The State of Norway revealed that it has begun developing a new field to extract oil and natural gas in the North Sea, which aims to extend the life of a nearby field that has been operating for more than 3 decades. The "Pestla" project is managed by OKIA.

Production is scheduled to begin during the first half of 2027, with a total investment of approximately 6.3 billion kroner.

It is estimated that the field contains about 24 million barrels of oil equivalent for extraction, and the field will connect the “Braj” platform, which began production in 1993.

This plan is the first to be received by Norwegian Energy Minister Tarje Aasland during the year 2024, and this comes after receiving many requests during the year 2022, and companies sought to benefit from tax exemptions during the era of the Corona epidemic.

The project reflects a strategy followed by Norwegian oil and gas producers; To target fields close to existing infrastructure in order to reduce costs and emissions.

The companies are expected to continue developing new projects and contribute to laying the foundation for long-term petroleum activity in the continental shelf region.