OKEA to Acquire Repsol's 60% Stake in Norwegian Yme Field

Seacrest Capital Group-backed energy company OKEA AS has agreed to acquire Repsol Norge AS’ 60 percent share in PL 316/316B, which includes the Yme Field offshore Norway.

Under the sale and purchase agreement, OKEA will acquire Repsol’s 60 percent share in the Yme field following the removal of the Yme Mobile Offshore Production Unit and subject to OKEA submitting and obtaining the Norwegian authorities’ approval of an updated Plan for Development and Operation (PDO) for the Yme field.

OKEA announced in September last year that it had secured the support of investment company Seacrest Capital Group, which stated that it will invest up to $200 million in OKEA. The transaction with Repsol represents OKEA’s first position on the Norwegian Continental Shelf.

OKEA CEO Erik Haugane commented in a company statement:

“We think Yme has a potential to produce significant values for the owners and society, and we are very happy to get the opportunity to work together with Repsol and license partners to unlock these resources.”