Final investment decision made for Brasse

Source: 4/8/2024, Location: Europe

OKEA ASA, in collaboration with its partners, announces that final investment decision (FID) has been made for the Brasse development. The field is estimated to contain 24 million barrels of oil equivalent gross in recoverable reserves and will be developed as a tie-back to the Brage field.

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The Brasse development (PL740) is located in the northern North Sea, 13 kilometers south of the Brage field (Brage Unit). Transactions amongst the partners have resulted in an ownership structure with substantial overlap with the Brage Unit. OKEA will continue as operator for both licenses.

The development plan for Brasse consists of a two-well subsea tie-back to the Brage platform, which will serve as the host facility for production, processing, and export. Use of standard solutions, well-proven technology, and close cooperation with strategic partners will ensure an efficient and cost-effective development.

“Brasse is an important addition to our portfolio and represents a significant value creation opportunity for OKEA and our partners. As a tie-back to Brage, both licences will benefit from synergies and economies of scale” said Knut Gjertsen, SVP Projects and Technology at OKEA.

The Brasse development showcases OKEA’s strategy to create additional value in areas close to existing infrastructure by identifying cost-effective solutions that enable extraction of further volumes from the area.

The plan for development and operation (PDO) will be submitted during April and Brasse will be renamed Bestla upon approval of the PDO. The field is expected to come on stream during the first half of 2027 and is anticipated to operate until 2031 with potential for extension. Plateau production is estimated at around 10 kboepd OKEA share (26 kboepd gross) and is expected within the first year of production.

OKEA has awarded a contract to Aker Solutions for the topside scope and a contract to Subsea7 and OneSubsea for the subsea scope. Contracts for rig and drilling services will be awarded in the second quarter of 2024.

The PL740 partnership consists of 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 consists of 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%).

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