Neptune Energy recently announced it has acquired a 38.75% equity interest from Spirit Energy in the Pegasus West discovery and surrounding acreage (P1724, P1727, P4257 and P2128) in the U.K. Southern North Sea.(Logo quoted from Yahoo’s image)

Pegasus West was discovered in 2014 and is currently operated by Spirit Energy.

Entry by Neptune into the Pegasus West Area aligns interests in both the discovery and the Neptune-operated Cygnus gas facility (Neptune Energy 38.75% and operator, Spirit Energy 61.25%) enabling acceleration of the development of Pegasus West as a subsea tieback to the existing Cygnus field.

Neptune will work closely with Spirit Energy on front end engineering and design (FEED) studies in 2021 with the intention to reach a final investment decision (FID) by year end. Once sanctioned, Neptune would become operator of the development through to first gas and into production. 

Neptune Energy’s Managing Director in the U.K., Alexandra Thomas, said: “The alignment of interests with Spirit Energy in the Pegasus West development offers material benefits of faster development, lower costs and lower carbon intensities as well as optimisation of production operations through our existing world-class gas production asset, Cygnus.

“Cygnus is strategically important for domestic gas supply to the U.K., and has one of the lowest carbon intensities on the UKCS, at less than 2kg per boe. The development of Pegasus West will ensure further UK low carbon gas supply, while opening up opportunities for development of other potential gas resources in the Greater Cygnus Area.” 

(IRuniverse)