Partners target Cara FID in early 2019

Neptune Energy and its license partners have submitted the Decision to Continue report for the Cara project to the Norwegian Ministry of Petroleum and Energy.

Cara in PL636 in the Norwegian North Sea
Cara in PL636 in the Norwegian North Sea

Offshore staff

LONDONNeptune Energy and its license partners have submitted the Decision to Continue (BoV) report for the Cara project to the Norwegian Ministry of Petroleum and Energy.

The license partnership will now progress its technical and economic plan before making a final investment decision in early 2019.

Based on the proposed plan, hydrocarbons from the Cara reservoir will be developed with a four-slot subsea template tied back to the Neptune Energy-operated Gjøa platform for processing and export. Gjøa will also provide gas lift to the field.

The Cara field is 6 km (4 mi) northeast of the Gjøa field and about 60 km (38 mi) of mainland Florø. Cara is expected to yield between 56-94 MMboe, in the range of 9-15 MMcm.

Anne Botne, Country Director for Neptune Energy in Norway, said: “Moving into the next phase of the plan is a signal that Neptune Energy is committed to Norway in the long term. This is our second operated development project on the Norwegian continental shelf afterFenja in the Norwegian Sea, and we are using our experience and resources to calibrate the concept for Cara.

“We have selected the most economically robust solution for the field and will now work closely with our partners in the coming months to design a plan that will take Cara forward.”

Several studies will now be completed before the final investment decision and the plan for development and operation can be submitted to the Ministry of Petroleum and Energy in 1Q 2019.

Cara was discovered in 2016 and is in PL636 in the Norwegian North Sea. The discovery well, 36/7-4, was drilled by Transocean Arctic and proved oil and gas in Agat formation.

License partners in PL636 are Neptune Energy (30% and operator), Idemitsu Petroleum Norge AS (30%), Pandion Energy AS (20%) and Wellesley Petroleum AS (20%).

12/06/2018

More in Field Development