OKEA ASA

OKEA ASA is an oil and gas company focused on the development and production of resources on the Norwegian continental shelf. Headquartered in Trondheim, it operates as a full-scale, mid- and late-life field operator, specialising in maximising value from mature assets where others may divest. The company’s portfolio is concentrated in the North Sea and Norwegian Sea and currently comprises six producing assets. OKEA operates the Draugen field, where it is working on projects such as the Garn West South production well and a power-from-shore electrification initiative, and it is also operator of the Brage field, where ongoing drilling campaigns and new wells, including Talisker and Sognefjord East, support production. Non-operated interests include the Statfjord area (operated by Equinor), Gjøa (Vår Energi), Ivar Aasen (Aker BP) and Nova (Harbour Energy). Operationally, OKEA focuses on extending field lifetimes, near-field exploration and drilling, and improving production efficiency while using existing infrastructure to reduce cost and operational footprint. In 2025 it produced an average of 32.1 kboepd, with year-end 2P reserves of 74.3 mmboe and 2C resources of 87.8 mmboe. The company maintains an active exploration and licence position, including farm-ins such as the Tverrdal and Alpehumle prospects and discoveries like Mistral and Talisker. Its growth strategy is built on three levers: extracting further value from the current portfolio, pursuing accretive mergers and acquisitions, and developing organic projects adjacent to existing hubs or, where attractive, new hubs. OKEA is listed on the Oslo Stock Exchange (OSE: OKEA). It reports in USD and had total income of USD 1.0 billion in 2024, followed by NOK 7.65 billion of revenue on a trailing 12‑month basis to early 2026, alongside a net loss driven partly by impairments and price movements. The company publishes dedicated ESG and QHSE reports, emphasising safe production, continuous improvement in health, safety and environmental performance, and efforts to reduce emissions, which are framed as central to its licence to operate and long-term value creation.