•This presentation contains forward looking information
•Forward looking information is based on management assumptions and analysis
•Actual experience may differ, and those differences may be material
•Forward looking information is subject to significant uncertainties and risks as they relate to events and/or circumstances in the future
•This presentation must be read in conjunction with the published financial reports of the company and the disclosures therein
•A full disclaimer is included at the end of this presentation
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OKEA fourth quarter 2022 results
Highlights
Operations
Production of 19,8871 boepd
Continued strong performance from Draugen, Ivar Aasen and Gjøa
Reduced plant availability on Yme and Nova; improvements in 2023 en route
Portfolio
Completion of transaction with Wintershall Dea and transfer of operatorship of Brage completed as scheduled on 1 November
Hasselmus - production start up expected Q4 2023; Electrification of Draugen - FID in December
Four licences awarded in APA 2022; Brasse added to portfolio at zero cost
Financials
Record high net profit after tax of NOK 324 million
Yme impairment of NOK 251 million due to revised phasing of production
Dividend payment in December of 1 NOK/share; 1 NOK/share to be paid in March
1) Daily production from Nova, Ivar Aasen and Brage is based on November and December production divided by 92 days in the quarter. Actual daily production was 21,450 boepd.
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Quarterly key figures
Previous quarter in brackets
Serious Incidents
Frequency
per million work hours
1.5
(1.4)
CO2 emissions
intensity
kg per boe produced
211
Production
boepd
19,8872
(16,064)
Production expense
NOK/boe
258
(253)
Net CF from
operations
NOK million
390
(1,183)
Dividends paid
NOK million
104
(104)
Equity CO2 emissions stated on annualised basis. 21 kg/boe was for 2022.
Daily production from Nova, Ivar Aasen and Brage is based on November and December production divided by 92 days in the quarter. Actual daily production was 21,450 boepd.
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Production volumes and reliability
Production1 (boepd)
20 000
19 887
Yme
1 693
Nova
16 038
16 039
16 064
2 544
Ivar Aasen
14 908
1 322
1 354
Gjøa
15 000
1 345
Brage
8 367
6 478
7 107
6 783
Draugen
10 000
7 353
1 520
5 000
7 231
6 877
7 060
6 338
6 796
0
Q4 21
Q1 22
Q2 22
Q3 22
Q4 22
Production reliability (%) - last 5 quarters
100
99
99
98
99
100 99
100
99 99 99
98
97
97
97
97
97
96
96
95
94
90
87
85
80
Draugen
Brage
Gjøa
Ivar Aasen
1) Daily production from Nova, Ivar Aasen and Brage is based on November and December production divided by 92 days in the quarter. Actual daily production was 21,450 boepd.
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Disclaimer
Okea ASA published this content on 31 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2023 08:49:09 UTC.
Okea ASA is a Norway-based mid-to-late-life operator on the Norwegian continental shelf (NCS). The Company has an asset portfolio including the Draugen field, which is operated by OKEA, as well as non-operated positions. Furthermore, OKEA has activities in projects under development, including the Hasselmus gas discovery and Draugen power from shore, as well as discoveries being evaluated for development and exploration licences with planned and possible wells. As an operator on the NCS, OKEA carries out various activities related to production of hydrocarbons from existing assets, as well as development of new oil and gas fields. These activities take place at multiple locations both offshore and onshore.