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    Singapore's Lime snaps up two Norwegian finds

Summary

The discoveries could be tied to existing infrastructure or serve as a standalone development if more hydrocarbons are found, according to Lime.

by: NGW

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Complimentary, Natural Gas & LNG News, Europe, Corporate, Mergers & Acquisitions, Exploration & Production, News By Country, Norway

Singapore's Lime snaps up two Norwegian finds

Lime Petroleum, a subsidiary of Singapore's Rex International, said on April 18 it had reached a deal to acquire a 40% operated stake in the Iving and Evra discoveries off Norway from Hungary's MOL. 

Pending regulatory approval, Lime will become operator of the PL820S and PL820SB licences containing the discoveries, made by MOL in 2019. The licences are located in the Utsira High area of the North Sea, near to the Var Energi-operated Balder field. They mostly hold oil, but also some natural gas.

"Lime's latest acquisition continues the group's efforts to build up our reserves and resources portfolio," said Dan Brostrom, chairman of Rex International, which has 91.7% ownership of Lime. 

Lime bought a 33.8% stake in the producing Brage oil and gas field off Norway in June last year from Spain's Repsol for $43mn. The price tag of the latest transaction was not disclosed.

According to Brostrom, the discoveries could be tied to existing infrastructure in the area, or could be a standalone development if additional hydrocarbons are found at the licences. Lundin owns a 41% stake in the projects, while Pandion has 12.5% and Wintershall Dea has 6.5%.