OSLO, NORWAY, 06 DECEMBER 2018

The Cara license, PL 636, operated by Neptune Energy Norge AS (Neptune Energy) with Pandion Energy AS (Pandion Energy) as 20 percent partner, continues forward with a subsea development solution for the field located in the Norwegian North Sea.

The proposed concept is a subsea tieback to the Neptune Energy operated Gjøa platform. Neptune Energy (operator) has on behalf of the Cara license submitted the “Decision to Continue” (BOV) report to the Ministry of Petroleum and Energy. The license partnership now enters the define phase of the project, refining the technical and economic plan before committing to a final investment decision.

The Cara field is located six kilometers northeast of the Gjøa field and about 60 kilometers of mainland Florø. Cara is expected to yield between 56-94 million barrels of oil equivalents, which corresponds to be in range of 9-15 million standard cubic meter (MSm3).  Idemitsu Petroleum Norge AS and Wellesley Petroleum AS are also license partners in the field.

For more information on the Cara development, please see Neptune Energy’s press release.