Lime Petroleum to acquire 4 million boe net contingent resources in Brasse Field
Published by Jack Roscoe,
Editorial Assistant
Oilfield Technology,
Lime Petroleum AS has entered into sale and purchase agreements with DNO Norge AS (‘DNO’) and OKEA ASA (‘OKEA’), to acquire 10.7212% and 6.2788% interests respectively in PL740 in the Norwegian North Sea, in which the Brasse Field is expected to start commercial production in 2027.
The Operator, OKEA, reports recoverable resources in Brasse to be 21 to 29 million boe (3.39 million m3 to 4.58 million m3) in the recently published environmental impact study for the field, of which 25 to 30% is gas. The Farm-in of a total 17% interest in PL740 will accordingly result in some 4 million boe of contingent resources net to Lime. The Farm-in is conditional on customary governmental approvals and Lime expects that completion will take place in end 2023, or early 2024.
The licence with the Brasse Field is operated by OKEA. OKEA and DNO currently hold 45.5576% and 50% in the licence respectively. M Vest Energy AS holds the remaining 4.4424% interest in the licence2.
The Brasse Field is located in shallow water on the Norwegian Continental Shelf just south of the Brage Field. Lime holds a 33.8434% interest in the Brage Field. According to the Norwegian petroleum directorate (NPD), Brasse was discovered in 2016, and appraised in 2016, 2017 and 2018, with a water depth of around 407 ft. The partnership has agreed on a fast-track development, as a subsea tie-back to the Brage platform some 13 km away. A plan for development and operation (PDO) is expected to be submitted to Norwegian authorities in early 2024. Production start-up is possible in early 2027.
Mr Lars Hübert, Chief Executive Officer of Lime, said, “The Farm-in is a further extension of Lime’s strategy to build value in the company by adding reserves and production, following our acquisitions of interests in the producing Brage and Yme fields in 2021 and 2022 respectively. Through our participation in the Brage Field, we know the area very well. The Brasse Field development will have significant positive synergies with Brage, likely allowing the extension of Brage Field’s lifespan, adding to our cash-flow stream in the long-term. We look forward to working closely with the Operator, OKEA, and the other partners in the field in the months and years to come.”
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/08112023/lime-petroleum-to-acquire-4-million-boe-net-contingent-resources-in-brasse-field/
You might also like
Amplus forms new partnership with VG Energy
The companies are working to bring together solutions to unlock lucrative marginal fields in West Africa.