Norway: Harsh Weather Hampers Noreco’s December Production

Norwegian Energy Company (Noreco) in December 2011 produced 2,204 barrels of oil equivalents (boe) per day. Net realised oil price was USD 98 per boe after adjustments for oil put options, inventory, NGL and gas prices.

Production was negatively impacted by the harsh weather conditions in the North Sea, prompting periods of shutdown of the Siri platform for safety reasons.

Noreco in December 2011 completed the sale of its interests in the Siri field in the Danish North Sea to DONG Energy.  The agreement to sell Siri was announced in July 2011. The agreement involves Noreco’s 50 percent interest in license 6/95 in Denmark, and the price is USD 13 million with effective date 1 July 2011. Noreco’s ownership in Siri’s satellite fields Nini East, Nini and Cecilie remains unchanged and unaffected.

Production per field (boe):

Nini East – 1,226

Nini – 465

Cecilie – 203

Lulita – 205

Enoch – 104

[mappress]
Offshore Energy Today Staff, January 5, 2012; Image: Dong Energy