New Norwegian Oil Firm OKEA Secures Funding

New oil and gas firm OKEA has secured the support of investment company Seacrest Capital Group, which will invest up to $200 million in OKEA, it announced Wednesday.

OKEA, which is led by industry veteran Eirk Haugane and former Norwegian Energy Minister Ola Borten Moe, aims to "unlock value" in conventional oil and gas discoveries by bringing them into production in a timely and cost-effective manner.

OKEA CEO Erik Haugane commented in a company statement:

"We are delighted to be partnering with investors of the caliber 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."