Over the next five years, Neptune Energy plans to spend over $1 billion on securing UK energy supplies and accelerating the transition to net zero.
Around 11% of the UK’s gas supply is provided by Neptune from fields in the Norwegian and the Southern North Seas. In addition, it is one of the lowest carbon producers in the UK, with carbon intensity of 1.7 kg CO2/boe, compared with 20 kg CO2/boe for the industry as a whole.
Neptune will also increase investment in UK energy supplies following the publication of the government’s British Energy Security Strategy.
Neptune plans to invest in UK Energy Supplies on 3 levels, as it going to support energy security in the short-term, investing in energy supply in the mid-term, and delivering long-term development options.
Pete Jones, CEO of Neptune Energy, said: “Securing lower carbon energy supplies is a national priority for the UK and Neptune has an important role to play. The Government’s Energy Security Strategy gives clarity on the key role of the North Sea in providing this security and its importance in the energy transition.
For the last three years, Neptune has spent more than $500 million on securing energy supplies for the UK – equivalent to $3 for every $1 it has earned in Britain. It has also spent more than $500 million on new projects around its Gjøa hub in Norway, which exports gas to the UK via the St. Fergus gas terminal. Each year, it contributes more than $1.8 billion to the UK’s GDP and supports an average of 3,270 jobs.