Lime Petroleum AS, a 91.65%-owned subsidiary of Rex International, has reached a key milestone in its operations by making the Final Investment Decision (FID) for the development of the Brasse Field. This significant project, located in the northern North Sea, is estimated to contain 24 million barrels of oil equivalent (gross) in recoverable reserves.
The Brasse Field, situated just 13 kilometres south of the Brage Field, will be developed as a subsea tie-back to the Brage platform. Lime holds a 17% stake in PL740, which includes Brasse, and a 34.8434% interest in Brage. The Brage platform will serve as the central hub for production, processing, and export for Brasse. The development plan includes the drilling of two wells, using proven technology and benefiting from close collaboration with partners to ensure an efficient and cost-effective project.
The Plan for Development and Operation (PDO) is set to be submitted by April 2024, and once approved, Brasse will be renamed Bestla. Production is expected to start in early 2027, with an anticipated operational period until 2031, and the possibility of extension. Plateau production is estimated at 26,000 barrels of oil equivalent per day (boepd) gross, with about 4,420 boepd net to Lime, likely within the first year of production.
Lars Hübert, Chief Executive Officer of Lime Petroleum, highlighted the significance of the project: "The Brasse development marks a major milestone for Lime as our first development project. Its strategic fit with Brage provides us with synergies and economies of scale while potentially extending the lifespan of the Brage Field. We’re excited to work alongside OKEA ASA, the operator, and our other partners to make this development a success."
The PL740 partnership includes OKEA ASA (operator, 39.2788%), DNO Norge AS (39.2788%), Lime Petroleum AS (17%), and M Vest Energy AS (4.4424%). The Brage Unit partnership features OKEA ASA (operator, 35.2%), Lime Petroleum AS (33.8434%), DNO Norge AS (14.2567%), Petrolia Noco AS (12.2575%), and M Vest Energy AS (4.4424%).
Lime’s involvement in PL740 began in late 2023, while its stake in the Brage Field was acquired in 2021, further solidifying its position in the North Sea energy sector.