Private-equity-backed Neptune Energy Group Ltd. said March 28 it had agreed with partners on a final investment decision for the Seagull oil and gas field in the British North Sea.
Partners of the Seagull Field include BP Plc and Japan Petroleum Exploration Co. (Japex).
"Seagull is expected to initially produce around 50,000 barrels of oil equivalent per day [80% oil] across its 10-year design life. Proved plus probable gross reserves are estimated at 50 million boe," Neptune said.
The Seagull Field will be developed with up to four subsea wells drilled from a new four-slot manifold 17 km south of the BP-operated ETAP Central Processing Facility, according to Neptune's website.
First production is expected by late 2021. Neptune operates Seagull and owns 35%, BP 50% and Japex the remaining 15% of the project.
Recommended Reading
Crescent Upsizes Stock Offering, Offers Debt for Ridgemar Acquisition
2024-12-04 - Crescent Energy is offering 21.5 million shares of its stock and borrowing additional funds to pay for the cash portion of a $905 million acquisition of Ridgemar Energy.
Innovex Closes $104MM Acquisition of Downhole Well Solutions
2024-12-02 - Innovex International paid $103.7 million in cash and stock for Downhole Well Solutions, according to a Securities and Exchange Commission filing.
Talos Sells More of Mexican Subsidiary to Billionaire Carlos Slim
2024-12-17 - Talos Energy has agreed to sell another 30.1% interest in subsidiary Talos Mexico to entities controlled by billionaire Carlos Slim, whose companies also own at least 24% of Talos Energy’s common stock.
Crescent Energy Bolts On $905MM Central Eagle Ford Acreage
2024-12-03 - Crescent Energy will purchase Eagle Ford assets from Carnelian Energy Capital Management-backed Ridgemar Energy for $905 million, plus WTI-based contingency payments of up to $170 million.
Constellation Energy Nearing $30B Deal for Calpine, Sources Say
2025-01-08 - Constellation Energy is nearing a roughly $30 billion deal to acquire power producer Calpine that could be announced as early as Jan. 13, sources familiar with the matter said.