Det Norske Loss Bigger than Expected, Sverdrup on Track

Reuters

OSLO, Nov 1 (Reuters) – Norwegian oil and gas firm Det norske reported third quarter losses above expectations on Friday and said its flagship project, the giant Johan Sverdrup field is on schedule with a concept decision due by the end of the year.

Det norske's operating loss narrowed to 518 million crowns ($87.09 million) from 2.32 billion crowns a year ago but came behind expectations for a loss of 229 million.

"The field (Sverdrup) will most likely be developed in multiple phases, but it remains to be concluded on how many and on the size and timing of each phase," the firm said. "The plan is to submit a plans for development and operation to the authorities by the end of 2014."

Det norske will take part in around 10 exploration wells next year. ($1 = 5.9477 Norwegian krones)

(Reporting by Balazs Koranyi)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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