Lime Petroleum to Buy MOL's Stake in Two Norwegian North Sea Licenses

Credit: MOL
Credit: MOL

Lime Petroleum, a subsidiary of Rex International has signed an agreement with MOL Norge, a Norwegian subsidiary of Hungarian oil company MOL, to acquire MOL's 40 percent interest in two licenses in the North Sea, offshore Norway.

The licenses being acquired are the licenses PL820 S and PL 820 SB, containing Iving and Evra discoveries. They are located on the Utsira High near the giant Vår Energy-operated Balder field, and north of PL818 Orkja and PL867 Gjegnalunden in which Lime has 30 percent and 20 percent interests respectively.

MOL Norge is the current operator of the PL820 S and the PL820 SB licenses, and Lime will seek to assume operatorship of the licenses. Lime did not say how much it would pay for the licenses.

Dan Broström, Executive Chairman of Rex International Holding, said, “Lime’s latest acquisition continues the Group’s efforts to build up our reserves and resources portfolio. In 2021, Lime added non-operated production from the Brage field to its portfolio, alongside non-operated field development projects. Lime has been very active in these projects, and the next natural step is to seek operator status. The Iving and Evra discoveries will offer that possibility, subject to consent from the authorities and partners.” 

The Iving and Evra discoveries were made in 2019 and appraised in 2021. Hydrocarbons were encountered in five separate reservoir layers. The Norwegian Petroleum Directorate reports recoverable resources of 1.82 million Sm3 of oil equivalent or some 11.45 mmboe.

Lime’s analysis suggests upside potential in the recoverable volumes of the two discoveries. In addition, the licence area includes several sizable exploration prospects, Lime said. 

"The licenses are located adjacent to existing infrastructure, which is now being upgraded to extend the facilities’ lifespan. A tie-in of the PL820 S / PL 820 SB discoveries is in line with the Norwegian Petroleum Policy and Regulation, which encourages regional coordinated developments to maximize value creation. Alternatively, if larger volumes are encountered, a standalone field development based on conventional oil field technology may be considered," Lime said.

Lars Hübert, Chief Executive Officer of Lime, said, “Lime has been working as a partner company alongside operators on exploration drilling, field development projects, and production. Over the past six to 12 months, Lime has been upgrading its organizational competency and capacity as its portfolio has grown. The acquisition of interests in the PL820 S and PL 820 SB licenses offers a great opportunity for Lime to step into the operator role and thereby further boost our competitiveness for more opportunities and enhance our standing with licence partners and the authorities. 

"The Iving and Evra discoveries lie in a prolific part of the North Sea, with world-class producing assets nearby, as well as other recent discoveries. Lime will work to mature the Iving and Evra discoveries as well as the other prospects within the licence, hopefully resulting in further drilling within the licence in the next 18 to 24 months.”

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