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    OKEA reviewing options for North Sea Vette oil project

    Dec. 18, 2020
    OKEA has signed an agreement to acquire Repsol Norge’s 40% operated interest in PL 972 in the southeastern Norwegian North Sea, which includes the Vette, Mackerel, and Brisling discoveries.
    (Courtesy OKEA)
    Vette Okea 5fdcd6972ea22

    Offshore staff

    TRONDHEIM, Norway – OKEA has signed an agreement to acquire Repsol Norge’s 40% operated interest in PL 972 in the southeastern Norwegian North Sea, which includes the Vette, Mackerel, and Brisling discoveries.

    Vette is in block 17/12 in a water depth of around 110 m (361 ft), with estimated recoverable volumes in the range 30-50 MMboe. Previous operator Premier Oil had considered use of an FPSO to produce oil from Vette and Mackerel.

    The other partners are ONE-Dyas Norge and M Vest Energy.

    OKEA said it would pursue a cost-efficient development of Vette with a concept suited to small discoveries. Over the past few years the company has been working on concepts for Grevling, a field of similar size, and may consider a coordinated serial development to achieve a breakeven cost for both fields.

    OKEA CEO Erik Haugane said: “Through this transaction, we continue to increase and diversify our portfolio with the key ambition to develop sub-100 MMboe fields on the Norwegian continental shelf.”

    12/18/2020