Norwegian oil and gas company OKEA has submitted an NOK6.3bn ($571m) plan to develop its Bestla oil and gas discovery, previously known as the Brasse field, in the Norwegian North Sea.
Bestla was discovered in 2016 and was appraised by five wells between 2017 and 2019.
The field holds around 24 million barrels of oil equivalent (MMboe) in recoverable reserves.
It will be developed with a two-well subsea tie-back to the Brage platform located 13km, which will serve as the host facility for production, processing, and export.
Bestla is anticipated to start production in the first half of 2027, with gross output peaking at 26,000 barrels of oil equivalent per day (boed), said the Norwegian oil and gas company.
Norwegian oil and gas firms DNO and OKEA each hold a 39.28% stake in Bestla, alongside other partners Lime Petroleum with a 17% stake and M Vest Energy with 4.42%.
All four companies are partners in the Brage field, which is also operated by OKEA.
Earlier this year, OKEA, DNO and other partners made a final investment decision for the development of the Brasse field, based on a tie-back to the Brage field production facilities.
In the long term, Bestla will extend the commercial viability of the Brage facilities, allowing operators to obtain more oil and gas out of Brage, DNO said earlier this month.
Norway is the largest oil and gas producer in Western Europe and wants oil companies to continue developing new petroleum resources on its continental shelf.
Norway Minister of Energy Terje Aasland said: “It is impressive to see how the company has managed to find good solutions to establish a profitable development of Bestla.
“These are valuable additional resources also for the host field Brage, and the development will contribute great value to the community.
“The world needs oil and gas for many years to come and therefore it is important that the companies continue to develop new projects and contribute to laying the foundations for long-term petroleum activity on the continental shelf.”
