

About Neptune Energy Norge AS
Neptune Energy Norge is a subsidiary of Neptune Energy. The company is the operator of the Gjøa field in the North Sea. It recently opened up two new subsea fields, Duva and Gjøa P1, tied back to the Gjøa platform. Neptune is the operator of the development project Fenja in the Norwegian Sea, and is partner in several producing fields, amongst these are Snøhvit, Gudrun, Njord and Fram. Neptune Energy Norge is a participant in a total of 81 licences. For the full year 2021, Neptune produced 46 kboepd in Norway.

About Neptune Energy Group
Neptune Energy is an independent global E&P company with operations across Europe, North Africa and Asia Pacific. The business had production of 130,000 net barrels of oil equivalent per day in 2021 and 2P reserves at 31st December 2021 of 604 million barrels of oil equivalent. Neptune aims to store more carbon than is emitted from its operations and the use of its sold products by 2030. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners. For more information, visit www.neptuneenergy.com.