The transfer of the licenses from AS Norske Shell to OKEA has been approved by the Norwegian authorities. The licenses associate with the Draugen field in the Norwegian Sea and the Gjøa field in the North Sea.

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The Ministry of Petroleum has also approved OKEA as the new operator for the Draugen field. The transaction between AS Norske Shell and OKEA AS is expected to close on 30th November.

On June, Royal Dutch Shell, through its affiliate A/S Norske Shell, reported that had agreed with OKEA to sell its 44.56% interest in Draugen and 12.00% interest in Gjøa in Norway for $556 million.

The decommissioning costs will be at around $120 million with Shell keeping 80% of this liability and OKEA assuming the rest of the liability.

Draugen staff onshore and offshore will transfer to OKEA.