Seacrest Announces Investment in OKEA AS, a New Norway Focused Development and Production Company
Seacrest to back experienced management team led by Ola Borten Moe,
former Norway Minister for Petroleum and Energy and Erik Haugane, Former
CEO of Det norske oljeselskap
Global investment firm Seacrest Capital Group (“Seacrest”) today
announced that they have partnered with OKEA AS, a new oil and gas
development and production company that is headquartered in Trondheim,
Norway. OKEA will focus on developing discovered oil and gas fields on
the Norwegian continental shelf to create a material development and
production focussed Norwegian oil and gas company. Seacrest will
initially invest up to $200m in OKEA.
OKEA is led by Erik Haugane, an industry veteran, who has more than 30
years’ experience in the sector, and Ola Borten Moe, the former Norway
Minister for Petroleum and Energy. OKEA’s management team also includes
Anton Tronstad and Knut Evensen, who have a long history of working with
Erik at Det norske oljeselskap, which was co-founded by Erik and Anton.
At Det norske Anton held the position of SVP, Drilling while Knut was
VP, Business Development and Interim CFO. Erik and his team will work
alongside Seacrest to identify large scale investment opportunities in
the Norwegian Continental Shelf area.
OKEA’s strategy is to unlock the value of conventional oil and gas
discoveries by applying innovative partnerships, dynamic strategies and
cost effective development solutions to bring existing discoveries into
production in a timely, cost-effective and low-risk manner.
Henrik Schroder, Partner, Seacrest Capital Group and Chairman, OKEA
“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 are excited to partner with the OKEA team, who combine operational
and technical experience with a history of innovation to create value
for all stakeholders. Erik has assembled a world-class team representing
the breadth of expertise and experience required to fulfil OKEA’s
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:
“We are delighted to be partnering with investors of the calibre and
experience of Seacrest Capital Group. We look forward to working with
them to establish a major new development and production company in this
prolific petroleum producing region.
We have a highly experienced, committed and skilled team with the
ability to deliver our investment strategy. Seacrest’s focus, resources
and long-term commitment is a perfect fit to enable OKEA to become a
major Norwegian oil and gas company.”
“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.”
Notes to Editors:
About Seacrest Capital Group
Seacrest Capital Group is a leading independent energy investor
specialising in offshore oil and gas investments, leveraging its
proprietary assets, relationships and operational and technical
capabilities to build a diversified, global portfolio of regionally
focussed oil and gas companies. Since 2010, Seacrest has invested in a
number of successful oil and gas companies in the United Kingdom,
Norway, West Africa, Ireland, South East Asia and South America.
Seacrest’s investors comprise a range of blue-chip institutions
including endowment funds, foundations, pension plans, fund of funds,
international corporations and family offices. For more information
please contact email@example.com
About OKEA AS
OKEA AS is a hydrocarbon development company focused on the Norwegian
Continental Shelf. The Company was founded in 2015 by Erik Haugane, Ola
Borten Moe, Anton Tronstad and Knut Evensen. OKEA aims to unlock the
value of conventional oil and gas discoveries by applying innovative
partnerships, dynamic strategies and cost effective development
solutions to bring existing discoveries into production in a safe,
timely, cost-effective and low-risk manner.
OKEA Management Biographies
Erik Haugane, CEO. Cand. Real. Geologist. Previously, Erik was
the founder of Pertra (founded 2001) and co-founder of Det norske
oljeselskap (founded 2005). He has been awarded the Norwegian Petroleum
Society’s honorary award, and appointed Oil Man of the Year for his
achievements in the Norwegian oil industry. In 2001 Pertra acquired the
Varg field from Norsk Hydro in return for assuming the abandonment
liabilities. Pertra redeveloped the Varg field by using innovative
seismic technology to better understand the reservoir and by applying
new business models and service company engagements. This enabled Pertra
to cost effectively double the Varg field’s production rates. Varg is
still producing today, 13 years after scheduled abandonment. Haugane and
Tronstad worked closely in the management of Pertra. Following the sale
of Pertra, Haugane, together with Tronstad and others started Det norske
oljeselskap. Det norske oljeselskap’s greatest success became their
participating interest in the giant Johan Sverdrup field. Erik pioneered
several business concepts on the Norwegian Continental Shelf, including
production tariffs for service companies, drilling services as
outsourced operations, bundling of service contracts, joint operator
emergency centre initiative etc.
Ola Borten Moe, Chief Commercial Officer (CCO). Previously
Minister of Petroleum and Energy (MPE) in Norway, Member of Parliament
for 8 years and previously SVP in Siva SF. He has been awarded the
Norwegian Petroleum Society’s honorary award, and appointed Oil Man of
the Year for his achievements in the Norwegian oil industry.
Knut Evensen, CFO. M. Ec. Analysist in Pareto and Danske Market,
journalist in Upstream, VP Business Development in Det norske
oljeselskap, acting CFO in Det norske oljeselskap.
Anton Tronstad, COO. M.Sc. from NTNU. Thirty years’ experience in
field development and operations in Kværner and Statoil. SVP Drilling in
Pertra. Co-founder and SVP of Drilling in the Det norske oljeselskap.
Dag Eggan, SVP HSE. M.SC. NTNU. VP HSE Ocean Rig, VP HSE Sevan
Drilling, QRM Manager Statoil.
Espen Myhra, VP Business Development. M. EC. Head Exploration
Section, MPE. Energy Councilor, the Norwegian Embassy in Washington.
Assistant Director General, Section for Gas and Infrastructure, MPE.
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