Norway: Another chance for Yme field?

Okea, a recently established Norwegian oil and gas company, is reportedly buying the troubled Yme oil and gas field in the North Sea.

The field operated by Talisman, had been set to produce first oil in 2010, but under Talisman’s ownership has never produced a single barrel due to delays and problems with the production platform.

First, Dutch SBM Offshore was late with the delivery of the Yme platform, then, after the delivery, Talisman discovered cracks in the platform’s legs, and after months of negotiations, it was decided that the platform would be disassembled and scrapped.

However, according to a report found on Oilvoice on Monday, Yme could be given another chance, as Repsol, which bought Talisman in the meantime, has found a company willing to take Repsol’s 60% stake in the field.

Okea, run by Erik Haugane, a former CEO and the founder of Det norske oljeselskalp, was established in September 2015. The company’s plan is not to drill and explore for new oil reserves, but to buy into the previous and ongoing exploration activities.

It is not clear what kind of a field development plan is in the works for the Yme field, nor how much Okea will pay for the acquisition.

Offshore Energy Today has reached out to Okea, seeking more details. We will update the article should we get a response.

Offshore Energy Today Staff

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