Neptune Energy Begins Work On 10th Cygnus Gas Well

Neptune Energy today announced it has begun an infill drilling campaign at its operated Cygnus gas field in the southern North Sea, with the potential to unlock enough gas to heat an additional 200,000 UK homes¹ per year from this winter.

Upon completion of the 10th well on the field in 4Q this year, the Cygnus gas facility will be capable of producing enough gas for approximately 2 million UK households.

Cygnus is an important component of the UK North Sea’s energy infrastructure and has one of the lowest carbon intensities on the UKCS, at ~2kg of CO2/boe².

Neptune Energy’s UK Country Director, Alan Muirhead, said: “The 10th well is part of the existing Cygnus field development plan and will support additional supplies of much-needed low carbon gas for UK households from this winter.

“Domestic production has a crucial role in supporting UK energy security and Neptune has been working hard to incrementally increase natural gas supplies from its operated assets, including from Cygnus in the UK and from Gjøa in Norway, which is exported via the FLAGS pipeline to the St. Fergus Gas Terminal in the North-East of Scotland.”

The drilling operation is being carried out by Borr Drilling’s Prospector 1 jack-up rig, equipped with technologies that reduce carbon and nitrogen emissions from drilling by up to 95%, and particle matter emissions by more than 85%.

Cygnus partners: Neptune Energy (operator and 38.75%), Spirit Energy (61.25%)

¹ According to Ofgem, the average UK household has 2.4 people residents, and uses an average of 12,000 kWh of gas per year. (https://usave.co.uk)
² Cygnus kg CO2/boe 12-month rolling average, as of July 2022

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