February 27, 2019 / 1:33 PM / 2 months ago

OKEA explores output boost at Norway's Draugen oilfield

OSLO, Feb 27 (Reuters) - Private equity-backed Norwegian oil firm OKEA is looking at ways of extracting more oil from Norway’s Draugen field and nearby prospects, a senior company executive said on Wednesday.

“Draugen has a lot of upside potential, and the area around.... We have started projects to see how we can increase production and extend Draugen’s life beyond 2035 and hopefully into the 2040s,” Ola Borten Moe said during an energy conference in Oslo.

“There are still 500 million barrels of oil in place and our aim is, of course, to take as much of that out as possible,” he added.

He said OKEA will start to explore in the vicinity of Draugen and plans to drill two wells in 2019 and three more next year.

OKEA, which is backed by private equity firm Seacrest Capital, said in September it planned to raise $13 million in a private placement of shares and to list on the Oslo bourse within one year.

The firm acquired stakes in Norway’s Draugen and Gjoea fields from Royal Dutch Shell at the end of 2018 for 4.5 billion crowns ($527.51 million).

$1 = 8.5306 Norwegian crowns Reporting by Lefteris Karagiannopoulos, editing by Nerijus Adomaitis; Editing by Kirsten Donovan

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