Neptune Provides 2020 Production Update

Source: www.gulfoilandgas.com 10/27/2020, Location: Europe

Neptune Energy announced that following a fire at the Hammerfest LNG plant in Norway on 28 September, Equinor, the operator of the plant, informed its joint venture partners on 26 October that the LNG facility will be closed for up to 12 months for repairs.

Neptune has a 12% interest in the Hammerfest LNG plant at Melkoya, which processes gas produced from the Snohvit, Albatross and Askeladd fields.

While inspection work is ongoing, Equinor has advised that it may take until 1 October 2021 to restart production. During the shutdown further maintenance and repair work planned for 2021 will be carried out.

Neptune’s losses of revenue will be recovered through business interruption insurance, claims for which are effective 60 days after the incident. Further insurance claims will be submitted for our share of repair costs.

As a result of this shutdown, Neptune now anticipates full year 2020 Group production will average 140-145 kboepd. Although 2021 revenues will be protected through business interruption insurance, production guidance for the year is currently under review, with losses from the outage at Hammerfest LNG plant expected to be partly offset with new projects coming online in Norway and Indonesia. Further updates will be provided at our Q3 financial results on 18 November 2020.


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