Britain’s Neptune Energy and its partners have discovered oil at a jointly owned drilling license in the Norwegian part of the North Sea. The two have said they will now “consider options” with regard to how to develop the find.

Neptune said the Dugong well is estimated to contain between 40 million and 120 million barrels of oil equivalent, making it the largest find off Norway in 2020 so far.

Odin Estensen, head of the company’s Norwegian unit, said: “This is a significant discovery and strategically important for Neptune Energy in this region.”

He added: “Dugong may also open up additional opportunities in the surrounding licences, with the potential for a new core area for Neptune in Norway.”

A separate prospect in the same license is estimated to hold up to 33 million barrels of oil, the operator added.

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5th August 2020