Noreco, North Energy Agree Norwegian Sea Asset Transfer

Norwegian oil producers Noreco and North Energy reported Monday that they have agreed an asset transfer of Norwegian production license 484, subject to government approval.  

Noreco agreed to transfer its 30-percent ownership in PL484 in the Norwegian Sea to North Energy, with the proviso that Noreco – under certain circumstances – has a right to re-enter the license with a reduced equity share in the future.

The transfer of ownership in PL484 was originally part of an asset swap deal announced in summer 2014, which also included PL616 in the North Sea. This part of the agreement has been cancelled and Noreco will consequently continue to hold 20-percent of this license, where an exploration well will be drilled on the Haribo prospect later this year.

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Global Business Development Manager
Expertise: Business Development
Location: Houston, TX
 
United States Canonsburg: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Canonsburg, PA
 
Senior Land Professional Job
Expertise: Landman|Lease Analyst
Location: Oklahoma City, OK
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours