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Neptune Energy announces financial results for the 12 months ended 31 December 2020

Neptune Energy announces financial results for the 12 months ended 31 December 2020
11 Mar 2021
Large-scale and diversified
•    Continued improvement in health and safety, with our total recordable injury rate down to 1.4 per million hours worked in 2020.
•    Full year production of 142.4 kboepd, within revised guidance range (143.8 kboepd including production-equivalent insurance receipts).
•    2021 production guidance of 130-145 kboepd, reflecting outages at non-operated assets in Norway and Algeria (140-155 kboepd including production-equivalent insurance receipts). Expect to exit 2021 at materially higher production rates with new projects online in Norway and Indonesia and production restarts.
•    Entering a period of growth, targeting production of close to 200 kboepd in 2023, with all existing sanctioned projects onstream. ....

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UK North Sea flaring cut by 22 percent in one year

UK North Sea flaring cut by 22 percent in one year
11 Mar 2021
The
OGA reports that flaring in the North Seal fell by 22% in 2020 from the previous year as production facilities cut the overall volume to 33 billion cubic feet (bcf), a reduction which is roughly equivalent to the gas demand of 200,000 UK homes, and is the lowest level of flaring on the UK Continental Shelf (UKCS) on OGA records.
Flaring intensity, the measure of how much gas was flared per unit of oil produced, also decreased from 114 standard cubic feet of gas for every barrel of oil (scf/bbl) to 95 in 2020, a 10-year low. This measure has now fallen for three consectutive years from 128 in 2017. ....

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UK/Ireland: Fugro joins forces with dCarbonX on decarbonisation exploration

Fugro has signed a strategic framework agreement (SFA) with dCarbonX, a pioneering geo-energy resource company, for decarbonisation exploration projects supporting the development of offshore geo-energy resources in the UK and Ireland. ....

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Norway: Equinor announces oil discovery near the Johan Castberg field in the Barents Sea

Norway: Equinor announces oil discovery near the Johan Castberg field in the Barents Sea
10 Mar 2021
7220/7-4 in production licence
PL 532 in the Barents Sea. Recoverable resources are so far estimated at between 5 and 8 million standard cubic metres of recoverable oil, corresponding to 31 – 50 million barrels of recoverable oil.
Succeeding in the Barents Sea requires perseverance and a long-term perspective. This discovery strengthens our belief in the opportunities that exist, not least around the Castberg, Wisting, Snøhvit and Goliat areas, says Nick Ashton, Equinor’s senior vice president for exploration in Norway.
The well was drilled about 10 kms southwest from the well 7220/8-1 on the Johan Castberg field, and 210 kms northwest of Hammerfest. ....

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Australia: AGR partners with industry leaders in the establishment of the Centre of Decommissioning Australia (CODA)

Australia: AGR partners with industry leaders in the establishment of the Centre of Decommissioning Australia (CODA)
10 Mar 2021
Centre of Decommissioning Australia (CODA) launched by the
National Energy Resources Australia (NERA).
CODA is a collaboration across the industry to address the challenges and maximise the opportunities of decommissioning Australia’s oil & gas infrastructure.
Working alongside many of the world’s leading Oil & Gas Operators, such as Chevron, Woodside Energy, Santos, Esso Australia, Vermilion Oil & Gas Australia, and BHP, and service and research organizations, such as Baker Hughes, Atteris, Linch-Pin, Xodus Group and Curtin University, the announcement strengthens AGR’s position as an industry leader in well and field abandonment projects. ....

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