Rex International’s unit offered participating interests in two Norway licences
REX International’s 91.65-per cent owned subsidiary Lime Petroleum has been offered participating interests in two new offshore licences.
The offers were made through the 2022 Awards in Predefined Areas (APA 2022) round in Norway, the oil and gas company said on Friday (Jan 13).
The first licence entails a 50 per cent interest in PL1178 in the North Sea. The licence operator, OKEA ASA, has a 50 per cent interest.
Lars Hubert, Lime Petroleum’s chief executive, said that the licence can add valuable additional resources to Lime Petroleum’s main producing field given its location next to the Brage Field, in which the company has an interest equating to some 33.8 per cent.
Another 30 per cent participating interest in licence PL1190 in the Norwegian Sea was offered to Lime Petroleum. The operator, Harbour Energy, holds a 50 per cent stake, while another partner, Polish state-controlled oil and gas company PGNiG, holds a 20 per cent interest.
Hubert said PL1190 is a “high-potential prospect” which can readily be tied back to the Heidrun field in case of an oil discovery, and to Asgard in case of a gas discovery.
Rex’s executive chairman Dan Brostrom said with the latest offshore licence offers, Lime Petroleum is strengthening its portfolio with a continuous pipeline of exploration drill projects near infrastructure.
“Lime Petroleum also has three discoveries with commercial field development potential; Shrek, Iving and Falk, to unlock more value as contingent resources are added over time,” Brostrom added.
Separately, on Tuesday, the Norwegian Ministry of Petroleum and Energy said 25 companies have been offered ownership interests in a total of 47 production licences on the Norwegian Continental Shelf in the APA 2022 licensing round. Of the 47 licences, two are in the Barents Sea, 16 are in the Norwegian Sea and 29 are in the North Sea.
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Amendment note: This story has been corrected to reflect PGNiG’s stakeholding in PL1190 as 20 per cent and not 30 per cent as previously mentioned by Rex International, which has since rectified the error.
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