Neptune acquires interest in North Sea Pegasus West discovery

May 4, 2021

Neptune Energy acquired a 38.75% equity interest from Spirit Energy in the Pegasus West discovery and surrounding acreage (P1724, P1727, P4257, and P2128) in the UK Southern North Sea.

OGJ editors

Cygnus gas production infrastructure in the UK North Sea.

Neptune Energy acquired a 38.75% equity interest from Spirit Energy in the Pegasus West discovery and surrounding acreage (P1724, P1727, P4257, and P2128) in the UK Southern North Sea.

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

Entry into the Pegasus West Area “aligns interests in both the discovery and the Neptune-operated Cygnus gas facility (Neptune Energy 38.75%, Spirit Energy 61.25%) enabling acceleration of the development of Pegasus West as a subsea tieback to the existing Cygnus field,” the company said in a release May 4.

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

Pegasus West holds an estimated 83 bcf of recoverable gas, adding further volumes to the Greater Cygnus Area,” said Gerry Harrison, executive vice-president, HSES, subsurface and non-operated UK assets at Spirit Energy in a separate release May 4.