Neptune Energy Wraps Up Integration with Former VNG Norge
- Business & Finance
Neptune Energy has completed the integration with the former VNG Norge business.
The integrated business, ‘Neptune Energy Norge’, will become the operator of the Fenja field development project in the Norwegian Sea, the company informed.
As of December 04, 2018 the merger between Neptune Energy Norge 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.
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 and the first oil is targeted for 2021.
Anne Botne, country director for Neptune Energy, said: “The transaction and integration of former VNG Norge adds a strong team as well as competitive growth assets to our portfolio on the Norwegian continental shelf. Fenja is our first development project in Norway. It will feature innovative solutions enabling production through long distance tiebacks to existing infrastructure, thus capturing value and reducing emissions in line with our strategy. By leveraging Neptune Energy’s operational experience and existing contracts, we aim to realize additional opportunities and synergies from Fenja to our two other operated development projects in Norway, Cara and P1 in the North Sea.”
The organisation will be led by managing director Odin Estensen as of January 02, 2019.