Lime Petroleum AS has agreed to acquire interest in OKEA ASA-operated Brasse field in production license (PL) 740 on the Norwegian Continental Shelf 13 km south of Brage field in 407 ft of water.
Lime will acquire 10.7212% from DNO Norge AS and 6.2788% from OKEA ASA.
Brasse development will be fast tracked as a subsea tie-back to the Brage platform (OGJ Online, Aug. 9, 2023). 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.
Recoverable resources in Brasse are 21-29 MMboe, of which 25-30% is gas. Farm-in of PL 740 will add 4 MMboe of contingent resources net to Lime.
OKEA is operator at Brasse. After farm-in, expected to close by end-20323 or early 2024 subject to governmental approvals, OKEA and DNO will hold 39.2788% each, Lime will hold 17%, and M Vest Energy AS will hold the remaining 4.4424%.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
