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Norways' OKEA to increase stake in Yme field after Repsol summit development plan


Petroleumworld.com 01 19 2017

The Chief Compliance Officer at Norwegian oil firm OKEA, Ola Borten Moe, told Reuters on the sidelines of an industry conference:

* Says Spain's Repsol, the operator of the Yme field in the North Sea, is expected to submit a new development plan for the Yme field to Norwegian authorities this summer. OKEA is a partner in the field

* An earlier attempt at developing the field failed when the platform had to be taken ashore due to cracks found in its legs . The field was then operated by Canada's Talisman

* Moe says Repsol will remain operator of Yme, while OKEA will not seek operatorship, as it had originally planned

* Moe says OKEA will stay as a partner in the license, plans to increase its stake to 55 pct from 10 pct currently, when the development plan is submitted

* "We think that this is a good opportunity. The infrastructure is there, the wells are there," says Moe

* Beyond Yme, Moe says: "We will seek operatorship in other licenses, because our business model requires us to be an operator to make decisions."

* OKEA is a small Norwegian company focusing on developing existing discoveries, not explore for new discoveries

Story by Nerijus Adomaitis, editing by Gwladys Fouche from Reuters.

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