Norway’s oil and gas company OKEA has received the Norwegian government’s blessing to move forward with its plan for the development and operation (PDO) of an oil and gas field in the North Sea off the coast of Norway, which will be tied back to an existing platform.
After Terje Aasland , Norway’s Minister of Energy, handed over the signed PDO for the Brasse project, which will now be renamed Bestla , OKEA described the occasion as “a significant milestone.”
This comes several months after the Norwegian player made a final investment decision (FID) for the project, estimating a NOK 6.3 billion (about $571 million) investment, around 70% of which is forecast to benefit Norwegian suppliers.
The PDO for the Bestla field, estimated to contain 24 million barrels of oil equivalent gross in recoverable reserves, consists of a two-well subsea tie-back to the Brage platform , which will serve as the host facility for production, processing, and export.
Located in the northern North Sea, 13 kilometers south of the Brage field, Bestla is expected to be on stream during the first half of 2027 and operate until 2031, with the potential for extension, opening new doors for the extended Brage field lifespan.
The plateau production, estimated at around 26,000 barrels of oil equivalent per day (boepd) gross, is anticipated within the first year of production. The Bestla partnership consists of OKEA (operator 39.27%), Lime Petroleum (17%), DNO Norge (39.27%), and M Vest Energy (4.4%).
According to OKEA, Bestla’s development as a subsea tie-back to Brage ensures operational efficiency, leveraging proven solutions and best available technologies (BAT).
The inspiration for the project’s name came from Norse mythology, as Bestla was a giantess and the mother of Odin, symbolizing strength, legacy, and the interconnection of past and future endeavors.
As part of its strategy to exit from non-core assets to direct its resources toward core ones, OKEA sold its stake in another North Sea field to Lime Petroleum, a Norwegian subsidiary of Rex International.