Fossil Energy – Brasse Field
Lime Petroleum is acquiring a 17 percent stake in PL740 in the Brasse Field, Norwegian North Sea, from DNO Norge and OKEA.
Lime entered into sale and purchase agreements to acquire 10.7212 percent interest from DNO Norge and 6.2788 percent interest from OKEA in PL 740. The Brasse Field is expected to start commercial production in 2027, Lime said in a news release Tuesday.
OKEA has reported recoverable resources in Brasse to be 21 million to 29 million barrels of oil equivalent (MMboe), in a recently published environmental impact study for the field, of which 25 to 30 percent is gas, according to the release.
Lime estimates that the farm-in of the 17 percent interest in PL740 will result in around four MMboe of contingent resources net to the company. The transaction is conditional on customary governmental approvals and Lime expects that completion will take place at the end of 2023 or in early 2024, Lime noted.
First production could follow early in 2027.Brasse, in 407 ft of water, was discovered and appraised between 2016 and 2018. The partners plan a 13-km subsea tieback to the OKEA-operated Brage platform, and they expect to submit a plan for development and operation to the Norwegian authorities in early 2024.
First production could follow early in 2027.
