Drilling & production

The Bozhong 26-6 oilfield has an average water depth of about 22 m.

On 10 March, West Akcakoca 1 reached 3839 m total measured depth and true vertical depth of 1677 m.

The company has entered into an agreement to divest 28% working interest in PL037 (Statfjord area) to OKEA with an effective date 01 January 2023.

The company has welcomed the UK Government’s decision to widen the gas entry specification limit, which will enable more North Sea gas to enter the country’s National Transmission System (NTS).

The company has announced that the Frosk field development in the Alvheim area has been completed and production has started on schedule and within budget, only 18 months after the Plan for Development and Operation (PDO) was submitted.

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.

Official analysis has revealed that the accelerating decline of Scotland’s oil and gas production will increase Scotland’s emissions, threaten jobs and ultimately could make Scotland poorer.

The company has announced the signing of a frame agreement with Equinor ASA to provide DualLink™ powered and wired drill pipe for their operations, ahead of installing and operating the system at their Oseberg field.

The current value of the order is more than £5 million. Approximately £2.5 million of milestone payments will be received and accounted for as deferred revenue in the current financial year.

The latest analysis from McKinsey & Company reveals that oil and gas industry costs could increase between 6 – 10% in 2023 due to labour uncertainties and raw-materials inflation.

Shell Salym Development B.V. – a subsidiary of Shell plc – has completed the withdrawal from its 50% interest in the Salym project in Russia.

The Alkaid #2 well returned to production on 21 February, following the cleanout of the sand blockage in the final 1000 ft (c.20%) of the wellbore.