Neptune Starts Gjoa P1 Production
Neptune Energy announced Tuesday that production has started from the Gjoa P1 development in the Norwegian sector of the North Sea.
Gjoa P1, which has been developed via a new subsea template tied back to existing infrastructure on the Gjoa field, is a two well project with one oil and one gas producer. The gas well came onstream on February 22, with the oil well planned to start-up later this week, Neptune Energy revealed.
“This is an important milestone for Neptune and our Gjoa partners and demonstrates our commitment to invest in Norway,” Neptune Energy’s managing director in Norway, Odin Estensen, said in a company statement.
“Despite the challenges of the pandemic, we delivered the project on time and on budget. The start-up of Gjoa P1 underlines the Gjoa platform’s position as an important hub, increasing total remaining developed reserves at Gjoa by 30 percent,” Estensen added.
“The start-up of Gjoa P1, as well as the upcoming production start from the neighbouring Duva field, strengthens Neptune’s role in the northern part of the North Sea, an important growth area for the business,” Estensen went on to say.
Neptune Energy’s projects and engineering director in Norway, Erik Oppedal, said, “the P1 development enables us to recover significant quantities of oil and gas from deeper lying reservoirs, as well as to utilise spare production capacity”.
“This will help lower production costs per barrel, adding significant value to the Gjøa Licence Partners and to Norwegian society,” he added.
Neptune holds a 30 percent operated interest in the asset. Petoro AS holds a 30 percent stake, Wintershall DEA Norge AS holds a 28 percent interest, and OKEA holds the remaining 12 percent interest.
Neptune is international independent exploration and production company with a regional focus on the North Sea, North Africa and Asia Pacific, according to its website. The business has a daily average production rate of 144,000 barrels of oil equivalent per day, its website shows.
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