Lime Petroleum AS (“Lime”) is pleased to announce that the licence partners in PL740, in which Lime has a 17 per cent interest, have made a Final Investment Decision (FID) for the Brasse Field development. The field, estimated to contain 24 million barrels of oil equivalent gross in recoverable reserves1, will be developed as a tie-back to the Brage Field, in which Lime has a 34.8434 per cent interest.
The PL740 Brasse development is located in the northern North Sea, 13 kilometres south of the Brage Field. OKEA ASA is the operator for both the Brasse and Brage Fields. The development plan for Brasse consists of a two-well subsea tie-back to the Brage platform, which will serve as the host facility for production, processing, and export. Use of standard solutions, well-proven technology, and close cooperation with strategic partners will ensure an efficient and cost-effective development.
The plan for development and operation (PDO) will be submitted during April 2024 and Brasse will be renamed Bestla upon approval of the PDO. The field is expected to come on-stream during the first half of 2027 and is anticipated to operate until 2031 with potential for extension. Plateau production is estimated at around 26,000 boepd gross, or about 4,420 boepd net to Lime, and is expected within the first year of production.
Mr Lars B. Hübert, Chief Executive Officer of Lime, said, “The Brasse development is a significant milestone for Lime as it is the first development project that we will participate in. The Brasse development is synergistic with Brage and strategic for us in terms of economies of scale and potential extension of Brage Field’s lifespan. We look forward to working closely with the operator, OKEA, and our other partners on making the Brasse development a success.”
The PL740 partnership consists of OKEA ASA (operator 39.2788%), DNO Norge AS (39.2788%), Lime Petroleum AS (17%), and M Vest Energy AS (4.4424%).
The Brage Unit partnership consists of OKEA ASA (operator 35.2%), Lime Petroleum AS (33.8434%), DNO Norge AS (14.2567%), Petrolia Noco AS (12.2575%), and M Vest Energy AS (4.4424%).
Lime farmed in for a 17 per cent interest in PL740 with the Brasse development in late 2023; and acquired a 34.8434 per cent interest in the Brage Field in 2021.
1 OKEA ASA press release, “Final investment decision made for Brasse”, 8 April 2024
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