Lime Petroleum AS, a 91.65%-owned subsidiary of Rex International, along with its partners in licence PL740, has officially submitted a NOK6.3 billion (approximately US$571 million) Plan for Development and Operation (PDO) for the Bestla Field to the Norwegian Ministry of Energy. This marks a major milestone in the development of the field, which is estimated to contain 24 million barrels of oil equivalent (gross) in recoverable reserves.
Located in the northern North Sea, 13 kilometres south of the Brage Field, the Bestla Field (previously known as Brasse) is set to be developed as a subsea tie-back to the Brage platform. Lime holds a 17% interest in PL740 and a 34.8434% stake in the Brage Field, which will host production, processing, and export for Bestla.
The development plan for Bestla involves drilling two wells connected to the Brage platform, leveraging proven technology and close collaboration with strategic partners. This approach is expected to ensure a cost-effective and efficient development, with first production anticipated in early 2027. Once on-stream, plateau production is estimated at 26,000 barrels of oil equivalent per day (boepd) gross, with around 4,420 boepd net to Lime.
Lars Hübert, CEO of Lime Petroleum, expressed optimism about the project, saying, "This development is a commercially viable and strategic move for us, with a breakeven price of around US$40 per barrel. The tie-back to Brage not only enhances synergies and economies of scale but also extends the lifespan of the Brage Field, potentially unlocking additional resources in the area."
The partnership for the Bestla Field consists of OKEA ASA (operator, 39.2788%), DNO Norge AS (39.2788%), Lime Petroleum (17%), and M Vest Energy (4.4424%). The Brage Unit partnership includes OKEA ASA (operator, 35.2%), Lime Petroleum (33.8434%), DNO Norge AS (14.2567%), Petrolia Noco AS (12.2575%), and M Vest Energy (4.4424%).
Lime Petroleum's involvement in PL740 began in late 2023, and the company acquired its interest in the Brage Field in 2021. This project signals a strategic expansion for Lime in the North Sea, further strengthening its position in the region.