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Norway's OKEA submits $570 mln Bestla oil and gas advancement strategy

Norwegian oil and gas firm OKEA submitted on Tuesday a 6.3 billion Norwegian crowns ($ 571 million) strategy to establish its Bestla oil and gas discovery in the North Sea, the country's energy ministry informed a. press conference.

The discovery, previously called Brasse, is approximated to hold. 24 million barrels of oil equivalent in recoverable reserves,. which will be produced with a subsea setup linked to. the Brage field platform.

Production is anticipated to begin in the very first half of 2027.

Norway, Western Europe's largest oil and gas manufacturer, desires. oil companies to continue establishing new petroleum resources on its. continental rack, which critics say contradicts its. global promise to cut co2 emissions.

The world needs oil and gas for many years to come and. therefore it is very important that the business continue to establish. brand-new projects and contribute to laying the structures for. long-term petroleum activity on the shelf, Norway's Minister of. Energy Terje Aasland said.

Bestla will extend the industrial practicality of the Brage. facilities, allowing to get out more oil and gas from Brage,. which has remained in production considering that 1993, OKEA's partner DNO. stated on April 8.

DNO and OKEA each hold a 39.28% stake in Bestla. Other. partners are Lime Petroleum with 17% and M Vest Energy with. 4.42%.

(source: Reuters)