Lime Petroleum to acquire Yme field interest from KUFPEC

Lime Petroleum AS has agreed to acquire KUFPEC Norway AS’s 10% interest in Repsol Norge AS-operated Yme field on the Norwegian North Sea for post-tax consideration of $68.053 million.

Yme field, in PL 316 and PL316B on the Norwegian Continental Shelf, lies 130 km northeast of Ula field in water depth of 100 m. It comprises two main structures, Gamma and Beta, which are 12 km apart. The reservoirs are in sandstone of Middle Jurassic age in the Sandnes formation, at a depth of 3,150 m.

Yme was discovered in 1987, and production started in 1996. In 2001, production ceased as its operation was no longer regarded as profitable. According to the Norwegian Petroleum Directorate, remaining recoverable reserves in Yme field stand at 9.70 million std cu m of oil equivalent. The field has been redeveloped and production restarted in October 2021 (OGJ Online, Oct. 25, 2021). At plateau, the field is expected to produce around 56,000 boe/d.