Singapore’s Lime Petroleum buys 40% of two North Sea assets

Lime Petroleum, a subsidiary of Singapore-based Rex International, has signed an agreement with MOL Norge to acquire the latter’s 40 percent interest in licenses PL820 S and PL 820 SB in the North Sea, the company said in a statement on Monday.

The licenses, containing Iving and Evra discoveries, are located on the Utsira High near the giant Vår Energy-operated Balder field offshore Norway, and north of PL818 Orkja and PL867 Gjegnalunden in which Lime has 30 percent and 20 percent interests respectively, the company said.

Rex International holds a 91.65 percent stake in its subsidiary Lime Petroleum AS. The transfer of the interests is pending regulatory approval, which will be announced upon completion of the transfer of the interests, the company 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,” Dan Broström, Executive Chairman of Rex International Holding, said in a statement.

“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,” he said.

The Iving and Evra discoveries were made in 2019 and appraised in 2021. Hydrocarbons were encountered in five separate reservoir layers, according to the company. The Norwegian Petroleum Directorate reported recoverable resources of 1.82 million sq m3 of oil equivalent. In addition, Lime’s analysis suggests upside potential in the recoverable volumes of the two discoveries, along with the inclusion of several sizable exploration prospects.