(Bergen, 9 August 2023) M Vest Energy AS (MVE) today announced the acquisition of a 4.4424% working interest (WI) in PL740, the Brasse license, from OKEA. Prior to the transaction, OKEA held a 50% WI in Brasse, with DNO holding the remaining 50%. The SPA is subject to customary government approvals.
The partners in the Brasse license have agreed on a fast-track development concept for the oil and gas discovery in the license, paving the way for detailed design studies to link up with the Brage field located 13 kilometres north of the Brasse field. A final investment decision is expected in early 2024.
The partners in the Brasse license have now decided to continue to mature a tieback to the Brage platform, which is located 13 kilometres north of the Brasse field. The main commercial terms for the tie-in have been agreed with the Brage license. To reduce cost and maximize the synergies with Brage, where OKEA is operator with 35.2% WI, it has been agreed that the operatorship of Brasse will be transferred to OKEA from 1 September.
It is estimated that the Brasse field contains 30 mmboe, of which two-thirds is oil and the rest gas and NGL.
“As a partner in the Brage field our objective is to maximise the value creation from the field and its facilities, and to unlock its full potential. In addition to providing new profitable barrels from the Brasse field, the acquisition is expected to contribute to extending the Brage field’s remaining lifetime,” says MVE COO, Susanne Møgster Sperrevik.