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  • Final Investment Decision for Seagull Project in U.K. North Sea
    édité le 29/03/2019 - Plus de news de "Japex" - Voir la fiche entreprise de "Japex"


Final Investment Decision for Seagull Project in U.K. North Sea
Japan Petroleum Exploration Co., Ltd. (JAPEX) announced that the final investment decision for the Seagull oil project in the UK North Sea (hereinafter "Seagull") has been agreed by Neptune Energy, the operator, and its joint venture partners BP and JAPEX. Seagull is expected to initially produce around 50,000 boepd (80 per cent oil) across its 10-year design life.

The submission of Field Development Plan (hereinafter “FDP”) for Seagull to the Oil and Gas Authority of the UK government (hereinafter “OGA”) was completed by agreement of all the participants on March 28 (GST). Execution works will commence subject to the OGA’s approval of the FDP, with first production planned by the end of 2021.

Seagull is a high pressure, high temperature development located in the Central North Sea on UK licence P1622 Block 22/29C, 17km south of the BP Operated ETAP Central Processing Facility (CPF). Seagull will be tied back to the ETAP CPF partially utilising existing subsea infrastructure. Gas from the development will come onshore at the CATS processing terminal at Teesside, while oil will come onshore through the Forties Pipeline System to the Kinneil Terminal, Grangemouth.

Neptune is the operator of Seagull and has a 35% equity interest, and its joint venture partners are BP with 50% and JAPEX with 15%. JAPEX acquired its interest in March 2014 through its local subsidiary JAPEX UK E&P LIMITED).

The JAPEX group has been making the contribution to its evaluation and verification for the decision in Seagull since our acquisition and will also continue to contribute for maximizing of its value with our obtained technologies and expertise in oil and gas E&P.

There will be no impact on the consolidated financial forecasts for the fiscal year ending March 31, 2019.

The impact on consolidated financial forecasts after the fiscal year ending March 31, 2019 will be disclosed promptly if necessary.

Notes:

- License: P1622 Block 22/29C (Seagull)
- Location: U.K. North Sea, 300km east of offshore Aberdeen
- Participating Interest:
. Neptune E&P UKCS Limited (Operator)(*) 35%
. BP Exploration Operating Company Limited (**) 50%
. JAPEX UK E&P LIMITED (***) 15%

(*)100% Subsidiary of Neptune Energy / (**)Subsidiary of BP/ (***) 100% subsidiary of JAPEX

About Japex

JAPEX is engaged in projects in Japan and overseas that span the E&P value chain, from exploration, development, production and transportation to supply for long-term stable supply of energy.

Recently JAPEX has been focusing on three main business areas; E&P Business as our core business, Domestic Natural Gas Supply Business as stable supply and growth its volume of natural gas for clients, and Environment and Innovative Technology Business as new energy development utilizing our accumulative technologies and insights through E&P business.

Furthermore, JAPEX is aiming to “Transform to an Integrated Energy Company with a Focus on E&P” to expand our business area wider related to oil and gas E&P.

About Neptune Energy

Neptune Energy is an independent global E&P company and, having completed the acquisition of the exploration and production business of the ENGIE group in February 2018, is now active across the North Sea, North Africa and Asia Pacific. The business had production of 160,500 net barrels of oil equivalent per day in the first three quarters of 2018 and 2P reserves at 31st December 2017 of 542 million barrels of oil equivalent. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.


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