European oil exploration and production company Neptune Energy has announced the discovery of oil at the Dugong well in the Norwegian part of the North Sea.

The well is located in the production licence 882.

It is 158km west of Florø in Norway and located in a water depth of 330m and close to the Snorre field production facilities. The prospect comprises two reservoirs lying at a subsurface depth of 3,250m to 3,500m.

Neptune Energy operates and owns 40% in Dugong. Other partners include Concedo (20%), Petrolia NOCO (20%), and Idemitsu Petroleum (20%).

The Dugong well is estimated to contain between 40 million barrels of oil equivalent (mboe) and 120mboe.

Neptune Energy claims that the latest discovery is the largest find offshore Norway so far this year.

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By GlobalData

According to the company, drilling of the wells 34/4-15 S and down-dip side track 34/4-15 A proved oil in the Viking and Brent Groups.

Neptune Energy Norway managing director Odin Estensen said: “This is a significant discovery and strategically important for Neptune Energy in this region.

“It underlines our commitment to continue investing in activities in the Norwegian sector which is an integral part of our geographically-diverse portfolio.

“Dugong may also open up additional opportunities in the surrounding licences, with the potential for a new core area for Neptune in Norway.”

Dugong has been drilled by CIMC-owned new Deepsea Yantai semi-submersible rig, which is operated by Odfjell Drilling.

Last month, Neptune Energy discovered hydrocarbons at the Dugong well.

In June this year, Neptune Energy announced plans to cut 400 jobs across nine countries to improve cash flow amid low oil prices. These redundancies represent nearly 21% of the company’s staff.