OKEA Expands Stake in Troll-Gjoa Area

Norwegian oil and gas company OKEA has increased its ownership in an exploration play near the prolific Troll-Gjoa region, as detailed in its first quarter report. The company now holds a 50% interest in Block PL 1255/1255B, pending partner and government approval to become the operator. The ownership group consists of OKEA (50%), Equinor (30%), and DNO (20%). OKEA boosted its equity from a previous 20% by swapping its 20% interest in Block PL 1260 for an additional 30% in PL 1255/1255B, though the trading partner was not disclosed.

Chief executive Svein Liknes explained in an earnings call that OKEA had sought more than a 20% stake when originally applying for the licence, citing continued belief in the area's geology and its potential as a tie-back candidate to both the Troll and Gjoa fields. The increased 50% operatorship gives OKEA control over the licence, preventing it from being forced into decisions or drill plans it does not support, which Liknes described as a strong strategic position. An exploration well drilling date has not yet been confirmed.

Upcoming Drilling Prospects

In the same Gjoa area, OKEA will participate in the second quarter drilling of the Alpehumle exploration prospect, operated by Aker BP. This prospect is estimated to contain between 10 million and 190 million barrels of oil equivalent. Liknes has previously highlighted Alpehumle as a key well that could serve as a tie-in to the Gjoa area. Additionally, two other prospects await firm drilling dates: Kyllinglaar in the Statfjord area and Arkenstone in the Norwegian Sea. OKEA also recently reached an agreement with Japanese company Japex regarding the Mistral exploration discovery in the Norwegian Sea.