Neptune Energy wins two exploration licenses in Norway

World Oil Staff January 11, 2023

(WO) — Neptune Energy has been awarded two new licenses in the Awards in Predefined Areas (APA) 2023, the Norwegian Ministry of Petroleum and Energy announced.

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

The awarded licenses are PL1180 (40% and operator) in the Gjøa area and 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 license awards further strengthen Neptune`s growing position in Norway and emphasize 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.

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