In what is Neptune’s third discovery in six months, following on from Ofelia and Hamlet in the greater Gjøa area, this time oil has been found in the Calypso prospect in the Norwegian Sea a little further north.
According to documents available through the Environmental Agency, the 6407/8-8S Calypso well targets a Middle Jurassic Garn or slightly deeper reservoir at a depth of around 3,000 m. Partner Vår Energi (20%) estimated that Calypso could hold 34 MMboe, whilst partner OKEA (30%) is a bit more conservative and states a potential volume of 22 MMboe.
Even though it is too early to conclude that the discovery is commercial, the well results must raise hopes for the possibility of a tie-back. But a tie-back where to?
Two options
For partner OKEA, an export route via the Draugen platform is the most favourable option. It will extend the life of this maturing asset a little longer.
See also: OKEA – Small changes can bring significant value
However, there is another possible export route, and that is to Njord. Production from Njord was suspended in 2016 due to structural integrity issues to the platform, but thanks to an upgraded facility, production is expected to resume soon. The expectation is that Njord will be able to handle hydrocarbons up to 2040.
At the same time, Neptune is developing the Fenja field, the oil of which is also going to be exported through Njord. The Bauge discovery, adjacent to Hyme, is under development too and will be directed to Njord as well.
With Neptune being a partner in Njord (22.5%) and not in Draugen, it remains to be seen which export route the company and its partners ultimately prefer.
Rumpeldunk
Licence PL938, in which Calypso lies, was awarded to Neptune in 2018. Before that, Statoil (Equinor) operated the area under licence PL348C, which was relinquished in 2016. In the area where the current well is being drilled, Statoil defined a prospect under the name Rumpeldunk, with an outline fairly similar to Neptune’s Calypso prospect.
The difference between the Rumpeldunk and Calypso prospects is that Statoil defined the former as an Upper Jurassic target, whilst Neptune supposedly drills a Middle Jurassic closure. Whether Calypso is in fact a re-interpretation and revision of the Upper Jurassic Rympeldunk prospect remains to be seen. Statoil’s estimated volume for Rumpeldunk was 20 MMboe in place.
Hasselmus
Recent exploration in the Draugen area has not been very successful, with the Ginny well (6407/9-13) completed dry earlier this year. However, OKEA drilled a development well onto the Hasselmus discovery just north of Draugen this summer, which will bring in additional gas to power the platform.
