OKEA, a recently established Norwegian oil and gas company, has awarded a frame agreement to Ridge AS for well management services.
Under this contract, Ridge will provide personnel and services to manage offshore well design, construction and operation for OKEA. The initial contract term is three years, with three possible one-year extensions.
Jarle Veshovde, Managing Director of Ridge: “It will be very exciting to work with OKEA, who are visionary, creative and driving a fresh approach to field development on the Norwegian Continental Shelf. Together with our cooperation partners and specialists we have established a first class team who will help OKEA create value and push performance in their projects.”
OKEA is a company formed in 2015 by Erik Haugane, former Det norske oljeselskap CEO, and Ola Borten Moe, the former Norway Minister for Petroleum and Energy, and is focused on developing discovered oil and gas fields on the Norwegian continental shelf.
The company in October 2016 agreed with Wintershall Norge sell to buy a 10 percent share in the Yme license on the Norwegian Continental Shelf (NCS).
Earlier, in January 2016, reports emerged that Okea was looking to buy a stake in the troubled Yme oil and gas field from the field operator Repsol, who took it over following the acquisition of Talisman Energy.
The Yme field has never produced a single barrel of oil due to delays and problems with the production platform which was eventually removed from the field by Allseas’ giant single-lift installation/decommissioning and pipelay vessel Pioneering Spirit in August this year. The platform was then sent to Veolia’s dismantling yard in Lutelandet, Norway.
The Yme unit was a jack-up type platform standing on three steel legs of 3.5 m diameter, which were inserted approximately 10 meters inside the subsea storage tank columns at 93 m water depth.
Offshore Energy Today Staff