Bud's Offshore Energy (BOE)

Norway’s Improved Recovery Award recognizes companies that apply new methods and technology to increase oil and gas recovery on the Norwegian Continental Shelf. This year’s winner is Okea, an operator of mid- and late-life assets. Okea seeks to extend field life, explore for new resources, and unlock value from existing infrastructure.

Okea is using geosteering technology and real-time data integration to drill and target record length horizontal wells. As a result, the production of marginal resources has become profitable. Their systematic exploration has also increased oil and gas reserves for both Brage and Draugen. The estimated life of these platforms has thus been extended to 2040.

The Brage field in the North Sea was discovered in 1980, and production began in 1993. The Draugen field in the Norwegian Sea was discovered in 1984, and started production in 1993. Impressively, the expected recovery rate has increased from 67.3 percent in 2019 to 72.6 percent in 2026.

This is an excellent awards concept that should be considered for US offshore operations, where companies in the Gulf, Pacific, and the Beaufort Sea/Cook Inlet are making special efforts to increase ultimate recovery from mature fields.