Lime Petroleum has agreed to acquire OKEA’s 15% stake in the producing, Repsol-operated Yme field in the southeastern Norwegian North Sea.
In addition, Lime will assume all related decommissioning cost liabilities.
Assuming regulatory and partner approvals, the transaction should close around year-end 2024, with Lime increasing its share in Yme from 10% at present to 25%.
The field, in 100 m water depth, comprises the Gamma and Beta structures, which are 12 km apart. The reservoirs are in Mid-Jurassic sandstone in the Sandnes formation, at a depth of 3,150 m.
Following discovery in 1987, Yme produced initially for five years between 1996 and 2001.
It was redeveloped using a converted jackup and put back into production in 2021. Lime came onboard the following year through acquiring a 10% share in the field from KUFPEC Norway.
At present, production is in the range of 20,000-25,000 boe/d, following newly completed development wells. An independent qualified persons report by AGR Energy Services this March assessed remaining 2P reserves at 39.47 MMbbl, as of Dec. 31, 2023.
OKEA CEO Svein J. Liknes said, “We have decided to exit a non-core area with a relatively small holding.”
