Neptune Energy and its partners in the North Sea Cara oil and gas discovery have presented preliminary development plans to Norway’s energy ministry, the company said Dec. 6.
“The license partnership will now progress its technical and economic plan before making a final investment decision early in 2019,” Neptune said.
The plan, if sanctioned, is to tie the discovery back to the nearby Gjoea field platform via a subsea production system.
Cara is expected to yield between 56 million barrels of oil equivalent (MMboe) and 94 MMboe.
Discovered in 2016, the Cara license is operated by Neptune, which holds a 30% stake, and is co-owned by Idemitsu Petroleum (30%), Pandion Energy (20%) and Wellesley Petroleum (20%).
Neptune, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners, the company said.
The study's findings raise the prospect of future discoveries in the area, which has been left untouched over 50 years of exploration activity in the North Sea, said the university.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
Coal seam gas wells are turning out to be less productive than thought.