March 28, 2019 / 11:31 AM / 5 months ago

Neptune, BP, Japex seal investment for UK Seagull oil, gas field

LONDON (Reuters) - Private equity-backed Neptune Energy said on Thursday it had agreed with partners BP and Japex a final investment decision for the Seagull oil and gas field in the British North Sea.

“Seagull is expected to initially produce around 50,000 barrels of oil equivalent (boe) per day (80 percent oil) across its 10-year design life. Proved plus probable gross reserves are estimated at 50 million boe,” Neptune said.

First production is expected by late 2021. Neptune operates Seagull and owns 35 percent, BP 50 percent and Japex the rest if the project.

Reporting by Shadia Nasralla; Editing by Mark Potter

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