OKEA : ESG Report 2020

About this report

This report on environment, social and gov- ernment (ESG) matters reflects OKEA ASA's (OKEA) commitment to sustainability in our activities. OKEA considers disclosure as a foun-dation for engagement and support efforts to drive consistency and comparability of sustain-ability performance data and is committed to continually monitor, assess and communicate impacts and benefits of our business activities.

The report also covers several reporting require- ments as required by law, including:

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The Norwegian accounting act section 3-3a ninth and tenth paragraph

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The Norwegian accounting act section 3-3c

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The Norwegian act on equal treatment and non-discrimination section 26a

This report presents material ESG topics includ-ing key performance metrics. OKEA's annual financial report for 2020 provides information about financial performance and our business.

For more information about our disclosures on reporting standards and reporting requirements, reference is made to the appendix on page 62 - 67

Performance data presented in this report relates to the period from 1 January to 31 December 2020, unless otherwise stated. Where possible and appropriate historical trend data have been included. Certain key targets and ambitions for our planned 2021 work within ESG matters have also been included.

Reporting frameworks

We use several reporting frameworks to identify and report on material ESG topics, including:

Reporting boundaries

Defining consistent boundaries for sustainability reporting is challenging due to the complexity of ownership and operational arrangements, such as joint operating agreements. We strive to be consistent and transparent about variations in boundaries and provide a complete report in line with industry practice. Disclosures are reported on a 100% basis for our operated assets unless otherwise stated.

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Global Reporting Initiative Standards (GRI) in accordance with core standards Task Force on Climate-Related Financial Disclosure (TCFD) recommendations United Nations Sustainable Development Goals

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Euronext guidelines to issuers for ESG reporting

Table of contents
About this report	3
Company profile	6 -7
Letter from CEO	8 - 9
ESG Strategy	10 - 19
Ethics & Integrity	20 - 23
Governance	24 - 33
Stakeholder engagement	27 -28
Tax	27 -28
Climate resilience and transition risk	28- 33
Environmental impact	34 - 45
Emissions	36 -37
Water and effluents	38
Biodiversity	39
Energy	40
Waste	40
Authority audits and environmental compliance	41 -45
Social impact	46 - 61
Labour/Management Relations	46 - 47
Occupational health and safety	48 - 51
Training and education	52 - 53
Diversity and equal opportunity, anti-discrimination	53 - 58
Pension	59
Local community commitment	59
Research and development (R&D)	60
Sponsorships	61
Disclosures	62-67
Appendix: TCFD INDEX	Separate document
Appendix: GRI INDEX	Separate document

OKEA is a fast-growing oil and gas producer operating on the Norwegian continental shelf (NCS) aiming to bring undeveloped discover-ies with less than 100 mmboe in reserves to production. OKEA is a trusted partner on local, regional and national level with an ambition to create value for owners, employees and soci-ety as a whole. Our vision is to be the leading company on the NCS in terms of delivering safe and cost-effective field developments and operational excellence for smaller fields and late-life assets.

Company profile

The company has a strong asset portfolio includ- ing the operated Draugen field, as well as non-operated positions in Gjøa, Ivar Aasen and Yme.

Jointly, this portfolio currently produces more than 16,000 barrels of oil equivalent per day and provides a strong cashflow to the company. In addition, OKEA has 18 exploration licences with several discoveries being evaluated for develop- ment, including Grevling, Vette and Aurora, as well as a number of exploration prospects which are currently being evaluated for possible future drilling.

OKEA has its head office in Trondheim, with a major operation centre in Kristiansund and rep- resentative offices in Stavanger and Oslo. At the end of 2020, OKEA had a total of 207 employees. There have been no significant changes to or-ganisation's size, structure, ownership, or supply chain in the reporting period.

OKEA purchased goods and services such as engineering, equipment, drilling and well services, rig hire and marine services for its operated and corporate activities for approxi- mately NOK 1.2 billion in 2020, mostly from ven-dors located in Norway.

As of the date of this report, OKEA ASA is owned by BCPR PTE. LTD. (46.32%), OKEA Holding Ltd. (19.17%) and other shareholders ( 34.51%). OKEA is listed on the Oslo Stock Exchange under the ticker "OKEA".

OKEA is a member of the Norwegian Oil and GasAssociation (NOROG).

Read more about OKEA in the 2020 annual re- port available onwww.okea.no/investor