Neptune Energy Wins the Exploration Innovation Prize
Wednesday 30 May 2018
Neptune Energy's Cara-discovery (PL636) in the North Sea won the Exploration Innovation Prize 2018 at this year's Recent Discoveries Conference held last week in Oslo.
The Geological Society of Norway and Geo Publishing awarded the prize during the NCS Exploration - Recent Discoveries 2018 conference in Oslo. Out of ten nominees, a public voting selected three finalists. The three finalists were Cara, Kayak, and Zumba.
The jury's criteria for winning the price is first and foremost to be "a licence group, company, team or person who during the last years have given a courageous and innovative contribution in exploration for oil and gas on the Norwegian continental shelf".
Cara is one of the largest discoveries on the Norwegian Continental Shelf since 2016, according to the the Norwegian Petroleum Directorate.
Committed team work
The objective of the Cara-well was to prove petroleum in a stratigraphic trap in Early Cretaceous Agat formation. Norsk Hydro drilled well 36/7-3 in 2002; reported dry. In 2013-2014 Neptune Energy identified and matured Cara to a drillable prospect integrating all available data and knowledge. The Cara well, 36/7-4, was drilled summer 2016, proving oil and gas likely to be commercial.
Situated in core area
The discovery is located 6 kilometres northeast of the Gjøa field, operated by Neptune Energy, and confirms the company's view that even mature areas of the Norwegian Continental Shelf have an interesting exploration potential. Further intensive exploration program is launched in PL636 and in surrounding operating blocks as PL929 recently acquired by Neptune at APA 2017.
Cara is now being matured as a "fast track" project. Concept selection is scheduled for end of this year with an investment targeted by first half 2019.
License partners in PL 636: Neptune Energy (30% and operator), Idemitsu Petroleum Norge AS (30%), Pandion Energy AS (20%) and Wellesley Petroleum AS (20%).