Noreco: Bad Weather Continues to Hamper Production (Norway)

Norwegian Energy Company (Noreco) in January 2012 produced 1,653 barrels of oil equivalents (boe) per day. Net realized oil price was USD 99 per boe after adjustments for oil put options, inventory, NGL and gas prices.

Production continued to be negatively impacted by weather conditions in the North Sea, resulting in periods of shutdown of the Siri platform for safety reasons.

Noreco has recently been awarded eight new licences in the 2011 Awards in Predefined Areas (APA) in Norway.

 “We are very pleased with these awards, which demonstrate the strong competence in the Noreco team,” says Lars Fosvold, Vice President Exploration. “Noreco is one of the most active explorers in Norway, and these awards add exciting new exploration opportunities to our portfolio”.

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Offshore Energy Today Staff, February 3, 2012; Image: DONG Energy