Neptune takes over Fenja

Neptune Energy has announced in a press release that as of 4 December 2018, the merger between Neptune Energy Norge AS and VNG Norge was completed. The entire business of former VNG Norge – including participating interests in production licenses, operatorships and employees have now been merged into Neptune Energy Norge.

Fenja (former Pil & Bue discovery in PL 586), an oil and gas field under development in the Norwegian Sea, is Neptune’s first operated development project in Norway. It lies 120 km north of Kristiansund, with estimated recoverable resources in excess of 100 million barrels oil equivalent in the Jurassic Rogn Formation. The field is a subsea development with tie-back to Njord A and will be developed with three oil producers, two water injectors and one gas injector which will be converted to a gas producer during the gas blow down phase towards the end of field life. First oil is targeted for Q1 2021. Licence partners in PL 586 are Neptune Energy (operator, 30%), Vår Energi (45%), Suncor (17.5%) and Faroe Petroleum (7.5%).

Anne Botne, Country Director for Neptune Energy, said: «The transaction and integration of former VNG Norge adds a strong team as well as competitive growth assets to our portfolio on the Norwegian continental shelf. Fenja is our first development project in Norway. It will feature innovative solutions enabling production through long distance tiebacks to existing infrastructure, thus capturing value and reducing emissions in line with our strategy. By leveraging Neptune Energy’s operational experience and existing contracts, we aim to realise additional opportunities and synergies from Fenja to our two other operated development projects in Norway, Cara and P1 in the North Sea.»