OKEA is a fast-growing Norwegian independent oil producer. All of OKEA’s oil and gas assets are located on the Norwegian Continental Shelf.
OKEA has a nimble and low-cost strategy focused on growing its production through 1) exploiting upsides in and around producing fields, 2) developing sub-100 mmboe discoveries into production and 3) Mergers & Acquisitions (M&A) activity. Within one year after creation, OKEA proposed a redevelopment of the Yme field and development of the Grevling discovery. In 2018, OKEA transformed its business with the acquisition of participating interests in the Draugen and Gjøa fields from A/S Norske Shell, including operatorship of the Draugen field. It is OKEA’s plan to continue to grow its business through a combination of extracting upsides in its existing fields, new field developments and M&A activity.
As at the date of the Prospectus, OKEA is producing oil and gas at a rate of about 20 000 boepd from three fields; Draugen, Gjøa and Ivar Aasen. The Company is also a partner in the Yme field development. In total, OKEA holds participating interests in 20 Production Licences and is the operator of 11 of these Production Licences.
A core part of OKEA’s strategy is low-cost field development of sub-100 million boe fields. The corporate landscape on the NCS is rapidly changing with record-high transaction volumes in recent years driven by larger corporate deals and majors selling out of the NCS. This is the same picture as the industry has seen in other areas, such as the UK North Sea. While the NCS is still lagging comparable basins and larger fields will account for a large part of production for many years, smaller fields will become more important to replace produced reserves. This gives running room for the growth-oriented independents like OKEA.