BCP Boosts Organic Growth with Investment in Brasse Petroleum Field

Bangchak Corporation Public Company Limited (SET: BCP) has announced that OKEA ASA (“OKEA” – the subsidiary that the company holds 45.58%), together with its partners, has made the Final Investment Decision to develop the Brasse petroleum field. It is anticipated to have petroleum reserves of approximately 24 million barrels of crude oil equivalent (MBOE), with OKEA’s hold in a proportion of 39.2788%.

The Brasse development project is located in the Norwegian Sea, south of the Brage field, and has a subsea tie-back to the Brage platform, where OKEA is the operator. OKEA will continue to operate two licenses.

Referred to this development, OKEA’s net 2P petroleum reserves have increased from approximately 83 MBOE to over 92 MBOE. This is anticipated to start the production during the first half of 2027, with an estimated net production from this field at approximately 10,000 barrels of crude oil equivalent per day (BOEPD) within the first year of production. OKEA will submit a Plan for Development and Operation (PDO) to the Government authorities of Norway in April 2024 and will rename the petroleum filed from “Brasse” to “Bestla” upon approval of the PDO.

Previously, OKEA has continued its achievement in developing petroleum fields where it performs as operator. Specifically, the Hasselmus field, which is a subsea tie-back to the Draugen platform, has been developed to increase OKEA’s net 2P reserve by 4.7 MBOE and achieve the commercial production stage in October 2023, increasing net production capacity to 1,960 BOED. This was managed to operate ahead of schedule and utilized the investment budget lower than expected. Additionally, the Brasse field has made significant progress in exploration and development.

OKEA is committed to its strategy to create additional value in areas close to existing infrastructure (Organic Growth) by identifying cost-effective solutions that enable extraction of further volumes from the area.