Noreco slides to Q1 loss but reports ‘strengthened’ position amid production rise
Norwegian Energy Company (Noreco) reported a pre-tax loss of $17.1 million for Q1 2022, but maintained strong revenues and production at the upper end of its guidance.
Noreco
Tyra II accommodation module sets sail for Denmark
A new accommodation and utility module for Denmark’s Tyra field redevelopment has sailed away from Rosetti’s yard in Ravenna.
Tyra West topsides sail away in Singapore
Three topsides bound for the Tyra West redevelopment in Denmark have sailed away from Sembcorp Marine’s Singapore yard.
Shell completes £1.4bn sale of upstream business in Denmark
Norwegian energy firm Noreco has completed a £1.4billion deal to buy Shell’s assets in the Danish North Sea.
Total pays £750,000 to Jersey over dropped North Sea licence
Total has paid £750,000 to Jersey Oil and Gas over a North Sea licence it dropped in 2015.
Shell to sell Denmark upstream business for £1.4billion
Energy giant Shell has announced an agreement to sell its upstream interests in Denmark for £1.4billion.
Appeal lodged in Noreco’s North Sea Siri claim
Noreco today said it had been informed an appeal had been lodged in relation to its North Sea Siri claim.
Noreco expects $14m pay out from ‘Zidane’ field
Norwegian energy firm Noreco said today that it is due a payment of $14million from the Dvalin project, previously named Zidane.
Noreco vows fight for how ever “long it takes” after insurance appeal is launched
Noreco said it would put up a fight "irrespective of how long it will take" after an appeal was launched regarding the firm's Siri insurance claim.
Noreco finalises Huntington license relinquishment to Premier Oil
Noreco has today finalised the relinquishment of its stake in the Huntington license to Premier Oil.
Noreco in $470m pay out after court ruling
Noreco said it has won $470million after a court ruling was made in its favour.
Det Norske to cut 12 jobs, 50 contractors roles to go by end of 2016
Det Norske is to make up to 12 staff members redundant while 50 contractor positions could go by the end of the year.
Updated: Noreco’s Norwegian sell-off falls down after shareholder vote
Noreco's deal to sell its Norwegian petroleum business to Djerv Energi today fell down after failing to rouse enough shareholder support.
Noreco embroiled in tax fight with Danish goverment
Noreco confirmed it would contest the latest ruling in its tax fight with the Danish government.
Noreco forced to relinquish interest in North Sea’s Huntington field
Norwegian Energy Company ASA (Noreco) today confirmed it was forced to exit the North Sea’s Huntington field, after its licence partners served up a final notice.
Noreco Norway in mass sell-off, ceases petroleum activities
Noreco Norway today confirmed it had entered into a sale for all of its exploration licence interests, organisation and management systems.
Noreco aims for end-of-year start-up on Enoch field
Norwegian oil firm Noreco said yesterday it still expected production from the North Sea’s troubled Enoch field to resume before the end of 2015 after “operational issues” on Marathon Oil’s Brae Alpha platform.
Former Noreco chairman Erik Henriksen dead after boating accident
A billionaire Norwegian investor in Noreco has died in a boating accident off the Cayman Islands, according to reports. Erik Henriksen was taken to Cayman Islands Hospital following the incident where he was later pronounced dead.
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.
Noreco chief executive stands down
Norwegian Energy Company (Noreco) has confirmed that chief executive Tommy Sundt is stepping down, with immediate effect.
Noreco production down in September
Norwegian Energy Company (Noreco) has revealed net production for September is estimated at 3,186 barrels of oil equivalents (boe) per day, down from August's 3,561.
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.
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.
Noreco production slides
Noreco has seen production slide on last year’s output. The Norwegian operator reported an average daily production of 4,329 barrels of oil equivalents per day (boepd) last month. The number is a significant drop from last year’s 7,350 for the same time period.
Noreco forfeits North Sea licences
Noreco has cut ties with its joint venture partners in Denmark. The firm confirmed it forfeited its licences and participating interests in the Nini and Cecile oilfields.