OKEA and its partners have made the final investment decision (FID) for the Brasse oil and gas field development in the shallow waters of production licence 740 (PL740) in the northern North Sea, Norway.
Located 13km south of the Brage field, the Brasse development has an estimated 24 million barrels of oil equivalent gross in recoverable reserves. It will be developed as a two-well subsea tieback to the Brage field.
The Norwegian oil and gas field development will use the existing processing capacity on the Brage platform, where the initial production commenced in 1993.
OKEA operates PL740 with a stake of 39.3%. Other partners are DNO Norge, Lime Petroleum, and M Vest Energy with 39.3%, 17%, and 4.4% interests, respectively.
The Brage unit partnership includes OKEA as operator (35.2%), Lime Petroleum (33.84%), DNO Norge (14.25%), Petrolia Noco (12.25%), and M Vest Energy (4.44%).
OKEA intends to submit the plan for development and operation (PDO) this month. Following the approval of the PDO, the Brasse development will be renamed to Bestla.
The Norwegian oil and gas field development is anticipated to start operations during the first half of 2027, with operation expected to extend until 2031. It will also hold the potential for extension.
OKEA projects and technology senior vice president Knut Gjertsen said: “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.”
OKEA has also awarded contracts pertaining to the offshore development to Aker Solutions, Subsea7, and OneSubsea.
Under its contract, Aker Solutions will provide engineering, procurement, construction, installation, and commissioning services for the Brage field. This involves preparing the platform`s topside to receive oil and gas from the Brasse field.
Subsea7 and OneSubsea have been awarded contract for the subsea scope of the Brasse development. Rig and drilling services contracts for the Norwegian field development will be awarded in Q2 2024.
