Okea ASA, headquartered in Trondheim, Norway, has initiated production from the Hasselmus gas discovery, situated on the western periphery of the Trondelag platform in the Norwegian Sea. Located 4.35 miles (7 kilometers) northwest of the Draugen platform, Hasselmus is connected to Draugen as a subsea tie-back.

Okea anticipates that Hasselmus will contribute a peak production of 4,400 barrels of oil equivalent per day. The project is also projected to recover approximately 58.27 billion cubic feet (1.65 billion cubic meters) of natural gas and recommence the export of associated gas and natural gas liquids (NGLs) from Draugen.

Svein Liknes, CEO of Okea, commented, "The Hasselmus project is Okea's first development project as an operator. It is crucial for the long-term development of Draugen and underscores our capacity to extend the life of mature fields, maximizing value creation on the NCS. We appreciate the excellent collaboration with our partners, suppliers, and our dedicated team, which has facilitated the project's early delivery and cost savings."

In 1999, A/S Norske Shell drilled a single well (6407/9-9 T2) at the Hasselmus structure, encountering a 52.5-foot (16-meter) gas column and a 22.3-foot (6.8-meter) oil column in high-quality sands at a depth of 5577.4 feet (1,700 meters).

Okea operates the Draugen license and the Hasselmus project with a 44.56 percent working interest. Its partners are Petoro AS, holding a 47.88 percent working interest, and M Vest Energy AS, which has a 7.56 percent working interest.

Concurrently, Okea has revised its reserves estimate for the Yme field after analyzing the production performance of drilled wells. Preliminary results indicate a reduction in net reserves for Okea, from 7.6 million barrels of oil equivalent (MMboe) to an expected range of 5.5 to 6.5 MMboe. Okea plans to engage with license partners to delve deeper into the analysis results and conduct a revised lifetime assessment of the Yme field. An impairment is expected in the third quarter due to the field's fair value in the company's financial statements.

The Yme oil field, located in the southeastern part of the Norwegian sector of the North Sea, was discovered by Equinor in 1987 and began production in 1996. In 2016, Okea acquired a 15 percent ownership interest in Yme, with Repsol Norge AS serving as the operator and holding a 55 percent ownership interest.

In August, Okea and DNO ASA, partners in the Brasse license, agreed on a fast-track development plan for the Brasse oil and gas discovery. The plan involves linking the Brasse field, located 8 miles (13 kilometers) north of the Brage field, with the Brage field. A final investment decision is anticipated in early 2024. Okea operates the Brasse license with a 45.56 percent working interest.

Knut Gjertsen, Okea SVP for Projects and Technology, stated, "Together with DNO ASA, we have quickly developed a project alternative for Brasse with a simplified tieback to Brage. We have decided to continue advancing a development solution with less extensive topside modifications and a simplified production well design compared to previous project assessments, which we believe will result in a more cost-effective project."

The Brasse discovery was made in 2016, and four appraisal wells were drilled between 2017 and 2019. Estimates indicate that the Brasse field contains 30 million barrels of oil equivalent (MMboe), with two-thirds being oil and the remainder consisting of gas and NGLs.