Final investment decision for the Brasse development

M Vest Energy AS is pleased to inform that a final investment decision (FID) has been made for the Brasse development. The field is estimated to contain 24 million barrels of oil equivalents in recoverable reserves and will be developed as a tie-back to the Brage field.

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 to the Brage Unit. OKEA is the operator of both licenses.

The development plan for Brasse consists of a 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.

The plan for development and operation (PDO) is planned for submission during April. Brasse will be renamed Bestla upon approval of the PDO and is expected to come on stream during first half of 2027. Platou production is estimated at around 26,000 boepd gross and is expected within the first year of production.

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%).