Norwegian Oil and Gas Firm Enlists AGR for Independent Reserves Assessment

(Credit: OKEA)

AGR has been awarded a frame agreement to deliver annual independent reserves evaluation and competent person report to Oslo-listed OKEA, a mid- and late-life operator on the Norwegian continental shelf (NCS).

Under the frame agreement, AGR will provide a certification of OKEA’s mandatory annual statement of reserves and resources.

The scope covers all operated, partner-operated, and under development assets. The agreement is valid for four years and includes options to extend it with two years at a time.

AGR’s reserves valuation team applies proven reserves and resources evaluation methodologies and internationally accepted industry standards to estimate current and future oil and gas production volumes. They also analyze associated uncertainties, fiscal frameworks, and environmental conditions.

“This frame agreement with OKEA underlines our reputation for delivering independent reserves assessments which are crucial in strategic development in energy companies asset portfolio. Our multi-disciplinary approach ensures that all technical and commercial aspects of the reserves and resources are fully considered within the audit and conveyed to the client,” said Svein Sollund, CEO of AGR.

AGR is part of Oslo-listed energy and marine consultancy group ABL Group.