OKEA ASA announced that it has signed a Sales and Purchase Agreement (SPA) with Repsol Norge for the acquisition of Repsol’s 40% operated working interest in PL 972, which includes the Vette oil discovery, with effective date 1 January 2021.
The Vette discovery (Block 17/12) is located at a water depth of about 110 metres in the south-eastern part of the North Sea. OKEA estimates that the recoverable volumes are in the range of 30-50 mmboe. ONE-Dyas Norge AS and M Vest Energy AS each hold a 30% working interest in the licence which also includes the Mackerel and Brisling discoveries.
OKEA will pursue a cost-efficient development of Vette with a concept applicable for production from small discoveries. OKEA has been working with the Grevling field development plan during the last years. Vette has a similar size as Grevling, and the two fields may jointly constitute a coordinated serial development enabling a satisfactory breakeven cost for both fields.
The transaction is subject to approval from both the licence partners and the Ministry of Petroleum and Energy.