Neptune Energy Foresees Production Boost in Second Half of 2023
Posted 11/08/2023 14:06
Neptune Energy anticipates an increase in production during the latter half of 2023. Despite a first-half production of 140.1 kboe/d, marked by a brief outage at the non-operated Snøhvit Unit and planned maintenance in the UK and the Netherlands, the company's outlook for the second half remains positive.
The forthcoming Seagull offshore (UK) startup is on track for September, with plans to integrate the Seagull tieback development into bp's ETAP complex in the central North Sea later in the year.
Neptune Energy has also demonstrated a commitment to enhanced safety performance, achieving a lower total recordable injury rate of 1.69 per million hours worked.
The company secured three carbon capture and storage (CCS) licenses in the UK, and applications for licenses were submitted in Norway and the Netherlands. Additionally, Neptune has acquired CO2 storage capacity equivalent to its entire 2P reserve portfolio's emissions.
The Gudrun electrification project is set to become operational by the year's end. After encountering commissioning issues with the Utsira High electrification project in the Norwegian North Sea last November, which led to a delay in the Gudrun electrification project, Neptune Energy is now prepared for its launch.
In line with strategic developments, Neptune Energy has initiated sale and purchase agreements, marking Eni's acquisition of Neptune Energy Group Ltd. and Vår Energi's acquisition of Neptune Energy Norge AS. These transactions, valued at $4.9 billion, are projected to conclude by the end of the first quarter in 2024.
Furthermore, Neptune Energy is pursuing a carve-out of its German business, ensuring the operation remains under the ownership and management of existing Neptune shareholders.