Neptune Energy announced it will spend $23 million on a targeted decommissioning program in Germany this year, plugging and abandoning wells which have ceased production and removing associated infrastructure.

Operations have now been completed on the plugging and abandonment (P&A) of a well in the Bentheim gas field, located in western Lower-Saxony, with a second well on the field due to be decommissioned later in 2023.

It follows the P&A of two wells in the Itterbeck-Halle field in recent months.

Andreas Scheck, Managing Director for Neptune Energy in Germany, said: “Neptune continues to play an important role in supporting energy security in Germany, operating production assets across Eastern and Western Germany, and in the Rhine Valley in the south.

“Decommissioning is an important and natural step in the lifecycle of our business and we are committed to returning these sites to nature safely and responsible, once production has ceased.”

Last year, Neptune spent $12 million on abandonment and renaturation activities in the country. Plans are also being developed for decommissioning operations in the Fronhofen gas field, the Reitbrook West oil field, and the Victorbur mud pit.

Across its global portfolio, Neptune Energy expects to spend approximately $112 million on decommissioning activities in 2023.

About Neptune Energy Group

Neptune Energy is an independent global E&P company with operations across Europe, North Africa and Asia Pacific. The business had production of 135,000 net barrels of oil equivalent per day in 2022 and 2P reserves at 31st December 2022 of 552 million barrels of oil equivalent. Neptune aims to store more carbon than is emitted from its operations and the use of its sold products by 2030. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.