Repsol to Submit Norway's Yme Field Plan

The Chief Compliance Officer at Norwegian oil firm OKEA, Ola Borten Moe, told Reuters on the sidelines of an industry conference:

• Says Spain's Repsol, the operator of the Yme field in the North Sea, is expected to submit a new development plan for the Yme field to Norwegian authorities this summer. OKEA is a partner in the field
• An earlier attempt at developing the field failed when the platform had to be taken ashore due to cracks found in its legs . The field was then operated by Canada's Talisman
• Moe says Repsol will remain operator of Yme, while OKEA will not seek operatorship, as it had originally planned
• Moe says OKEA will stay as a partner in the license, plans to increase its stake to 55 pct from 10 pct currently, when the development plan is submitted
• "We think that this is a good opportunity. The infrastructure is there, the wells are there," says Moe
• Beyond Yme, Moe says: "We will seek operatorship in other licenses, because our business model requires us to be an operator to make decisions."
• OKEA is a small Norwegian company focusing on developing existing discoveries, not explore for new discoveries

Reporting by Nerijus Adomaitis