Offshore staff
SINGAPORE – Lime Petroleum has agreed to acquire MOL Norge’s 40% operated share of two licenses in the Norwegian North Sea.
PL820 S and PL820 SB, containing the Iving and Evra discoveries, are on the Utsira High area, close to the Vår Energy-operated Balder field, and north of PL818 Orkja and PL867 Gjegnalunden, in which Lime has 30% and 20% stakes.
Lime will seek to assume operatorship of MOL’s two licenses, subject to regulatory approval. The company has experience in the area from the exploration and appraisal drilling of the Lundin-operated Rolvsnes discovery.
Iving and Evra, discovered in 2019 and appraised in 2021, contain an estimated 11.45 MMboe recoverable. However, Lime’s analysis, which includes the use of the Rex Virtual Drilling seismic technology, indicates upside potential.
The permits are adjacent to existing infrastructure that is undergoing life extension upgrades, and tie-ins would accord with Norwegian petroleum policy which encourages regional co-ordinated developments, Lime said.
However, should the company prove larger volumes, a standalone field development based on conventional oil field technology could be an option.
The company aims to mature Iving and Evra and other prospects in the licenses, with a view to further drilling in the next 18-24 months.
04.18.2022
