Wednesday , October 20 2021

OKEA: – We will be the most effective developer and operator


OKEA: – We will be the most effective developer and operator

Together with the new owners of Drawigen and Gjøa and their open plans for the future, OKEA aims at further growth in the Norwegian continental shelf.

-The Dragon is a big and important springboard to implement our strategy. OKEA CEO Erik Haugane says OKEA will be the most influential developer and operator of the Norwegian continental shelf.


OKEA was amazed when Shell Norway bought its shares in Draugen and Gjøa this summer. According to Haugane, the company will play a major role in the plans of the Norwegian continental shelf. Revenues increase by five billion, which is a good case for the company hunting for new licenses and business companies.

– There were two moments that were attractive to us. It was important to access cash flow from production. There are also many other hunters, but it is important to have a strategic value at the bottom. From our point of view, we have faced a number of large investment projects with the development of many areas.

Haugane says the second time is double. One of them was to become an operator for a prestigious area in the Norwegian continental shelf. Second, the expertise they received from Shell employees was transferred to the OKEA.

– We have acquired an experienced and competent team in Kristiansund. Then we will have an operation department, which is among the largest of the continental continental shelf. this is so important for us. Haugane strengthens our credibility to become partners, to obtain licenses and to cooperate on development.

Will deliver a PDD per year

14-15 November Operator Conference will be held in Stavanger. Oil companies meet at the Norwegian continental shelf to determine the facilities of the future. After some difficult years, things are actually turning to the Norwegian oil industry. At the same time the rack is changing significantly. The great giants are coming down and new entrants come to great ambitions. OKEA is definitely in this line with its unique approach and mentality.

Uz We think Norway Rack lacks good players in low cost, development and operations. Most of the companies on the shelf are pure search companies. We see great opportunities and want to work with suppliers in different ways. The aim is to create a leading company. We don't want to be the same as everyone else.

According to the CEO, the OKEA hunts find less than 100 million barrels. They want to improve the same breakage costs as three times bigger discoveries.

"We do not have a passion to produce 500,000 barrels per year. We will choose to deliver a PDD once a year when we work. OKEA does not want to have 20 licenses to look at. We focus on the findings. We are very excited.

– Don't go to the same trap

This week, Thai Bangchak has spent $ 933 million in OKEA. Haugane is very positive for the new ownership company.

– We got an industrial owner and my experience with it is very good. The most successful oil companies have strong and long-term owners, and we buy it in Bangchak. This is the first time an Asian company has entered a parent company in the North Sea and we are really looking forward to your cooperation.

Haugane believes in the Norwegian oil and gas industry in the coming years. The CEO, however, remembers that the industry should not go to the same trap as before.

. If optimism and reinvestment are going to be a copy of what we've done ten years ago, we'll make a new leap in a few years. I hope that this future optimism will enable actors and suppliers to think differently and work more effectively and constructively than ever before.

This is also part of the VP Business Development, Espen Myra in OKEA, during the conference held at the Operator Conference on November 14-15.

– Our aim is that the relationship between OKEA and suppliers should be based on a place other than today's standards. This can lead to faster decisions and simpler solutions. At the same time, we will work with the same quality and safety as other suppliers and will prove our results in Draugen, "Haugane.

Would you like to meet the oil companies that set up facilities for future business operations in the Norwegian continental shelf? Learn more about the Operator Conference here.

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