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Norway’s Okea flags jump in revenue as oil, gas prices rise

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OSLO, Sept 15 (Reuters) – Norwegian oil company Okea expects its revenue to roughly triple in the third quarter of 2021 on higher oil and gas prices, the firm said on Wednesday, adding that it sees a an additional boost from the imminent startup of a new field.

Overall operational income was expected to rise to around 1 billion Norwegian crowns ($115.71 million) in the July-September period from 321 million in the same period of 2020, Okea said.

The price of North Sea petroleum fell sharply last year as the COVID-19 pandemic hit demand, but has since recovered amid a recovery in global economic growth.

The Yme New Development oil project, where Okea owns a 15% stake, is currently in the final phase of development with expected production start “in the second half of 2021”, the company said.

“The start-up of Yme shortly will further strengthen Okea’s production and cash flow, providing a strong platform for further growth and expansion,” Chief Executive Officer Svein Liknes said in a statement.

Thailand’s Bangchak Corporation is Okea’s biggest shareholder with a 46.1% stake. ($1 = 8.6426 Norwegian crowns) (Reporting by Terje Solsvik; Editing by Jacqueline Wong and Uttaresh.V)


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