Neptune Targets 1Q FID for Norway's Cara

Neptune Energy and fellow partners in Norwegian block PL636 have submitted their decision to continue (BoV) report for the Cara project to Norway’s petroleum and energy ministry, they said December 6.

Based on the proposed plan, hydrocarbons from the Cara reservoir will be developed with a four-slot subsea template tied back to the Neptune-operated Gjoa platform for processing and export. The Gjoa gas field, just 6 km away, will also provide gas lift to the field. A tieback to existing infrastructure will ensure that maximum value from the field is unlocked.

Cara is expected to yield between 56mn and 94mn barrels of oil equivalent, which Neptune tells NGW is 30% oil and 70% gas.

The latest plan is to submit Cara’s plan for development and operation (PDO) and take final investment decision in 1Q 2019. Subject to that, the operator and 30% owner Neptune tells NGW that the project is working to a 4Q 2020 start-up date, but that is a “best case and depends upon a number of factors supporting adherence to a schedule that is ambitious.” Plateau production levels are yet to be decided.

Cara was discovered in 2016 in the Norwegian North Sea. It was UK-based independent Neptune's first discovery in Norway as operator. Fellow licensees are Japan’s Idemitsu 30%, and two Norwegian independents each with 20% equity: Pandion Energy and Wellesley Petroleum.