Bangchak Group Continues Expansion in Natural Resources Business with More Petroleum Fields in Norway added to Portfolio

OKEA ASA acquires operatorship in the Brage field, doubling number of employees.

Bangchak Group continues expansion of its natural resource business through OKEA ASA in Norway, of which Bangchak is a major shareholder. On 1 November 2022, OKEA has acquired three petroleum fields namely the Brage field, the Ivar Aasen field, and the Nova field. The total value of the transaction amounts to over 4 billion Baht, with revenue recognition starting from 1 November 2022 onwards.

Chaiwat Kovavisarach, Group Chief Executive Officer and President, Bangchak Corporation Public Company Limited, as Chairmain of OKEA ASA, Norway, an exploration and production company listed on the Oslo Stock Exchange, stated that as of 1 November 2022, OKEA ASA has completed the acquisition of Wintershall Dea's 35.2 % interest in the Brage field, 6.4615% interest in the Ivar Aasen field, as well as a 6 % interest in the Nova development field. The acquisition also includes the operatorship of Brage oil field. The total value of the transaction amounts to NOK 1.1 billion or over 4 billion Baht.

The acquisition of the Brage field and two other assets represents a significant step in OKEA’s growth strategy, like the acquisition of the Draugen field in 2018. It will not only add over 7,000 barrels of oil equivalent per day (BOEPD) of production capacity and bring OKEA’s total production to 25,000 – 27,000 BOEPD in 2023 – 2024 but will also increase OKEA’s reserves by 30 – 40%, and further expand its portfolio and strengthen the company's position as a leading mid- to-late-life operator on the Norwegian Continental Shelf (NCS).

Moreover, 140 competent and highly experienced offshore and onshore employees from Wintershell Dea will be transferred to OKEA, doubling the number of OKEA employees.

“The acquisition of the operatorship of the Brage field reiterates OKEA’s ambitious growth strategy and reflects Bangchak Group’s focus in balancing the energy trilemma; energy security with energy affordability, and environmental sustainability” Chaiwat concluded.