Neptune Energy Norge, a subsidiary of Neptune Energy, has received approval from Norwegian authorities to proceed with an exploration well in the North Sea off Norway. The drilling program, managed by Odfjell Drilling, is scheduled to be carried out using the semi-submersible rig Deepsea Yantai.

The Norwegian Petroleum Directorate (NPD) granted Neptune Energy Norge a drilling permit for well 35/6-4 A, part of production license 929 awarded on March 2, 2018. The license is valid until September 2, 2025. Neptune Energy holds a 40% ownership interest and operates the license, with partners including Aker BP (10%), DNO Norge (10%), Pandion Energy (20%), and Wintershall Dea Norge (20%).

The exploration well is planned for November 2023, utilizing the Deepsea Yantai rig, owned by China's CIMC and managed by Odfjell Drilling. In December 2022, Neptune Energy extended the contract for the Deepsea Yantai rig, securing it for two firm wells in Norway. The rig, built in 2019 and designed for harsh environments, is scheduled for various drilling activities in 2023, including a recent contract with ConocoPhillips Skandinavia in the Norwegian Sea.

Neptune Energy's complete portfolio, excluding operations in Germany and Norway, is set to be acquired by Eni. The Norwegian assets will be taken over by Vår Energi, a majority-owned subsidiary of Eni, as part of the acquisition. The total enterprise value of these transactions amounts to $4.9 billion.