OKEA ASA – Yme New Development project update
Thursday 8 October 2020
Today, the Government published the Proposed National Budget which includes an updated investment estimate for the Repsol-operated Yme New Development project. OKEA ASA (“OKEA” or the “Company”) has previously provided market updates on the status of the project, including a revision of the estimated production start-up to 2021.
A significant part of the increased capex estimate since the PDO was reflected in the Company’s previous capex guiding. However, as a consequence of the recent updates, OKEA increases the full year capex guiding for 2020 by NOK 100 million to NOK 1,000 - 1,100 million.