Lime Petroleum farms into Brasse field

Nov. 7, 2023
Lime Petroleum agreed to acquire interest in Brasse field on the Norwegian Continental Shelf.

Lime Petroleum AS has agreed to acquire interest in OKEA ASA-operated Brasse field in production license (PL) 740 on the Norwegian Continental Shelf 13 km south of Brage field in 407 ft of water.

Lime will acquire 10.7212% from DNO Norge AS and 6.2788% from OKEA ASA. 

Brasse development will be fast tracked as a subsea tie-back to the Brage platform (OGJ Online, Aug. 9, 2023). A plan for development and operation (PDO) is expected to be submitted to Norwegian authorities in early 2024. Production start-up is possible in early 2027.

Recoverable resources in Brasse are 21-29 MMboe, of which 25-30% is gas. Farm-in of PL 740 will add 4 MMboe of contingent resources net to Lime.

OKEA is operator at Brasse. After farm-in, expected to close by end-20323 or early 2024 subject to governmental approvals, OKEA and DNO will hold 39.2788% each, Lime will hold 17%, and M Vest Energy AS will hold the remaining 4.4424%.