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    OKEA eyes Draugen tieback for Calypso prospect offshore mid-Norway

    Sept. 25, 2020
    OKEA has signed an agreement with Neptune Energy Norge to acquire a 30% interest in license PL938 in the Norwegian Sea.
    (Courtesy OKEA)
    The Draugen field platform in the Norwegian Sea.
    The Draugen field platform in the Norwegian Sea.

    Offshore staff

    TRONDHEIM, Norway – OKEA has signed an agreement with Neptune Energy Norge to acquire a 30% interest in license PL938 in the Norwegian Sea.

    The location is less than 10 km (6.2 mi) northwest of the OKEA-operated Draugen field and north of the Bauge and Hyme fields.

    Neptune, which would remain operator of the license with a 30% stake, plans to drill an exploration well on the Calypso prospect in late 2021 or 2022. Under the agreement, OKEA would carry part of Neptune’s costs for the well.

    ‘Calypso is an attractive prospect close to Draugen with a potential of up to 37 MMbbl of oil,” said Andrew McCann, senior vice president Subsurface & Wells at OKEA.

    “As operator of Draugen we are keen to find resources in the nearby area with the potential to be developed through our existing infrastructure and Calypso fits this exploration strategy well.”

    “If a discovery is made in the license, we will work to ensure an efficient development given our strategy and experience with low-cost field development of smaller discoveries,” added Erik Haugane, OKEA’s CEO.

    PL938 was awarded in 2018 under Norway’s APA2017 licensing round. Other partners are Vår Energi and ConocoPhillips Skandinavia.

    The proposed transaction remains subject to approval by the Ministry of Petroleum and Energy.

    09/25/2020