Private equity-backed Okea is looking to extend the life of the mature Draugen field off Norway for more than another two decades after sealing an asset purchase deal with Shell worth more than $550 million.
The Norwegian company, backed by funds from Seacrest Capital Group, has taken over the Anglo-Dutch supermajor’s entire 44.56% operated stake in the field, as well as Shell’s 12% non-operated interest in Neptune Energy-operated Gjoa, also off Norway.
