The Mærsk Inspirer Jack-up production and drilling facility and a wellhead module at the Yme field site in the North Sea, offshore Norway – Image credit: Repsol via NPD (file photo)
Norwegian oil company Okea expects its revenue to roughly triple in the third quarter of 2021 due to higher oil and gas prices, the firm said Wednesday, adding that it sees additional boost from the impending start-up of a new field.
Overall operating income was expected to rise to around 1 billion NOK ($ 115.71 million) in the July-September period from 321 million in the same period in 2020, Okea said.
The North Sea oil price fell sharply last year when 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 and production is expected to begin “in the second half of 2021,” the company said.
“The startup of Yme shortly will further strengthen Okea’s production and cash flow, providing a solid platform for further growth and expansion,” Chief Executive Officer Svein Liknes said in a statement.
Bangchak Corporation of Thailand is Okea’s largest shareholder with a 46.1% stake.
($ 1 = 8.6426 NOK)
(Reporting by Terje Solsvik; Editing by Jacqueline Wong and Uttaresh.V)