OKEA ASA, Bangchak Group's upstream flagship in Norway, has received the 2026 Improved Recovery Award from the Norwegian Offshore Directorate in recognition of its innovative work to improve oil recovery from the Draugen and Brage fields on the Norwegian Continental Shelf.
Mr. Svein Jakob Liknes, Chief Executive Officer of OKEA, accepted the award on behalf of the company from Mr. Torgeir Stordal, Director General of the Norwegian Offshore Directorate, during ONS 2026 on
26 August.
OKEA assumed operatorship of Draugen in 2018 and Brage in 2022. Since then, the company has systematically revitalized both fields through geosteering technology, real-time data integration, record-length horizontal wells and targeted near-field exploration.
These efforts have increased reserves and resources, raised production and extended the estimated operating lives of both fields to 2040. At Draugen, the expected recovery rate increased from 67.3% in 2019 to 72.6% in 2026. OKEA's drilling strategy has also generated valuable subsurface knowledge, leading to new discoveries and making previously marginal resources commercially viable.
The Improved Recovery Award recognizes companies, production licenses, projects or individuals whose technologies, working methods and determination create additional value through improved oil and gas recovery on the Norwegian Continental Shelf. OKEA was selected from 17 nominations for the 2026 award.
Bangchak Group became an investor in OKEA in 2018 and, through BCPR Co., Ltd., currently holds a 45.58% stake, making it OKEA's largest shareholder. Listed on the Oslo Stock Exchange, OKEA specializes in operating mid- and late-life oil and gas fields and creating additional value from established assets and infrastructure.
The award reinforces OKEA's role as a key pillar of Bangchak Group's Natural Resources Business Group and reflects the Group's strategy of strengthening energy security and resiliency through efficient resource management, operating expertise and focused investment.