Seacrest, an investment company, has agreed to invest in a new oil and gas development and production company in Norway, OKEA AS.
OKEA, led by Erik Haugane, former Det norske oljeselskap CEO, and Ola Borten Moe, the former Norway Minister for Petroleum and Energy, will focus on developing discovered oil and gas fields on the Norwegian continental shelf.
In a statement on Wednesday, Seacrest said it would initially invest up to $200 million in OKEA.
Henrik Schroder, Partner, Seacrest Capital Group and Chairman, OKEA AS, said: “Seacrest is attracted to the Norwegian Continental Shelf given current market dynamics, combining the availability of development and production projects, the favourable pricing of these assets, the material reduction in the cost structure of the industry and an attractive fiscal environment which protects downside risk.”
“We look forward to working with the team to identify and develop investment opportunities and to build out an attractive material portfolio of developed production assets.”
Erik Haugane, CEO of OKEA AS, commented: “There are numerous discovered fields in Norway that have huge potential value but are not producing today. The OKEA team has expertise in successfully delivering oil and gas projects through rigorous planning, the creation of powerful relationships with all project stakeholders, using innovative and cost-effective technological advances and development strategies. OKEA will use this expertise to unlock the maximum commercial potential in projects offshore Norway.”