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Huntington

Oil & Gas

Noreco served notice of default on Huntington licence

Noreco said its UK subsidiary has been served a notice of default under the Joint Operating Agreement (JOA) governing the Huntington licence in the UKCS. Earlier this year, as the company looked to restructure itself, Noreco Oil UK had agreed to sell its 20% participating interests in the Huntington licence. The process has since been cancelled as no acceptable offers had been put on the table.

Oil & Gas

Noreco pays debt from sale of licences as it restructures finances

Noreco (Norwegian Energy Company) said the sale of a number of licences has allowed the firm to repay some of its debt and interest. The company has been making moves to strengthen its finances with a restructuring proposal approved earlier this year. In its second quarter results for the year the firm, which has gone through a number of challenges in the past year, said it has made a partial repayment of NOK250million of debt and interest in the NOR10 bond this month.

Oil & Gas

Noreco hit by further field shut-in

Noreco has been hit by another field shut-in after the Lulita field was closed due to technical problems. The company said the duration of the current shutdown is unknown. It comes after a number of stops and starts with the Huntington oilfield off the UK.

Oil & Gas

Full production resumes from Huntington field

Iona Energy said the Huntington oilfield has resumed full production after access to the Central Area Transmission System (CATS) was restored. Last week it was revealed it would soon be starting up fully again. The field had been operating under gas export restrictions since October 2014, which has reduced the rate of oil production from the field.

Oil & Gas

Full production to resume from Huntington

Iona Energy said the Huntington oilfield is set to resume full production once access to the Central Area Transmission System (CATS) has become available. The field has been operating under gas export restrictions since October 2014, which has reduced the rate of oil production from the field. However Iona Energy said it has been informed by the field’s operator E.ON that the CATS operator has confirmed full resumption of normal operations.

Oil & Gas

Noreco agrees transfer ownership of Norwegian asset

Norwegian Energy Company ASA (Noreco) has agreed to transfer its 30% ownership in PL484 to North Energy ASA (North). The transfer of the asset in the Norwegian sea is subject to government approval. A spokesman for the company said an agreement had been created under the condition for Noreco to re-enter the licence with a reduced share of the equity in the future.

Oil & Gas

Gas injection could be used at Huntington field

British power and gas company E.ON is considering the use of gas injection at its Huntington field after restrictions were imposed by the Central Area Transmission System (CATS). In a production update for the month by Norwegian energy company, Noreco, they said production from the field had been reduced “significantly” as a result. The company said in the short-term gas injection was being considered this month.