Search results for: Noreco

242 results

A list of search results

  • 23 December 2011
    Business & Finance

    Norwegian Energy Company (Noreco) has 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 this year. The agreement involves Noreco’s 50 percent interest in license 6/95 in Denmark, and the price is USD 13 million with effective […]

  • 23 March 2015
    Business & Finance, Project & Tenders

    Norwegian Energy Company’s (Noreco) Danish subsidiary was in January prevented from making payments for its share of production costs at the Nini field, located in the Danish part of the North Sea, and it was consequently in breach of the licence agreement. As this situation was not remedied as of March 21, 2015, the other […]

  • 11 January 2016

    Norwegian oil company Noreco is exiting an offshore licence that contains the Huntington oil field, located in the UK North Sea.  To remind, in November 2015, Noreco was served a notice of default under the Joint Operating Agreement (JOA) governing the Huntington licence. The default related to non-payment of a cash call under the JOA, and implied […]

  • 2 March 2016

    Noreco’s subsidiary, Noreco Norway, has entered into a sale and purchase agreement with Det norske oljeselskap for the sale of its remaining exploration licences, employees and a cash balance of ca. NOK 45 million, to be adjusted for working capital. The effective date of the transaction is January 1, 2016. According to Det norske, the […]

  • 19 December 2016
    Business & Finance, Project & Tenders

    Norwegian oil company Noreco will transfer its ownership in the Huntington oil field in the North Sea to Premier Oil. The company said Monday its subsidiary Noreco Oil UK entered into an agreement to transfer its 20% participating interest in the Huntington license with all rights and obligations to Premier Oil E&P UK Limited. “The […]

  • 25 July 2011
    Business & Finance

    Norwegian Energy Company (Noreco) has entered into an agreement to sell its interests in the Siri field in Denmark to DONG Energy. 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, […]

  • 2 July 2015
    Business & Finance

    Norwegian Energy Company ASA has reached an agreement with its joint venture partners in Denmark with respect to its forfeited licences and related abandonment liabilities. Namely, Noreco has terminated its joint venture and its participation in the Nini and Cecile oilfields (the Licences), located in the Danish part of the North Sea. According to provisions […]

  • 31 August 2011
    Business & Finance

    DONG Energy advised in a company announcement on 25 July 2011 that the company had made an agreement with Noreco for DONG Energy to acquire Noreco’s interest in the Siri field in the Danish North Sea. As stated in the announcement, Noreco had the right to sell its interest or a part of it to […]

  • 28 November 2013

    Norwegian Energy Company ASA (Noreco) today presents its third quarter 2013 report, with a negative EBITDA of NOK 284 million and a net loss of NOK 569 million for the period. The results for the quarter were marked by a number of significant one-off write-offs and write-downs related to exploration, discoveries and fields. A significant […]

  • 3 February 2016

    Norwegian oil company Noreco will not be selling its Norwegian petroleum activities to Djerv Energy, at least not for now. To remind, the company in December said its subsidiary Noreco Norway would sell its exploration licence interests, organisation and management systems, and thus cease its petroleum acitivities in Norway. However, the deal needed an approval by Noreco’s […]

  • 22 August 2011
    Business & Finance, Operations & Maintenance

    Norwegian Energy Company ASA (Noreco) today held an extraordinary general meeting. The Nomination Committee’s proposal for new board members was unanimously approved. After this, Noreco’s board of directors consists of the following members elected by the shareholders: Ståle Kyllingstad, chairperson Hilde Drønen (re-elected) Shona Grant Mona Iren Kolnes Eimund Nygaard Arnstein Wigestrand (re-elected) [mappress] Source: […]

  • 19 December 2013
    Business & Finance

    Norwegian Energy Company (UK) Ltd, a fully owned subsidiary of Norwegian Energy Company ASA, has entered into an agreement to sell 35 percent of UK license P2032 (Valleys) to Total E&P UK. After this transaction, Noreco will keep a 15 per cent interest in the license.   According to the agreement, Total will compensate Noreco by carrying Noreco’s share of […]

  • 5 January 2012

    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 […]

  • 26 November 2012
    Business & Finance

    Noreco UK Ltd, a fully owned subsidiary of Norwegian Energy Company ASA, has entered into an agreement to sell 11.9 percent of UK licence P1666, where the Romeo exploration well is currently being drilled, to Total. After this transaction, Noreco will keep a 10 percent interest in the licence. The consideration consists of GBP 2.4 […]

  • 2 November 2015

    Norwegian oil company Noreco might lose its stake in the Huntington offshore oil field. The company has been served a notice of default under the Joint Operating Agreement (JOA) governing the Huntington licence in the UK North Sea. The default relates to non-payment of a cash call under the JOA, and implies that Noreco will no […]

  • 11 August 2011
    Business & Finance

      Norwegian Energy Company ASA (Noreco) has entered an agreement to sell its interests in the South Arne oil field in Denmark to Hess Denmark ApS for a consideration of USD 200 million. Noreco expects to record a profit of approximately USD 50 million after tax from the transaction. “An important part of Noreco’s strategy […]

  • 31 March 2011
    Business & Finance

      Norwegian Energy Company (Noreco) has appointed Ellen Sandra Bratland as new Chief Operating Officer. Bratland has been working for Noreco since 2008 and comes from the position as Asset Manager for Noreco’s field developments in Norway and UK. Bratland holds a M.Sc. degree in Chemical Engineering from the Norwegian University of Science and Technology, […]

  • 22 January 2014
    Business & Finance

    Noreco has been awarded five new licences in the 2013 Awards in Predefined Areas (APA) in Norway. In two of these, Noreco has been offered operatorship. “We are satisfied with this result and see this as recognition of our efforts to develop applications of high quality. We are also pleased that the Government has demonstrated […]

  • 13 August 2015
    Business & Finance

    Noreco, an independent Norwegian oil company with focus on the North Sea region, has informed that their Chief Executive Officer (CFO) Odd Arne Slettebø, has handed in his resignation. According to the company, Slettebø, who has been the CFO of Noreco since November 2014, is going to leave the company on October 31, when his […]

  • 24 December 2010
    Business & Finance

      Norwegian Energy Compan ASA : Chief Financial Officer (CFO) Jan Nagell has resigned his position in Noreco, and will step down by 1 February 2011. The company has appointed Erik Borg as acting CFO from the same date. Erik Borg (52) has been Finance Manager for Noreco’s operations in Denmark since 2002. He holds […]

  • 21 May 2020
    Business & Finance, Business developments & projects

    Oil and gas company Noreco has appointed David B. Cook as the new Chief Executive Officer with effect from 1 July 2020.

  • 30 March 2011
    Business & Finance

      Norwegian Energy Company (Noreco) has chosen to terminate the agreement to sell Noreco’s interests in the Oselvar and Enoch fields to Marubeni Corporation (Marubeni). The agreement with Marubeni was entered into in September 2010. On 3 March 2011 it was announced that the buyer had not yet fulfilled the requirements applicable to a licensee […]