Oil and gas company Lime Petroleum received approval from the Norwegian authorities to acquire Repsol’s 33.8434 stake in the Brage field in the North Sea, offshore Norway.
"With this approval, the acquisition is expected to be completed by December 31, 2021," said Rex International, Lime's parent company, earlier this week.
The deal for Lime Petroleum to buy from Repsol stakes the Brage field and five nearby licenses for $42.6 million was announced in June 2021.
Lars Hübert, Chief Executive Officer of Lime, said, “We are delighted to have the consent of the Norwegian Government for the transaction with Repsol Norge AS on the Brage Field. Adding Brage to the Lime portfolio alongside the ongoing development projects and exploration concessions is a large step in transforming Lime to a full cycle exploration and production (E&P) company.
"Lime has spent the interim period building up the organization necessary to take on the responsibility of having this stake in a producing field and is looking forward to working closely with the Operator, Wintershall Dea Norge AS, and the other partners on the field.”
Brage is Wintershall Dea’s first operated manned platform in Norway. Located in the northern North Sea, 125 kilometers west of Bergen, it is one of the oldest producing platforms in Norway.
First discovered in 1980, the field came into production in 1993 and has been in operation ever since. When Wintershall Dea (then Wintershall) took over operatorship from Statoil (now Equinor) in 2013, the platform was granted a lifetime extension until 2030. In 2020, about 1.38 mmboe or 3,800 boepd were produced from the Brage Field, net to Repsol’s 33.8434 percent working interest.