This is OKEA - OKEA

This is OKEA

OKEA shall be the most efficient and profitable developer and operator of smaller fields on the Norwegian shelf. We manage and develop resources on behalf of society. Reducing the footprint from our production is important.

Our values

Open

We share experience and knowledge openly and believe in cooperation and sharing of information both internally and externally, to the benefit of both our company and the industry as a whole.

Keen

We are committed, creative and resourceful, with great drive and interest in improving the company and industry.

Efficient

We manage the company in a safe, competitive and cost-efficient manner, focusing on simple, standardized and efficient solutions of sound quality.

Agile

We are flexible and agile, adapting rapidly to shifting conditions and need for change.

OKEA’s core values are based on openness (Open), interest and engagement (Keen), efficiency (Efficient), flexibility and agility (Agile).

Developing the resources on the Norwegian shelf

OKEA is a fast-growing oil producer on the Norwegian shelf. Our strategy is to extend and optimize production from fields in decline. We aim to develop fields with less than 100 million barrels of oil equivalent (BOE) in reserves.

Efficient

OKEA is a leading company with cost-effective and safe development and operation of fields. A highly skilled organization and direct management involvement ensures operational excellence. We aim to simplify processes, make quick decisions and create alliances with the service industry.  

Driving force

OKEA will increase production from smaller discoveries and fields on the Norwegian shelf in order to contribute to meet the global demand for energy. Oil will continue to play an important role in the foreseeable future. We will utilize existing infrastructure to reduce both costs as well as the footprint from our operations. Power from shore is an opportunity if it is economically profitable.

Open

OKEA is a predictable licence partner. We emphasize open cooperation with other companies, in close cooperation with the authorities. Our competence, combined with the competence of the service companies, shall ensure increased value creation through standardization, optimization of production and in the development of fields. A key joint objective is to prevent serious undesirable incidents and avoid major accidents.

Sustainability

OKEA bases its business on the United Nations’ sustainable development goals. One of the most important goals is to ensure sufficient access to energy in order to lift more people out of poverty. The Sustainable Development Scenario developed by the International Energy Agency(IEA) assumes that oil production will decrease from today’s 100 million barrels to 65 million barrels in 2040. We are against emissions – not oil and gas as such. In order to reach the national goals pertaining to reduced emissions, electrifying production is the most important measure. Power from shore on Draugen is an opportunity if it is economically profitable.

Lifespan

Construction of platforms and infrastructure is a large source of CO2 emissions. Thus, it makes sense to utilize existing installations for as long as possible. It is important for the environment, and it will also prove profitable over time. A circular economy, with recycling, is becoming increasingly important in reducing the footprint in all parts of society.

Research and development

OKEA supports several research and development (R&D) projects in the oil and gas industry. Headquartered in Trondheim, it is natural to use the talented research environment associated with NTNU and SINTEF: We support innovations and new technology that builds up under our overall strategy and our responsibility as operator of the Draugen field. The involvement in various projects aims to improve maintenance, optimize operations, increase safety, increase profitability, and reduce environmental impact.

Social responsibility

OKEA conducts its business of the basis of the United Nations’ sustainable development goals and guiding principles on business and human rights. OKEA will always put the health and safety concerns of people and the environment first. We have a competent and robust organization for emergency preparedness onshore and offshore. Our goal for the emergency preparedness is to reduce the risk of harm to people and damage to the environment. We conduct our operations in a safe and responsible manner. OKEA is member of the Operator’s Association for Emergency Response (OFFB), which provides second-line emergency response services to Draugen. OKEA maintains close cooperation with the Norwegian Clean Seas Association for Operating Companies (NOFO).

The history

OKEA was established in June 2015 by Ola Borten Moe, Knut Evensen, Erik Haugane and Anton Tronstad, the company being named after them. OKEA was founded with capital contributions from the founders and from Seacrest Capital Group. Today, Bangchak/BCPR PTE. LTD. is the largest shareholder with a 46.52 per cent interest. Svein Liknes is the company’s chief executive officer.

In 2018, OKEA transformed its business through a NOK 4.5 billion agreement with Shell regarding the acquisition of participating interests in the Draugen and Gjøa fields. Following this, OKEA became the operator for the Draugen field and assumed the responsibility for a robust organization based in Kristiansund.

OKEA has more than 200 employees, most of whom are associated with the operations office for Draugen in Kristiansund. The operations centre for future fields operated by OKEA will be located in Kristiansund. The head office of OKEA is in Trondheim, including most of the company’s management positions.