In its report on the environmental impact study for the field dated Oct 20, OKEA, the operator, says it expects recoverable resources in Brasse to be 21 to 29 million barrels of oil equivalent (mmboe) or 3.39 million cubic metres to 4.58 million cubic metres.
Rex International’s 91.65% subsidiary, Lime Petroleum, has entered into sale and purchase agreements (SPAs) with DNO Norge AS (DNO) and OKEA ASA (OKEA) to acquire 10.72% and 6.28% stakes in production licence (PL) 740 in the Norwegian North Sea, where the Brasse Field is at. OKEA and DNO currently hold a respective 45.6% and 50% in the licence while M Vest Energy AS holds the remaining 4.4% stake in the licence.
The final investment decision for the Brasse Field, which is located in shallow water on the Norwegian continental shelf just south of the Brage Field, is expected to take place in the 1Q2024. The Brasse Field is expected to start commercial production in 2027.
