The decision is for a three-pad development instead of the originally sought five drill sites and is coupled with ConocoPhillips relinquishing 68 000 acres of existing leases.
Economic impact analysis by Oxford Economics, published in Neptune’s Annual Report and Accounts, revealed the company’s overall European economic impact increased significantly in 2022.
The volumes are estimated at between 24 and 84 million boe, with slightly more oil than gas.
The well was drilled 10 km northwest of the Fram field and about 140 km northwest of Bergen.