OKEA and its partner in the Brage field in the Norwegian North Sea have secured a new production license following an out-of-round application.
It follows their Kim discovery last year within Brage and evaluation of the surrounding Sognefjord East area for a potential extension of the reservoir to the east into the adjacent EXL004 Carbon Capture & Storage (CCS) Luna license.
Official approval of the new PL055FS license, obtained on November 15, allows for exploration and a potential development of the Sognefjord East area.
According to partner Lime Petroleum, the Norwegian Ministry of Energy has also approved the Plan for Development & Operation (PDO) of the Bestla field as a tie-back to the Brage platform, with first oil planned in early 2027.
In the eastern part of the North Seam, Lime has completed its acquisition from OKEA of a 15% interest in the producing Yme field for a post-tax consideration of $15.65 million, following approval from the authorities.
The transaction will lift Lime’s stake in the Repsol-operated field to 25%.
