OKEA

What OKEA does

OKEA ASA is a Norwegian oil and gas exploration and production company specializing in mid- and late-life assets on the Norwegian continental shelf. Founded in 2015 and listed on the Oslo Stock Exchange under the ticker OKEA, the company operates from a Trondheim headquarters with additional offices in Oslo, Stavanger, Bergen, and Kristiansund, and employed 488 people as of 31 December 2024. Its business model is built around acquiring working interests in producing fields where larger operators are divesting, then applying specialized subsurface and operational expertise to extend field life. As of Q1 2026, the company produced 34.9 kboepd and held 2P reserves of 75.6 mmboe plus 2C contingent resources of 66.1 mmboe.

OKEA's portfolio comprises six producing assets split between operated and partner-operated roles. It operates Draugen (44.56 percent working interest) in the Norwegian Sea and Brage (35.2 percent working interest) in the North Sea, with both fields receiving capital to extend their operating lives through new wells, subsea tie-backs (Hasselmus, Talisker West), and the Power from Shore electrification project targeting 2028 completion. Partner-operated interests include Statfjord area (28 percent, Equinor), Gjøa (12 percent, Vår Energi), Nova (6 percent, Harbour Energy), and Ivar Aasen (9.2385 percent, Aker BP). The development pipeline includes Bestla, a two-well subsea tie-back to Brage with PDO approval received in November 2024 and first oil targeted for H1 2027, expected to add 10 kboepd net to OKEA.

OKEA generates revenue by selling crude oil, natural gas, and natural gas liquids (NGL) into commodity markets, with 2024 realized prices of USD 82.5 per boe for crude, USD 46.0 per boe for NGL, and USD 67.4 per boe for gas. Oil moves via pipeline to the Sture terminal and gas via the SAGE system to the UK. Customers are refiners, gas processing plants, and commodity traders purchasing through long-term contracts and spot transactions. FY2024 total operating income reached NOK 11,246 million (approximately USD 1,056 million) and record EBITDA of NOK 7,396 million. Bangchak Corporation Public Company Limited of Thailand is the largest shareholder at 45.6 percent through its subsidiary BCPR Co., Ltd., and OKEA has financed growth through repeated senior secured bond issuances totaling USD 425 million across 2023, 2024, and 2025.

Name

OKEA

Legal name

OKEA ASA

Website

https://okea.no

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

OKEA is a Norwegian oil and gas exploration and production company specializing in mid- and late-life assets on the Norwegian continental shelf, selling crude oil, natural gas, and NGL to refineries and gas processing plants.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration & Production

NAICS

Crude Petroleum Extraction (211120), Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Upstream HSE, Regulatory Compliance & Emissions Management (Methane/Flare) (EUALAAAM)

Keywords

• Oil and gas exploration
• Offshore production
• Late-life asset operations
• Hydrocarbon extraction
• Subsea field development

Headquarters

HQ city

Trondheim

HQ country

Norway

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Petroleum Revenues: OKEA generates revenue through the sale of crude oil, natural gas, and natural gas liquids (NGL) produced from its portfolio of producing assets on the Norwegian continental shelf. Realized crude prices averaged USD 82.5 per boe in 2024, with NGL prices at USD 46.0 per boe and realized gas prices at USD 67.4 per boe. Total petroleum revenues were NOK 10,990 million in 2024. The company also earns tariff income from processing and transport of third-party volumes through its facilities.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

OKEA is a Norwegian upstream oil and gas company that produces crude oil, natural gas, and natural gas liquids (NGL) from mid- and late-life assets on the Norwegian continental shelf. The company operates producing fields including Draugen and Brage and holds partner-operated interests in Statfjord, Gjøa, Nova, and Ivar Aasen, generating petroleum revenues of NOK 10,990 million in 2024.

Product overview

OKEA is a Norwegian oil and gas company operating as a leading mid- and late-life operator on the Norwegian continental shelf. The company manages a portfolio of producing assets including operated fields (Draugen with 44.56% WI, Brage with 35.2% WI) and partner-operated interests (Statfjord 28%, Gjøa 12%, Nova 6%, Ivar Aasen 9.2385%). The company also has development projects including the Bestla tie-back to Brage and the Power from Shore electrification project for Draugen. Production averaged approximately 34.9 kboepd in Q1 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• Draugen OKEA-operated oil field in the Norwegian Sea (44.56% WI, operator) producing crude oil. Production increased 45% in 2024 (from 6,487 to 9,377 boepd) driven by the Hasselmus subsea tie-back. Production license extended until 2040. Serves as a source of crude oil supply for European refineries.
• Brage OKEA-operated oil field in the North Sea (35.2% WI, operator) producing crude oil. Production increased 38% in 2024 (from 4,856 to 6,694 boepd) due to Talisker wells and operational improvements. Serves as host for the upcoming Bestla tie-back development.
• Statfjord Area Partner-operated (Equinor) field in the Tampen area, Northern North Sea with 28% working interest, acquired by OKEA in December 2023. Produces crude oil and natural gas from the Statfjord late-life assets.
• Gjøa Partner-operated (Vår Energi) field in the Northern North Sea with 12% working interest. Production started in 2010 and serves as host for the Nova subsea tie-back. Produces crude oil and gas.
• Nova Partner-operated (Harbour Energy) subsea field tied back to the Gjøa platform in the North Sea with 6% working interest. Produces crude oil through existing infrastructure.
• Ivar Aasen Partner-operated (Aker BP) field in the Northern North Sea with 9.2385% working interest. Production started 2016, connected to the Edvard Grieg platform for processing and export. Oil exported via pipeline to Sture terminal and gas via SAGE system to the UK.
• Bestla Development Project Two-well subsea tie-back development to the Brage field with 39.2788% working interest. PDO approved November 2024. Expected to add 10 kboepd net production from H1 2027 at plateau, with gross recoverable reserves of 24 million boe.
• Hasselmus Gas Tie-back Subsea tie-back of the Hasselmus gas discovery to the Draugen platform, started production in Q4 2023. Adds approximately 3,660 boepd net to OKEA at plateau and was a key driver of the 45% production increase at Draugen in 2024.

