Petrolia Noco has signed an agreement with Vår Energi ASA to acquire Vår Energi’s 12.2575% participating interest in the Brage field offshore Norway with an effective date of January 1, 2023.
Net production (12.2575% WI) from the Brage field in the first half of 2023 was 1.0 kboed and the remaining net reserves at year-end 2022 were 1.9 mmboe.
The transaction is subject to normal regulatory approval and is expected to be completed in Q4 2023, marking Var Energi's exit from Brage.
Financial details were not disclosed.
Brage is a producing oil field located in the North Sea, 125 kilometers west of Bergen. The water depth is 137 meters. Brage was discovered in 1980, and the plan for development and operation (PDO) was approved in 1990. The production started in 1993.
Brage has been developed as a fixed integrated production, drilling and accommodation facility with a steel jacket.
The field is operated by OKEA. Other partners, apart from Vår Energi, are Lime Petroleum, DNO Norge, and M Vest Energy AS.