TRONDHEIM, Norway—OKEA has completed its acquisition of a package of Norwegian offshore E&P interests from Wintershall Dea.
In the process, the company has assumed operatorship of the Brage Field in the North Sea. More than 140 employees working on the development have moved across to OKEA, and project operations management will continue at the office in Bergen.
The deal gives OKEA a 35.2% share of the Brage Unit, 6.4615% in the Ivar Aasen area (operated by AkerBP) and 6% in the Nova Field (operated by Wintershall Dea).
Initial cash consideration, subject to adjustments, is $117.5 million, and OKEA has agreed to pay a further consideration based on an upside sharing arrangement, depending on the oil price level between 2022 and 2024.
Wintershall Dea will retain an 80% share of OKEA’s percentage of decommissioning costs related to the Brage Unit.
The three field centers should bring OKEA net production of at least 7,000 boe/d in 2023 and net 2P reserves of 13.2 MMboe. The company has identified upside potential, which it will seek to exploit as Brage’s operator.
11.01.2022
