Rex International Holding subsidiary Lime Petroleum AS (LPA) has been offered a 33.8434% participating interest in a new offshore licence as part of Norway’s 2024 Awards in Predefined Areas (APA 2024) round.
The new licence, PL 1252, is located in the North Sea, just west of the producing Brage Field, where LPA also holds a 33.8434 per cent interest. The licence will be operated by OKEA, which holds a 35.2 per cent stake, with Petrolia NOCO as the third partner holding 30.9566 per cent. PL 1252 has an initial two-year exploration period, culminating in a Drill-or-Drop decision in 2027. The formal award of the licence is expected to be finalised in February or March 2025.
Mr Lars Hübert, Chief Executive Officer of LPA, commented: “We are very pleased to be offered this licence in the Brage area. We see significant potential in the area and look forward to working with our partners to mature the prospects towards the licence decision in 2027.”
According to the Norwegian Petroleum Directorate’s press release dated 14 January 2025, a total of 20 companies have been offered participation in one or more of the 53 new production licences on the Norwegian continental shelf as part of the APA 2024 licensing round. Of the licences awarded, 33 are located in the North Sea, 19 in the Norwegian Sea, and one in the Barents Sea.
This latest development highlights the Rex Group’s continued growth and focus on expanding its footprint in Norway's prolific offshore oil and gas regions.