Thursday , May 13 2021

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



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

With the acquisition of Draugen and Gjoe, new owners and clear plans for the future, OKEA aims to further grow on the Norwegian continental shelf.

– Dragon is a huge and important stepping stone for the implementation of our strategy. OKEA will be the most effective programmer and operator on the Norwegian continental shelf, says Erik Haugane, executive director of OKEA.

Important moments

OKEA surprised many when these flights bought Shell Norvai shares in Draugen and Goya. According to Hauganu, buying will play a major role in company plans on the Norwegian continental shelf. Revenues increase by five billion, which is good now when the company is hunting new licenses and operating companies.

– We had two moments that were appealing to us. It was important to have access to cash flows from production. There are many others that also catch, but it's important to have a strategic value at the bottom. For our part, we were faced with several large investments with many developments on the ground.

Haugane says the second moment is double. One was to become an operator for a prestigious field on the Norwegian continental shelf. The second was the expertise they received from Shell employees who were now transferred to OKEA.

– We take on an established, experienced and competent team in Kristiansund. Then we will have an operational department that is among the largest on the Norwegian continental shelf. This is very important to us. We strengthen our credibility to become a partner, we get a license and we are working on development, "says Haugane.

It will give one PDD a year

On November 14 and 15, the Conference of Operators in Stavanger is held. The oil company meets what sets the space for the future on the Norwegian continental shelf. After some hard years, things are really turning into a Norwegian oil industry. At the same time, the shelf changes dramatically. Big Jeans are selling, and new entrants reach great ambitions. OKEA is definitely in this line with a unique approach and way of thinking.

"We consider that the Norwegian region is lacking low-cost players, development and operations, most of the companies on the shelf are pure research companies, we see great opportunities and we want to work differently with suppliers, the goal is to create a pioneer company. Let's be the same as everyone else.

According to the Director General, OKEA hunts have less than 100 million barrels. They want to develop the same noise costs as three times higher discoveries.

"We do not have the ambition to produce 500,000 barrels a year, but rather we could deliver one PDD annually when we are on the move." OKEA does not want 20 licenses to pay much attention. "We concentrate on the findings that are made, with four to five pieces. We searched for several discoveries, so we are very excited about the TFO.

– Do not go to the same trap

This week it became known that the Thai company Bangčak spends $ 933 million in OKEA. Haugane is very positive about the new ownership company.

-We have an industrial owner and my experience with this is very good. The most successful oil companies have powerful and long-term owners, and we get it in Bangsak. This is the first time an Asian company enters a downstream enterprise in the North Sea, and we are really looking forward to cooperation.

Haugane believes in the Norwegian oil and gas industry in the coming years. The director, however, recalls that the industry can not go into the same trap as before.

"If optimism and reinvestment are a copy of what we did ten years ago, we will get a new leap in a few years. I hope that this future optimism will allow actors and suppliers to think differently and work much more efficiently and constructively than before.

This is also something from Espen Mira, VP Business Development in OKEA, to talk during the company's lecture at the Operator Conference, November 14-15.

-Our ambition is that the relationship between OKEA and suppliers should be based on other areas than today. 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 our results at Draugen will be proven, "Haugane concludes.

Do you want to get acquainted with the oil companies that have set up premises for future business operations on the Norwegian continental shelf? Read more about the operator conference here.


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