Neptune Energy Discovers Oil in Dugong Well

Posted on 08/06/2020

Neptune Energy Group was formed in 2015 by former Centrica executive Sam Laidlaw, with initial capital backed by funds controlled by private equity groups Carlyle Group and CVC Capital Partners. China Investment Corporation (CIC) became Neptune’s largest shareholder in February 2018 when Neptune acquired the worldwide upstream assets of ENGIE. In May 2018, a US$ 550 million offering of 6% senior notes widened Neptune Energy’s investor base to include a range of bondholders.

Neptune Energy and its partners found oil in the Norwegian part of the North Sea, which is called the Dugong well. Neptune Energy believes the Dugong well could have between 40 million and 120 million barrels of oil equivalent. Neptune holds a 40% stake in the Norwegian license, while Petrolia NOCO AS, Concedo ASA, and Japan’s Idemitsu Kosan Co., Ltd. each own 20%.

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