Lime Petroleum concludes purchase of Yme field interest from KUFPEC

Lime Petroleum AS has acquired Kuwait Foreign Petroleum Exploration Co. (KUFPEC) KSC Norway AS’s 10% interest in Repsol Norge AS-operated Yme field in the Norwegian North Sea.

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. According to the Norwegian Petroleum Directorate, remaining recoverable reserves in Yme field are 9.70 million std cu m of oil equivalent. (OGJ Online Aug. 11, 2022).

The acquisition was completed with an initial payment of $55 million on Dec. 23, 2022. Deferred payment of the balance, including the settlement costs, will be paid no later than 30 working days after the completion date.

Lime’s interest in Yme field is effective from Jan. 1, 2022. Repsol is operator (55%) with partners LOTOS Exploration and Production Norge AS (20%), OKEA ASA (15%), and Lime (10%).