Neptune Energy Completes Integration of VNG Norge
Tuesday 11 December 2018
Neptune Energy Norge takes operatorship and equity in Fenja field
Neptune Energy announced it has completed the integration with the former VNG Norge business. The integrated business, 'Neptune Energy Norge', will be amongst the top five independent producers on the Norwegian Continental Shelf(1) and will become the operator of the Fenja field development project in the Norwegian Sea.
As of 4 December 2018 the merger between Neptune Energy Norge AS and VNG Norge was completed. The entire business of former VNG Norge – including participating interests in production licenses, operatorships and employees have now been merged into Neptune Energy Norge. The combination of both businesses creates a strong platform with a broad operating skills-set across sub-sea development, drilling, production and exploration.
Fenja (PL 586), an oil and gas field under development in the Norwegian Sea, is Neptune's first operated development project in Norway. It lies 120 km north of Kristiansund, with estimated recoverable resources in excess of 100 million barrels oil equivalent (Pil reservoir). The field is a subsea development with tie-back to Njord A. First oil is targeted for 2021.
(1) By equity production.