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Okay: We'll be the most effective developer and operator



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Okay: We'll be the most effective developer and operator

With the acquisition of Draugen and Gjøa, new owners and clear plans for the future, OKEA strives for further growth on the Norwegian continental shelf.

The Dragon is a huge stepping stone and important to the implementation of our strategy. OKEA will be the most creative developer and operator on the Norwegian continental shelf, says Eric Haugane, CEO of OKEA.

Important moments

OKEA surprised many when they bought Norway skeleton stocks in Draugen and Gjøa this summer. According to Haugane, the acquisition will play a major part in the company's plans on the Norwegian continental shelf. Revenues have increased by $ 5 billion, and it is good now that the company is looking for new licenses and operating companies.

There were two moments that attracted us. It was important to approach cash flow from production. There are many others who are hunting, but it is important to have strategic value at the bottom. On our part, we were dealing with some major investment tracks with many field developments.

Haugane says that the second moment is double. One of them was to become an operator for a prestigious field on the Norwegian continental shelf. The other was the expertise they get from the Shell employees now being transferred to OKEA.

We take on an established, experienced and talented team from Kristiansund. Then we will have the surgery department which is among the largest on the Norwegian continental shelf. This is very important to us. We are strengthening our credibility to become a partner, license and engage in development cooperation, "says Hogana.

Will provide one PDD per year

November 14-15 The operator's conference will take place at Stavanger. The oil companies meet that determines the future place on the Norwegian continental shelf. After a few difficult years, things really turn to the Norwegian oil industry. At the same time, the shelf varies dramatically. The big giants are familiar, and new beginnings come in big ambitions. OKEA is definitely in line with this unique approach and its mindset.

"We feel that the Norwegian shelf lacks good players at low costs, development and operation, most of the companies on the shelf are pure exploration companies, we see great opportunities and we want to work differently with the suppliers, we do not want to be like everyone else.

According to CEO, OKEA Hunting finds less than 100 million barrels.They want to develop the same breakeven costs as three times larger discoveries.

"We do not want to produce 500,000 barrels a year, we prefer to be able to supply one PDD per year when we are up and running." OKEA does not want to have 20 licenses, there is a lot to look at. We are very excited about the TFO.

– Do not go in the same trap

This week it was announced that Thai company Bangchak is spending $ 933 million in OKEA. Haugane is very positive in the ownership of the new company.

We get industrial owner and my experience with it is very good. The most successful oil companies are powerful and long-term, and we accept this in Bangladesh. This is the first time an Asian company has entered a company upstream in the North Sea, and we really look forward to the cooperation.

Haugane believes the Norwegian oil and gas industry in the coming years. However, the CEO recalled that the industry should not go the same trap as before.

"If optimism and reinvestment will be a copy of what we did 10 years ago, we will get a new leap in a few years, I hope this future optimism will provide room for players and suppliers to think differently and work more significantly and constructively than before.

It is also something of Espen Myra, vice president of business development at OKEA, to talk about during the company's conference operator lecture, November 14-15.

– Our ambition is that the relationship between OKEA and suppliers should be based on other assumptions than currently standard. 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 on Draugen will prove, "concludes Haugane.

Do you want to meet the oil companies that have set the place for future business operations on the Norwegian continental shelf? Read more about the operator's conference here.

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