An oil discovery is expected to be announced in Egypt, during next July (2023), in the concession area northwest of Al-Amal, south of the Gulf of Suez, by a specialized British company.
British independent oil and gas company Neptune Energy has updated its drilling schedule in several countries; Among them are Egypt, Indonesia and the North Sea, as Offshore Magazine published on May 12 (2023).
It is expected that the latest oil discovery in Egypt, at the Yaqut site, will have the potential for rapid development, with expectations of exploration and drilling of more wells, according to a report seen by the specialized energy platform.
Neptune expects to drill the Yacout exploration site in the Gulf of Suez at the beginning of the third quarter of the year, as this will be the first well operated by the company in the Northwest Al-Amal concession, after acquiring an advanced three-dimensional seismic device in the year (2020).
Neptune’s future activities
In its latest results release, Neptune Energy expects the Gudrun field electrification project in the Norwegian North Sea to start in the fourth quarter.
The platform, operated by Statoil Electric, will meet from shore, via a connecting line, with the facilities serving the fields in the Utsera High area.
Later this year, Neptune plans to drill at Mulder and Cerissa and evaluate last year’s discovery of Ophelia in the North Sea (all off the coast of Norway).
And in developing the Siegel project in the UK’s central North Sea, the company will soon begin another subsea campaign involving well tie-in and commissioning, according to information spotted by the specialist energy platform.
Elsewhere, major construction activities associated with the upside of the ETAP host complex have been completed, and production will be ready to flow in July, initially from two wells.
development plans
Neptune Energy expects the UK government to release the results of its latest licensing round soon, for the assessment of carbon dioxide and storage.
Last month, in the Dutch North Sea, drilling began on the Rhone appraisal well, a gas discovery in the L7 license, with the aim of reducing uncertainty about volumes and proving the reservoir’s productivity prior to a development decision.
Analysts expect the Rhone well to be followed by another well at the Maple site, according to Offshore Magazine.
Next June, the multi-well shutdown programme, covering the closure and securing of at least 21 wells in Dutch and UK waters, is due to begin.
In Indonesia, Neptune Energy expects the Italian company Eni to present a development plan in the current quarter for the Maha offshore project, pending the completion of the merger agreement.
Subsequently, geotechnical studies, design work and a feasibility study will take place in the second half of 2023, with the first gas from Maha expected in 2026.
In the third quarter, the partners expect to begin drilling the deepwater exploration well Jing North in the North Channel license, targeting significant gas prospects of trillions of cubic feet, with independent development potential.
Neptune Energy in Egypt
In 2019, the Egyptian General Petroleum Corporation granted Neptune an oil exploration license, in Block 4 of the Northwest Al Amal concession in the middle of the Gulf of Suez.
It was announced at the time that the first phase of the concession development aims to conduct 3D seismic surveys over a distance of 100 square kilometres, along with drilling an exploratory well.
The second phase of concession development focuses on Neptune Energy drilling two exploration wells, in continuation of the British company’s direction during the post-acquisition of Engie Group in February 2018 and its expansion in the North Sea and Asia in addition to North Africa, according to the company’s website.
In February 2020, the company signed an agreement with Cairo to invest $35 million – in addition to a $11 million grant – in drilling 3 wells in the concession.
At the time, Neptune Energy considered that the agreement demonstrated its commitment to development operations in North Africa, according to Daily News Egypt.
The company expects to start drilling the first operational concession wells northwest of Al-Amal by the summer of 2023, according to Offshore-mag.
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