The Corkman can now look forward to racing in the Irish Formula Sheane Championship this year with all costs covered.
Thirty-one-year-old O'Keefe became the third winner of the competition and follows in the footsteps of Mayo's Sean Hynes and Bray's Timmy Swail, both of whom went on to impress in their first seasons' racing.
The prize is valued at over €15,000 and will provide him with everything he needs to go motor racing.
Included in the prize package is coaching, all testing and entry fees, use of a Formula Sheane race car supplied and maintained by the Sheane Factory in Wicklow, all running costs and a full set of racewear to keep, courtesy of Murray Motorsport.
The new Become a Racing Driver champion won his opportunity by coming out top in a qualifying heat and then beating all-comers in the final, which consisted of a day of assessment, both on and off the track, at Mondello Park.
On his way to winning the prize, O'Keefe underwent assessment in a Racing Saloon with an instructor alongside and in a Formula Sheane single seater, as well as having to undergo a media skills interview.
Speaking shortly after the announcement of the result, O'Keefe said: "I can't believe that against so many other competitive drivers, I'm the one that has been chosen. It's a fantastic opportunity for someone so passionate about motor racing, to get a chance to take up this great sport is just amazing.
"I'm very grateful to Mondello Park, Sheane Cars and Murray Motorsport for the time and financial investment they are putting in to allow me fulfill my dreams. I hope to put in a competitive season and try to match the success of the two previous winners."