Lime Petroleum AS (Lime), a subsidiary of Rex International Holding, has made significant progress in its operations on the Norwegian Continental Shelf. Scroll on for an overview of recent developments.
New Licence: Sognefjord East Extension with Brage Tie-Back
Following the 2023 Kim discovery within the Brage Field, where Lime holds a 33.8434% interest, the partnership has been assessing the potential for extending the reservoir to the east. This includes the neighbouring EXL004 Luna Carbon Capture & Storage (CCS) licence area.
After detailed discussions with Luna licence stakeholders and Norwegian authorities, the Brage partnership submitted an application for a production licence for this eastern extension. On 15 November 2024, the PL055FS licence was approved, enabling exploration and potential development of the Sognefjord East area while co-existing with the Luna CCS licence.
The Brage Unit partnership includes:
OKEA ASA (operator) – 35.2%
Lime Petroleum – 33.8434%
DNO Norge AS – 14.2567%
Petrolia Noco AS – 12.2575%
M Vest Energy AS – 4.4424%
Development Approved for Bestla Field
The Plan for Development and Operation (PDO) for the PL740 Bestla Field was approved by the Norwegian Ministry of Energy on 19 November 2024. Lime holds a 17% interest in this project, which will be developed as a tie-back to the Brage Field. First oil is expected in early 2027, leveraging existing infrastructure to streamline development and minimise environmental impact.
The PL740 partnership includes:
OKEA ASA (operator) – 39.2788%
DNO Norge AS – 39.2788%
Lime Petroleum – 17%
M Vest Energy AS – 4.4424%
Acquisition of 15% Interest in Yme Field Completed
Lime has completed its acquisition of a 15% interest in the producing Yme Field from OKEA ASA for a post-tax consideration of US$15.65 million. The transaction was finalised on 29 November 2024 after receiving approval from the relevant Norwegian authorities. All associated obligations, including decommissioning costs, have been transferred to Lime.
As part of the agreement, a US$9.2 million post-tax payment due in 2027 will be repaid to Lime in four equal instalments as specific field abandonment milestones are achieved. Following this acquisition, Lime’s total interest in the Yme Field has increased to 25%, effective retroactively from 1 January 2024.
Mr Lars B. Hübert, Chief Executive Officer of Lime, said, “We are pleased that our strategy to build up reserves and resources on the Norwegian Continental Shelf is moving at a good clip. Both the Kim and Sognefjord East targets and the Bestla tie-back to the existing infrastructure in Brage are good examples of our near-field and in-field exploration and development strategy which will minimise additional construction costs and in turn, reduce emissions, while fast-tracking production and extending Brage Field’s lifespan. These new developments, together with our increased interest in Yme, will add to our reserves and resources in the years to come.”