Quantifiable outcome

• Draugen production increased 45% in 2024, from 6,487 to 9,377 boepd, driven by Hasselmus subsea tie-back
• +4 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered strategic, core and minor.

• Japex Norge ASstrategicStrategic or Co-development Partner · 1 April 2026Japex Norge AS agreed to acquire OKEA's 20% working interest in PL1119 (Mistral) for USD 30 million fixed consideration with effective date 1 January 2026. The transaction will close by end of Q3 2026 pending government approvals. OKEA retains contingent consideration tied to Mistral Nord exploration well success.
• Equinor Energy AScoreStrategic or Co-development PartnerEquinor is a key partner across multiple licenses including PL1119 (Mistral, 60% operator), Statfjord area (28% WI), and Ivar Aasen (41.47% WI). Equinor operates several fields where OKEA holds working interests and serves as partner for the Power from Shore project collaboration.
• Aker BP ASAcoreStrategic or Co-development PartnerAker BP is operator of Ivar Aasen field (36.17% WI) where OKEA holds 9.2385% working interest. In March 2025, OKEA entered an agreement to acquire 35% WI in PL1102/PL1102B containing the Tverrdal prospect from Aker BP, located 13 km north of the Brage platform.
• Vår Energi ASAcoreStrategic or Co-development PartnerVår Energi operates the Gjøa field where OKEA holds a 12% working interest. Production from Gjøa started in 2010 and OKEA also participates in Nova (6% WI), operated by Harbour Energy.
• Harbour EnergycoreStrategic or Co-development PartnerHarbour Energy operates the Nova field where OKEA holds a 6% working interest. OKEA has contingent consideration liabilities to Harbour Energy related to the Nova development.
• Inpex Idemitsu Norge ASminorStrategic or Co-development PartnerInpex Idemitsu holds 20% working interest in PL1119 (Mistral) following the transaction with OKEA, with Equinor as 60% operator.
• PricewaterhouseCoopers AS (PwC)coreImplementation/ SI/ Consulting PartnerPwC serves as OKEA's auditor, elected by the Annual General Meeting. The auditor attends all Audit Committee meetings and presents the annual audit plan, working closely with the Audit Committee on internal controls and financial reporting.
• DNB Norge ASstrategicStrategic or Co-development PartnerIn December 2024, OKEA entered into an agreement with DNO Norge AS to swap a 10% WI in PL1119 (Mistral) for a 10% WI in PL1109 (Horatio). Horatio is located approximately 20 km north-west of the Gjøa platform and operated by OMV Norge.
• Lime Petroleum ASminorStrategic or Co-development PartnerLime Petroleum acquired OKEA's 15% working interest in the Yme licence in November 2024 for a post-tax cash consideration of USD 15.65 million, with effective date 1 January 2024. This was OKEA's first sale transaction of a producing asset.

Scale indicators10 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Harbour Energy plc: Harbour Energy operates the Nova field where OKEA holds a 6% WI, and is a comparable listed E&P with a portfolio of North Sea production and development assets. Direct partnership overlap and similar asset strategy.
• DNO ASA: DNO is a Norwegian-listed E&P company with operations on the NCS (and North Sea/Middle East), recently partnered with OKEA in the Horatio swap. It pursues a similar asset-acquisition and development strategy on the Norwegian continental shelf.
• Aker BP ASA: Aker BP is a major Norwegian continental shelf E&P operator that, like OKEA, focuses on the NCS, partners on multiple fields with OKEA (operates Ivar Aasen), and pursues late-life asset development and M&A. Direct overlap in fields, geography, and asset-philosophy make it the closest comparable.
• Sval Energi AS: Sval Energi is a privately-held Norwegian E&P company focused on NCS production, redevelopment, and M&A. Highly comparable to OKEA in its late-life asset focus and Norwegian pure-play profile.
• Neptune Energy Norge AS: Neptune Energy operates Norwegian continental shelf fields and pursues a similar strategy of developing and optimizing late-life North Sea assets. Comparable asset philosophy, geography, and scale make it a relevant peer for OKEA.
• Vår Energi ASA: Vår Energi operates the Gjøa field where OKEA holds a 12% WI and is a comparable Norwegian E&P pure-play listed on Oslo Børs with a similar portfolio of NCS producing assets and development projects. Same geography, similar asset mix, and partnership overlap make it a direct comparable.

Broad incumbents

• Equinor ASA: Equinor is the dominant incumbent on the Norwegian continental shelf and a key partner to OKEA across Statfjord, Mistral, and Ivar Aasen. As the historical source of NCS late-life divestments (e.g., Statfjord sale to OKEA), it defines the counterparty landscape for OKEA's M&A strategy.
• Wintershall Dea Norge AS: Wintershall Dea is a major European upstream operator with significant NCS exposure, comparable in focus on North Sea production and field-life extension, though part of a much broader international portfolio. Active acquirer and operator in the same Norwegian basin.

Regional players

• PGNiG Upstream Norway AS: PGNiG's Norwegian upstream subsidiary holds working interests in NCS fields and pursues production optimization on the Norwegian continental shelf. Comparable as a non-Norwegian-headquartered operator on the NCS with similar asset-development philosophy.
• MOL Norge AS: MOL Group's Norwegian upstream subsidiary operates NCS assets and pursues late-life field development. Operates from outside Norway but with comparable NCS-focused production portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/OKEAcompany

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OKEA