Norway's OKEA submits $570 mln Bestla oil and gas development plan

Okea ASA

30/04/2024 09:08

OSLO, April 30 (Reuters) - Norwegian oil and gas firm
OKEA  OKEA.OL  submitted on Tuesday a 6.3 billion Norwegian
crowns ($571 million) plan to develop its Bestla oil and gas
discovery in the North Sea, the country's energy ministry told a
press conference.
    The discovery, formerly called Brasse, is estimated to hold
24 million barrels of oil equivalent in recoverable reserves,
which will be produced with a subsea installation connected to
the Brage field platform.
    Production is expected to start in the first half of 2027.
    Norway, Western Europe's largest oil and gas producer, wants
oil firms to continue developing new petroleum resources on its
continental shelf, which critics say contradicts its
international pledge to cut carbon dioxide emissions.
    "The world needs oil and gas for many years to come and
therefore it is important that the companies continue to develop
new projects and contribute to laying the foundations for
long-term petroleum activity on the shelf, Norway's Minister of
Energy Terje Aasland said.
    Bestla will extend the commercial viability of the Brage
facilities, allowing to get out more oil and gas from Brage,
which has been in production since 1993, OKEA's partner DNO
 DNO.OL  said on April 8.
    DNO and OKEA each hold a 39.28% stake in Bestla. Other
partners are Lime Petroleum with 17% and M Vest Energy with
4.42%.    
($1 = 11.0256 Norwegian crowns)

 (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)
 ((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters
Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))