Neodrill announces projects with Neptune Energy

Updated: Feb 17


The projects represent Neodrill’s first and second 2-wells campaigns with Neptune Energy

  • In the first campaign the 2 CANs were installed on two exploration wells in the Norwegian North Sea in April

  • The second campaign is scheduled for December, where 2 CANs will be installed for the Tail well and Dugong appraisal well

  • Neodrill’s CAN technology reduces environmental impact by up to 44% compared to conventional technologies for the top hole, saving 2-4 rig days per well

Stavanger, 14 December 2020Neodrill, known for its industry-leading CAN technology, has signed a frame agreement and announced its first two projects with Neptune Energy. Two CAN-ductors were installed in April on two of Neptune Energy’s exploration wells in the Norwegian North Sea. In August, Neptune Energy and its partners announced the commercial discovery of oil at the Dugong well (PL882) in the Norwegian sector of the North Sea, one of the largest discoveries in Norway this year. The first campaign in April was the first delivery of a two-well campaign by Neodrill. It included one CAN-ductor installed on the Dugong well and another exploration well in the area. The second campaign is scheduled for December and includes one CAN-ductor on the Tail well and another on the Appraisal well. The innovative, new strategy of installing two CANs in one mobilisation makes a compelling value case. The ability to use one installation vessel across both wells results in cost savings, efficiency gains and reduced emissions. The CAN technology has already been proven to reduce environmental impact by up to 44% on top hole activity, compared to conventional technologies. With one vessel being used for two wells, Neptune Energy’s overall emissions across the two campaigns will be substantially reduced. “Neptune was pleased with the first installation of CANs earlier this year and are happy to be able to use this technology again on our Dugong drilling operations commencing in January 2021. Using the CAN technology enables lower environmental impacts compared to the conventional drilling, which is of high importance for our company,” says Thor Andre Løvoll, Director of Drilling & Wells, Neptune Energy Norge. Løvoll explains that the environmental impacts are mainly lower due to the reduced rig time and need for casing materials. “We estimate a reduced rig time of 2-4 days per well, which also reduces the drilling cost for the Dugong Appraisal and Tail well,” adds Thor Andre Løvoll. Citing the CAN’s successful track record, and an increased focus by operators on proven green technologies, Neodrill’s Chief Executive Officer, Jostein Aleksandersen said: “We are seeing a real tipping point in the industry at the moment as the movement away from traditional technologies gains traction. Clients want to see a new, dynamic approach that removes any unneccessary risks and costs to projects. What this new project shows, is that the belief and confidence in our value case to deliver efficiencies, in terms of cost and environmental benefits, is real. “We look forward to continue working with Neptune Energy over the coming months on this second campaign.” -ENDS- ABOUT NEODRILL Founded in 2000, Neodrill has developed a smarter structural well foundation, an innovative new way to facilitate the installation of conductors in pre-rig stage using light vessels. Using its patented CAN® (Conductor Anchor Node) technology, Neodrill works with oil and gas companies across the world on fields of varying operational conditions. By protecting the wellhead, the technology delivers a range of commercial, operational, and environmental benefits for exploration and production wells. Based in Stavanger, Norway, the company offers CAN-based solutions, with further opportunities to ‘build’ upon the technology. It is owned by Petropartner, Equinor, and its employees. For more information please visit www.neodrill.com. For media enquiries please contact: Blair Grant, phone +47 479 76 667, or on email blair@project-neon.com

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