Noreco: Huntington production declines in June
Net production for the Norwegian Energy Company ASA (Noreco) group in June 2015 is estimated at 4 320 barrels of oil equivalents (boe) per day. Huntington oil field located in the UK North Sea has seen a production decline when compared to figures produced in May.
The company noted that net realised price in June was $54.5 per boe ($60.6 per barrel of oil) after adjustments for inventory, NGL and gas prices.
For the second quarter 2015 production was 4 894 (3 236 in Q1) boepd at an average net realised price of $55.6 per boe ($60.7 per barrel of oil), the company said.
According to Noreco, production per field in June 2015 (May 2015 in brackets) was as follows:
– Huntington – 3 559 (4 419) boepd;
– Oselvar – 444 (380) boepd;
– Lulita – 317 (246) boepd;
Total – 4 320 (5 046) boepd
The gas transportation agreement for Huntington has been amended and Noreco expects it to deliver an improvement in certainty of gas export volumes from the field for the remainder of the CATS summer maintenance slowdown period and on a longer term basis.
The Huntington field is Noreco’s most valuable producing asset, which alone constitutes more than 50 per cent of the company’s total production capacity. The Huntington field is located in the central part of the UK North Sea and E.ON Exploration & Production acts as the operator.
Oselvar and Lulita
The company announced that from mid-July 2015 a three-to-four week shut-down is expected at Oselvar, located in the Southern North Sea, due to planned maintenance at the Ula field.
Noreco noted that the reported Oselvar and Lulita figures are with the working interests before any transactions.
The Oselvar field has been sold with effect from January 1, 2015, but Noreco will continue to report Oselvar production and revenue until completion of this transaction.
As for Lulita field, located in the in the Danish part of the North Sea, Noreco has earlier agreed to transfer an 18.2 per cent of its working interest to the other partners in the licence with effect from April 14, 2015.