Looking for a specific product?

Make a search for products & suppliers, articles & news.

Lime Norway farms into North Sea license

Hibiscus Petroleum’s jointly-controlled entity, Lime Petroleum Norway AS (Lime Norway), has executed an agreement with Lundin Norway AS (Lundin) to acquire a 30% interest in PL544, in the North Sea.  

North Sea LicensesLundin is the operator at PL544. The parties in the license will be Lundin with 40%, Bayerngas Norge AS2 holding 30%, and Lime Norway owning the remaining 30%, after approval has been received from the relevant authority.

The license is located south of the Edvard Grieg field on the Utsira High in the North Sea, in water depth of around 100 metres. The Fosen prospect is under evaluation for possible drilling in 2015. The reservoir target is Upper/Middle Jurassic and the gross unrisked prospective resources is estimated at 192 million barrels of oil equivalent (mmboe). In addition to the Fosen prospect, a small gas/condensate discovery was made in Paleocene sands in 2007, which is located on the licence. Potential upside in the Paleocene will be evaluated.

According to the company, this acquisition is viewed as an opportunity to build on the position created by the earlier farm-in to PL338C in February 2015, in a prolific oil province close to infrastructure in the North Sea.

Hibiscus Petroleum’s Managing Director, Dr Kenneth Pereira, said, “Drilling in the area around the PL544 license has resulted in some significant discoveries for Lundin in recent years. We look forward to working further with Lundin, whom Lime Norway is already partnering with in a number of other licenses on the Norwegian Continental Shelf. We hope that our partnership with Lundin will yield some positive results as we leverage on the lower cost environment brought about by the current lower oil prices.”

Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc (Lime). Lime is jointly-controlled by Hibiscus Petroleum which owns a 35% stake.

Related news

Latest news

Untrue rumours about an on-going incident at the Halden Research Reactor in Norway

The Norwegian Radiation Protection Authority has become aware that stories about an ongoing incident involving a “meltdown” at the Norwegian Institute for Energy Technology (IFE) reactor situated in Halden are currently ci...

Gulf Notified Body meeting in Manama Bahrain

At the end of January, the GSO (Gulf Standards Organization) arranged the first meeting with the present group of 23 Notified Bodies. These Notified Bodies are authorised by GSO to certify the electrical products as curren...

SMART SYSTEM USES POST OFFICE VEHICLES TO ANALYZE ROADS.

During the spring thaw period in Sweden, many small roads are closed to traffic despite the fact that they are fit for use. The BiFi research project has analysed the roads’ bearing capacity in real time using Internet-con...

Children with poor vitamin B12 status early in life struggle more with tasks, recognition and interpreting feelings

Small children with low levels of vitamin B12 had more difficulties solving cognitive tests, such as the ability to do puzzles, recognize letters and interpret other children’s feelings.

BP Awards Schlumberger Contract for Mad Dog 2 Project

Export Conference 2017: A changing world

Register for this year’s most important conference for Norwegian exporters. We can promise you an interesting and inspirational day!

Meet Elkem Silicon Materials at the Ceramics Expo 2017

Elkem Silicon Metrials invites to meet their team at the Ceramics Expo 2017. This is North America’s largest, free-to-attend exhibition for Ceramic manufacturing and applications.

Event - TechnipFMC at Gastech April 4

Multiple Indian languages on electronic products

The Indian Ministry of Electronics and Information Technology (MeitY) has approved guidelines issued by Bureau of Indian Standards (BIS) about the display of text in 22 Indian languages on certain electronic devices from 1...