Norway: Noreco Reports August Production of 3.995 BOEPD

Norwegian Energy Company ASA (Noreco) in August 2011 produced 3,995 barrels of oil equivalents (boe) per day. Net realized oil price was USD 110 per boe after adjustments for oil put options, inventory, NGL and gas prices.

Production per field (boe):

Nini East – 2.287

Nini – 950

Cecilie – 354

Lulita – 338

Enoch – 66

The produced oil from Nini East, Nini and Cecilie is currently being stored directly on tankers pending repair of a riser at the Siri platform. This is causing some reduction in production regularity from these fields.

Noreco in July entered an agreement to sell its share of the Siri field to DONG Energy with economic effect from 1 July 2011. In August, the company entered an agreement to sell its share of the South Arne field to Hess with valuation date 1 January 2011. Production from these fields is therefore no longer included in the monthly production report.

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

*The Siri area is located on the Danish Continental Shelf close to the Norwegian Border, roughly 155 miles (250 kilometers) northwest of Esbjerg on the west coast of Denmark.

Source:Noreco ,September 6, 2011; Image:Dong Energy

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