North Sea oil discovery adds low-cost barrels for OKEA with resource estimate boost

March 25, 2026, by Melisa Cavcic

Norway’s oil and gas company OKEA has upped the recoverable resource estimates from discoveries at an oil field in the Norwegian sector of the North Sea.

After making an oil discovery at a prospect near its operated Brage field in production license 055, OKEA explained that the resource estimates (P50) increased from 19 to 28 million barrels of oil equivalents (mmboe) at the Talisker West discovery through further subsurface maturation of the Talisker Statfjord formation.

The Norwegian player underlines that the development plan remains unchanged, and with the uptick in volumes, the expected break-even cost is less than $10 per barrel. The production is expected to start in 2027. The total recoverable volume estimates from Statfjord and Cook formations combined have increased from 16-33 to 23-44 mmboe.

The discovered volumes at Talisker West are said to represent highly attractive, low‑cost barrels that can be developed efficiently and brought on stream rapidly. With drilling and production handled directly from the Brage platform, the development concept is considered both capital‑efficient and robust.

The additional volumes will further enhance value generation from the discoveries and from Brage. Located in the North Sea, the Talisker West discovery is situated at the Brage field, 10 kilometers east of the Oseberg field and about 120 killometers west of Bergen.

The wellbore was drilled with the drilling rig onboard the Brage platform to measured depth of 10,223 meters. The partners in the licence are OKEA (operator, 35.2%), Lime Petroleum (33.8434%), DNO Norge (14.2567%), Petrolia NOCO (12.2575%), and M Vest Energy (4.4424%).

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Situated in the northern part of the North Sea, 10 kilometers east of the Oseberg field, Brage was proven in 1980, and the plan for development and operation (PDO) was approved in 1990.

With production starting in 1993, the field is developed with an integrated production, drilling, and living quarters facility with a steel jacket.