Five Licenses Awarded to Okea in APA 2019

Source Press Release
Company OKEA AS 
Tags Licensing Rounds, Deals, Upstream Activities
Date January 14, 2020

OKEA ASA has been awarded 5 new licences on the Norwegian Continental Shelf by the Ministry of Petroleum and Energy under the Award in Pre-Defined Areas (APA) for 2019, strengthening the company’s position around the important Draugen and Grevling production and development hubs in the Norwegian Sea and North Sea, respectively. 

Two of the awarded areas are new licences where OKEA will be a partner, the three others are areal extensions of existing licences, two of them operated by OKEA. 

Production Licence (PL) 1060 lies northwest of the OKEA-operated Draugen field and includes the Galtvort gas discovery. The work programme includes a firm well on a prospect in the licence which will be operated by Equinor. PL1034 lies south-east of PL973 where there are ongoing exploration activities to support the Grevling development project, operated by OKEA.  

The three licence extensions provide further prospect areas to the Draugen (PL093), Mistral (PL1003) and Grevling exploration (PL973) licences. 

 ‘’We are very pleased with these awards which strengthen OKEA’s licence portfolio around our key operated asset Draugen, where we have an ambition to further develop the neighbouring area, as well as extending lifetime of the asset itself’’, comments Andrew McCann, SVP Subsurface in OKEA. ‘’In addition, further exploration opportunities in the Grevling area will strengthen the case to develop an oil production hub there.’’  

Licence   Block(s)   Operator   OKEA share  
PL1060   6407/8,9   Equinor Energy AS   40%  
PL1034   15/12   Chrysaor Norge AS   40%  
PL093 F   6407/9   OKEA ASA   44.56%  
PL1003 B   6406/3,6   OKEA ASA   60%  
PL973 B   15/12   Chrysaor Norge AS   30%  

For further info please contact

Andrew McCann, SVP Subsurface, + 47 415 07 726

Ståle Myhre, VP Investor Relations, +47 917 51 878

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd