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.
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.
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.
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 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.
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 (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 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 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 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.