Norwegian Sea: Neptune's Calypso Discovery has Commercial Potential

Credit: Neptune Energy
Credit: Neptune Energy

Oil and gas company Neptune Energy has confirmed a new discovery the Calypso exploration well (PL938) in the Norwegian Sea.

Preliminary estimates are between 1 - 3.5 million standard cubic meters (MSm3) of recoverable oil equivalents, corresponding to 6-22 million barrels of oil equivalent (boe), the company said.

 According to Neptune Energy, Calypso is the company's third discovery in six months on the Norwegian Continental Shelf.

Odin Estensen, Managing Director for Neptune Energy in Norway and the UK, said: “We actively explore in areas close to existing infrastructure. These near-field discoveries allow for low cost and low carbon developments.

“Initial analysis of Calypso indicates commercial potential. Together with our partners in the Calypso license, we will now study options to effectively develop the discovery using nearby infrastructure.”

The Calypso discovery is located within one of Neptune’s core areas, 14 kilometers north-west of the Draugen field and 22 kilometers north-east of the Njord A platform, Neptune said.

The well 6407/8-8S was drilled to a vertical depth of 3,496 meters and encountered an estimated 8-meter-thick gas column and 30-meter-thick oil column in a 131-meter-thick Garn Formation sandstone reservoir, of good to very good quality.

Neptune Energy drilled the Calypso well using the Deepsea Yantai a semi-submersible rig, owned by CIMC and operated by Odfjell Drilling.

Partners in the off-shore block are Neptune Energy (operator, 30%), OKEA ASA (30%), Pandion Energy AS (20%) and Vår Energi ASA (20%).

Neptune first announced a hydrocarbon discovery at Calypso in November, but stated at the time that operations in the reservoir portion were still in the early stages and that commercial amounts had not yet been validated.

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