Norwegian oil company OKEA has submitted the plan for development and operation (PDO) for the Bestla oil and gas field in Norway’s North Sea.
The Norwegian Energy Ministry announced that it has received the plan, which envisions total investments for the development at around 6.3 billion kroner (£455 million).
The Bestla field, formerly Brasse, will be tied back to the existing Brage platform, helping to extend the life of the Brage field.
“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,” said Norwegian Energy Minister Terje Aasland.
“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.”
OKEA, which is the operator for Bestla, holds a 39.28% stake in the project. It is developing the field alongside DNO Norge AS (39.28%), Lime Petroleum AS (17%) and M Vest Energy AS (4.42%).
The partners aim to start production from Bestla in the first half of 2027, with expected recoverable resources estimated at around 24mn boe.
The Bestla plan is the first received by Aasland in 2024.
The field was originally discovered in 2016 and appraised by five wells in 2017-2019. OKEA and its partners took a final investment decision on the project earlier this year.
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