Norway drilling pays off
Neptune targets four projects under Norway’s enhanced tax regime
The London-headquartered producer hopes to fast-track FIDs to hit the 2022 deadline for relief
Neptune Energy plans to take FID on its Norwegian Dugong oil discovery in 2022 in order to file a plan for development and operation (PDO) ahead of the expiry of temporary changes in the Norwegian tax regime at the end of next year. But Dugong is just one of four discoveries at which the firm is evaluating accelerated development to try to benefit before the loophole closes. In mid-2020, the Norwegian parliament approved changes to the country’s petroleum tax regime providing accelerated recovery for investments and tax refunds for 2020 and 2021 spending. But the legislation also applies to new projects submitted for PDO before the end of 2022. Neptune is looking to see if its Echi
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