Norway’s AGR to Provide Independent Reserves Evaluation to OKEA

Norway’s AGR, a part of the energy and marine consultancy ABL Group, has been awarded a contract to deliver annual independent reserves evaluation and a competent person report (CPR) to OKEA, a fellow oil and gas company based in Norway.

The agreement with OKEA, valid for four years with options for extension, will involve AGR certifying OKEA’s mandatory annual statement of reserves and resources on the Norwegian Continental Shelf (NCS).

AGR, as an affiliate of ABL Group, will cover all operated, partner-operated, and under development assets in its evaluation. The company’s reserves valuation team will utilize industry-standard methodologies to estimate current and future oil and gas production volumes, taking into account uncertainties, fiscal frameworks, and environmental factors.

Svein Sollund, CEO of AGR, expressed his satisfaction with the agreement, stating: “This frame agreement with OKEA highlights our expertise in delivering independent reserves assessments that play a vital role in the strategic development of energy companies’ asset portfolios.”

He further added, “Our comprehensive approach ensures that both technical and commercial aspects of reserves and resources are thoroughly considered in the audit and communicated effectively to the client.”

Earlier this year, AGR conducted a technical peer review of two carbon storage licenses in the Norwegian North Sea. Meanwhile, OKEA has been actively engaging in strategic partnerships, including acquiring interests in prospects in the Norwegian North Sea and exchanging stakes with other companies like DNO.