OKEA, the Norwegian oil and gas company in which Thailand’s Bangchak Corporation is a major shareholder, has received Norway’s 2026 Improved Recovery Award for its work on two offshore oil fields.
The award, presented by the Norwegian Offshore Directorate, recognises OKEA’s efforts to increase oil recovery from the Draugen and Brage fields on the Norwegian Continental Shelf. The company received the award during the ONS 2026 energy conference in Stavanger on 26 August.
OKEA has operated the Draugen field since 2018 and took over operatorship of Brage in 2022. Since then, it has used technologies including advanced geosteering, real-time data and long horizontal wells to improve production and find additional resources.
According to the Norwegian Offshore Directorate, the work has increased reserves and resources and extended the estimated operating lives of both fields to 2040. At Draugen, the expected recovery rate has risen from 67.3% in 2019 to 72.6% in 2026.
The Directorate said OKEA’s drilling strategy has also provided new knowledge about the underground reservoirs, helping the company identify discoveries and make previously marginal resources commercially viable.
The Improved Recovery Award is given to companies, projects or individuals that use new technology or working methods to increase oil and gas recovery on the Norwegian Continental Shelf. OKEA was selected from 17 nominations this year.
A Thai-Norwegian energy connection
The award also highlights the growing connection between Thailand and Norway’s energy sectors.
Bangchak Corporation, one of Thailand’s major energy companies, holds its stake in OKEA through its subsidiary BCPR. Bangchak currently says BCPR owns about 45.5% of OKEA, making it the company’s largest shareholder.
Bangchak has expanded its presence in Norway’s oil and gas sector through OKEA in recent years. In 2022, OKEA acquired a 35.2% interest in the Brage field, along with interests in the Ivar Aasen and Nova fields.
The latest award therefore provides another example of a Thai energy company maintaining a significant presence in Norway’s offshore petroleum industry.
