The Norwegian Continental Shelf (NCS) contains multiple undeveloped discoveries possessing sub-100 million barrels of oil equivalents (boe). At OKEA, we believe that finding efficient ways to utilize these existing fields is an important factor in replacing produced reserves. This takes advantage of previous exploration and infrastructure investments to create growth opportunities for a lean, cost-efficient company such as ourselves.
Dynamic, competent and focused on influencing the future
OKEA is a fast-growing oil producer operating on the NCS aiming to bring undeveloped discoveries with less than 100 million boe in reserves into production. We are a trusted partner on a local, regional and national level with a clear ambition to create value for owners, employees and society as a whole.
Our overall vision is to be the leading company on the NCS in terms of delivering safe and cost-effective field developments and operational excellence, while maintaining a competent organization with direct management engagement in all of our projects.
OKEA was established in June 2015 and founded with capital contributions from four members of management, as well as capital managed by Seacrest Capital Group.
OKEA consists of a strong management team coupled with a tier-one operator organization of more than 200 employees ensuring operational excellence. The NOK 4.5 billion acquisition of interests in Draugen and Gjøa in 2018 transformed OKEA from an E&P start-up to an established player.
Our head office is based in Trondheim and includes most of our management functions. Our offshore operational center for existing and future OKEA-operated fields is based in Kristiansund.
What we do
OKEA is a niche player with a clear focus on smaller (sub-100 million boe) field developments, targeting low cost field development through off the shelf concepts, standardisation and use of existing infrastructure. We produce approximately 20 000 boepd of oil and gas from three fields; Draugen, Gjøa and Ivar Aasen.
Draugen Field (44.56%, operator) is a well-defined, world class reservoir in the Norwegian Sea producing since 1993. Draugen contains substantial remaining reserves and highly accessible upsides with the potential to produce into the 2040s. Draugen is operated by a skilled team ensuring consistently high production performance. OKEA became operator of the Draugen field in 2018 as part of the Shell transaction.
Gjøa Field (12%), operated by Neptune, delivers high margin production due to low operating costs and has a history of regularly outperforming production forecasts. Gjøa, located in the northern part of the North Sea, contains considerable remaining gross reserves with significant upside through IOR, tie-ins and exploration.
Ivar Aasen Field (0.55%) is operated by AkerBP.
OKEA is partner in the Yme new development project. A new plan for development and operation (PDO) was approved by the authorities in 2018. First oil is scheduled for 2020. The OKEA operated Grevling Field development has passed DG1 and is now undergoing a detailed concept select study towards DG2.
The future of OKEA
Strategic cooperation with key partners allows us to scale our production while maintaining an efficient organization. By utilizing inhouse competence combined with expertise from the offshore service industry, we aim to realize value through high degrees of standardization, optimal production sequences and good field development solutions. We believe that developing and optimizing smaller fields will become increasingly important to the Norwegian oil and gas industry, and OKEA is strategically positioned to take a large part of this growing market.