Norway: Noreco Announces September 2010 O&G Production Results

Norwegian Energy Company ASA  Noreco’s oil and gas production in September 2010 was 8,800 barrels of oil equivalents (boe) per day. Net realized oil price was USD 77 per boe after adjustments for oil put options, inventory and NGL and gas prices.

Total production from the Siri area in September was 14,850 boe/day (5,325 boe/day net to Noreco). Repairs are underway for the SCB-1 production well, which has been shut in since April, and which is expected to come back on stream during October. The planned gas compressor upgrade on the Siri platform is now scheduled for January (previously December).

Brage produced on average around 15,000 boe/day (1,900 net) in September. The field’s gas production has been reduced since August due to compressor problems. Production was shut down from 22 September to 3 October while the compressor was revamped.

South Arne production was 16,600 boe/day (1,100 net). The two new production wells are now being completed, and both are expected to be brought on stream during the fourth quarter.

Net production to Noreco from the Enoch and Lulita fields was 125 and 350 boe/day respectively.

Production volumes and prices are preliminary and subject to adjustments, including final allocations between fields, quality adjustments and prices.

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Source:Noreco ,October 5, 2010,