Odfjell Drilling Spuds First Well at OKEA-operated License in North Sea

A rig managed by Odfjell Drilling has spudded the first well at a license operated by Norway’s oil and gas company OKEA in the northern part of the North Sea.

As disclosed by Rex International Holding, whose subsidiary Lime Petroleum is one of the partners in the PL740 Bestla license, the first of two production wells was spudded on August 4, 2025. The Bestla field is estimated to contain 24 million barrels of oil equivalent gross in recoverable reserves.

Bestla is being developed as a two-well subsea tie-back to the Brage field, situated 13 kilometers away. The Brage platform will serve as the host facility for production, processing, and export, with first oil expected in early 2027.

The well is being drilled by the rig Deepsea Yantai from the Bestla subsea template, which was installed in early June 2025, followed by another subsea template installation in July. OKEA reported that the rig was on its way to the location last week.

Lars B. Hübert, Chief Executive Officer of Lime, said: “The Bestla development is exemplary in the use of standard solutions, well-proven technology, and close cooperation with strategic partners. With a project breakeven at around US$40 per barrel, the development is an efficient and cost-effective one, which is all the more important against volatility in oil prices amid the current geopolitical situation.”

The NOK6.3 billion, or approximately $571 million, plan for development and operation (PDO) for the Bestla field was officially submitted to the Norway Ministry of Energy in April 2024 and approved in November 2024.

OKEA ASA is the operator for both the Bestla and Brage fields, holding a 39.2% interest in PL740, with DNO Norge (39.2%), Lime Petroleum (17 %), and M Vest Energy (4.4%) as partners.

The Brage Unit partnership comprises OKEA as the operator and 35.2% holder, Lime Petroleum (33.8%), DNO Norge (14.2%), Petrolia Noco (12.2%), and M Vest Energy (4.4%).