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MarketScreener Homepage  >  Equities  >  STOCK EXCHANGE OF THAILAND  >  Bangchak Corporation PCL    BCP   TH0420010Y01

BANGCHAK CORPORATION PCL

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Okea sees foreign oil majors leaving Norway's offshore in a decade

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06/18/2019 | 07:00am EDT
Norwegian oil firm Okea CEO Haugane poses for a picture at the stock exchange in Oslo

OSLO (Reuters) - Norwegian oil firm Okea predicts all oil majors, except Norway's Equinor, will leave the Norwegian continental shelf in 10 years, opening up opportunities for smaller, independent firms, its chief executive said on Tuesday.

The British and Norwegian sections of the North Sea, where production started in the 1960s and 1970s, have seen an exodus of oil majors as some fields mature or dry up and as they focus on larger offshore developments elsewhere.

In Norway, ExxonMobil, Chevron and BP have sold their offshore assets, while Total and Shell have divested part of their holdings. ConocoPhillips still operates Ekofisk.

Okea, whose co-founders include former Norwegian oil and energy minister Ola Borten Moe, acquired Shell's stakes and operatorship in Norway's Draugen and Gjoea fields for 4.5 billion Norwegian crowns ($514.7 million) last year. Shell operates Ormen Lange, Norway's second-largest gas field.

"I don't think we will have any majors on the Norwegian continental shelf in 10 years. Equinor will be the only one left because of the state's ownership," Okea co-founder and CEO Erik Haugane told Reuters.

He spoke as the company, majority owned by Thailand's Bangchak Corporation and private equity firm Seacrest Capital, started trading on the Oslo bourse after raising 315 million crowns in an initial public offering.

Its shares opened slightly below the IPO price of 21 crowns, and were trading at 20.6 crowns per share by 0830 GMT. Brokerage Pareto Securities has the right to buy up to 2.25 million shares to support the price until July 17.

Haugane said Okea was set to focus on developing smaller fields with resources of up to 100 million barrels, which are ignored by major companies.

"Most of Norwegian oil production is predicted to come from such fields in the future, but large firms have less interest in developing those, and that's where we can have a significant contribution," he said.

"If someone can make money on a shop or a garage by being a small entrepreneur, so can we, as we have much lower management costs and can make decisions faster," he added.

Okea is a partner in Repsol's Yme field re-development, which has recoverable oil reserves of 65 million barrels, with production scheduled to start in the second quarter of 2020.

The company expects its production to rise to 30,000 barrels of oil equivalent per day (boepd) in 2023 from around 20,000 boepd in 2019, as Yme comes on line.

($1 = 8.7435 Norwegian crowns)

(Reporting by Nerijus Adomaitis, editing by Emelia Sithole-Matarise)

By Nerijus Adomaitis

Stocks mentioned in the article
ChangeLast1st jan.
BANGCHAK CORPORATION PCL End-of-day quote.
BP PLC -0.52% 524.4 Delayed Quote.6.32%
CHEVRON CORPORATION 0.41% 125.82 Delayed Quote.15.65%
CONOCOPHILLIPS -0.26% 60.28 Delayed Quote.-3.32%
EQUINOR ASA 0.06% 165 Delayed Quote.-10.15%
EXXON MOBIL CORPORATION 0.40% 75.37 Delayed Quote.10.09%
LONDON BRENT OIL -0.14% 64.04 Delayed Quote.15.49%
REPSOL 1.39% 13.48 End-of-day quote.-4.26%
TOTAL -1.18% 48.285 Real-time Quote.5.80%
WTI 0.07% 57.09 Delayed Quote.22.73%
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Financials (THB)
Sales 2019 199 B
EBIT 2019 5 886 M
Net income 2019 3 614 M
Debt 2019 39 125 M
Yield 2019 4,29%
P/E ratio 2019 11,1x
P/E ratio 2020 8,40x
EV / Sales2019 0,41x
EV / Sales2020 0,40x
Capitalization 42 685 M
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 33,80  THB
Last Close Price 31,00  THB
Spread / Highest target 45,2%
Spread / Average Target 9,03%
Spread / Lowest Target -19,4%
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Chaiwat Kovavisarach President, CEO & Non-Executive Director
Pichai Chunhavajira Chairman
Pongchai Chaichirawiwat Chief Operating Officer & SVP-Refinery Business
Surachai Kositsareewong Senior Executive VP-Accounting & Finance
Surin Chiravisit Vice Chairman
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