North Sea operator unveils $571 million investment in oil & gas self-discipline

Norwegian oil and gas company OKEA has handed over a thought for the reach and operation (PDO) of an oil and gas self-discipline in the North Sea off the flee of Norway, that will be tied attend to an unusual platform. This comes no longer up to a month after a final investment choice (FID) became once made for the venture.

After signing a sale and aquire agreement (SPA) in December 2022 with DNO Norge to enter into the Brasse license (PL740) in the North Sea, OKEA carried out the acquisition in August 2023 and took over the operatorship of the license. In the indicate time, the PL740 partnership contains OKEA (operator 39.2788%), DNO Norge (39.2788%), Lime Petroleum (17%), and M Vest Vitality (4.4424%). The FID for the Brasse venture, to be renamed Bestla upon approval of the PDO, became once taken in April 2024.

Per Rex World’s Lime Petroleum, a ceremony to officially post the PDO to Norway’s Ministry of Vitality became once held on Tuesday, April 30. This PDO envisages a NOK 6.3 billion (about $571 million) investment for the Bestla self-discipline, which is estimated to possess 24 million barrels of oil same nasty in recoverable reserves. This venture will seemingly be developed as a tie-attend to the Brage platform on the OKEA-operated Brage self-discipline.

Lars B. Hübert, Chief Executive Officer of Lime, commented: “We are jubilant to be in the partnership that has proposed a commercially viable trend of the Bestla self-discipline, with a venture breakeven at around US$40 per barrel. Besides synergies and economies of scale, the tie-attend of Bestla to Brage will indicate the extension of Brage self-discipline’s lifespan and possible unlocking of additional sources in Brage.”

The improvement thought for Bestla, located in the northern North Sea, 13 kilometers south of the Brage self-discipline, contains a two-well subsea tie-attend to the Brage platform, that can wait on because the host facility for production, processing, and export. The self-discipline is anticipated to come on trot all over the first half of of 2027 and operate till 2031, with the aptitude for extension.

Moreover, the plateau production is estimated at around 26,000 barrels of oil same per day (boepd) nasty and is expected all by contrivance of the first year of production. The name Bestla, which originates from Norse mythology, is the name of Odin’s mother. The Brage unit partnership contains OKEA (operator 35.2%), Lime Petroleum (33.8434%), DNO Norge (14.2567%), Petrolia Noco (12.2575%), and M Vest Vitality (4.4424%).