Commercial Operations Full Power

DELAYED +2yr (Apr 2026): The Draugen power‑from‑shore project’s original COD target of 1 January 2026 was later revised by OKEA’s ESG 2022/2023 and early financial reports to "expected completion in the first quarter of 2027". This has since slipped again: OKEA’s Q3 2024 quarterly report states that, due to challenging external factors and the complexity of a large brownfield project, expected completion has been pushed back from 2027 to 2028. Q2 and Q3 2025 quarterly reports, the 2025 integrated report, and the Q4 2025 report all reiterate that project completion is expected in 2028. OKEA’s 2025 Annual Statement of Reserves further specifies that expected start‑up for power‑from‑shore on Draugen is 2028. Given this history of roughly a two‑year delay versus the original schedule and the ongoing offshore modification work into 2027, the current March 2027 commercial‑operations‑full‑power date is no longer credible. Using the developer’s stated 2028 start‑up as a baseline but applying some schedule scepticism, this projection is moved to end‑2028 (precision: year) to capture a realistic COD window while still anchored in OKEA’s 2028 guidance. DELAYED +1yr (Apr 2026): The original 1 Jan 2026 COD is superseded by later guidance. OKEA’s ESG Report 2023 and 2025 integrated report state that the Draugen/Njord power‑from‑shore project will be completed in Q1 2027 and Draugen become a near "zero‑emission unit" from 2027, with Power from Shore capex and startup in 2027 (also noted in the Q3‑2025 call). With cable installation only completed in late 2024, full‑power operation in early 2026 is not credible, so COD is shifted to end‑Q1 2027. --- The Draugen Electrification interconnector, which will modify the existing Draugen offshore platform to receive power from shore via an electrical cable and thereby replace gas-turbine generation, is planned to be fully completed and operational in 2026. Aker Solutions, contracted by OKEA as EPCI main contractor, has started project execution and indicates that the works to enable power-from-shore electrification will be wrapped up in 2026, after which the system is expected to transmit shore power to Draugen and deliver the targeted CO2 emission reductions of about 200,000 tonnes per year.