Lime Petroleum AS (LPA), a subsidiary of Rex International Holding, has uncovered a significant amount of recoverable oil during the drilling of a production well in the Brage Field, located in the northern North Sea. The discovery, made by field operator OKEA ASA, is estimated to hold between 0.2 and 0.5 million standard cubic metres (Sm³) of recoverable oil—equivalent to 1.25 to 3.1 million barrels.
With LPA holding a 33.84% interest in the Brage Field, the find will add an estimated 0.4 to 1 million barrels of oil reserves to the company’s portfolio, representing a notable boost in the field’s overall output. The Brage Field has been a key production site since 1993, and this latest discovery highlights its continued potential.
The Brage Field was first discovered in 1980, with oil reserves found in the Statfjord and Brent Group, as well as the Fensfjord and Sognefjord formations. Developed using an integrated production platform with drilling and living quarters, the field has been a vital part of the region’s oil production infrastructure for decades. Oil extracted from the field is transported via pipeline to the Oseberg field and subsequently through the Oseberg Transport System (OTS) pipeline to the Sture terminal, while gas is directed into the Statpipe system.
In March 2023, AGR Energy Services AS estimated 2P reserves (proved and probable) for the Brage Field at 10.81 million barrels of oil equivalent (MMboe), with LPA’s share being 3.66 million MMboe. This latest discovery adds further value to LPA’s stake in the field and enhances its prospects for continued production.
The discovery underscores the importance of the Brage Field to Lime Petroleum’s operations, as well as Rex International’s broader portfolio in the North Sea.