AGR, a well construction and engineering project management, reservoir and field management service company, has signed a deal with the Norwegian development and production company, OKEA.
The agreement entails supporting the life cycle of its upstream assets on the Norwegian continental shelf.
AGR said on Tuesday that this partnership will create ‘cost-effective’ development solutions which will allow bringing existing discoveries into production.
OKEA was launched in 2015 and it focuses on unlocking value in conventional oil and gas discoveries which have already been found but have not been developed yet.
It is run by Erik Haugane, a former CEO and the founder of Det norske oljeselskalp, and Ola Borten Moe, the former Norway Minister for Petroleum and Energy. The plan of the company is not to drill and explore for new oil reserves, but to buy into the previous and ongoing exploration activities.
OKEA has been linked with a potential acquisition of the troubled Yme field in the Norwegian sector of the North Sea, which Talisman failed to develop due to problems with the SBM Offshore-delivered produciton platform.
Morten Heir, AGR’s VP of Reservoir Management, said: “We are excited to have signed the Frame Agreement with OKEA and to be part of the company’s ambitious business model. Our first assignment covers supporting OKEA in their field development and reservoir evaluation studies.”
Offshore Energy Today Staff