Completion of acquisition of package of A/S Norske Shell’s interests on the Norwegian Continental Shelf

OKEA AS, the oil and gas production and development company focused on the Norwegian Continental Shelf (“OKEA”), is pleased to announce that it has completed the acquisition of a package of A/S Norske Shell’s interests on the NCS, as announced in June 2018. The acquisition includes a 44.56% share of the Draugen field (PL093), a 12.0% share of the Gjøa field (PL153) and the office building “Råket” in Kristiansund.

OKEA will assume operatorship of the Draugen field effective from 30 November 2018 at 11.00 AM CET. As part of this transaction, 150 employees will transfer from Shell to OKEA.

OKEA’s CEO Erik Haugane, said:

“We are very pleased with the work that we have accomplished with Shell since the signing of the agreement on 20 June 2018. Thanks to our comprehensive and dedicated work together, we are able to close this transaction on schedule. This is the beginning of a new chapter for OKEA, as Operator of one of the most prestigious fields on the NCS.”