Noreco Production Falls in July 2015

Noreco revealed Friday that its overall production figures in July 2015 were lower than figures reported in June 2015.

Total production for Noreco in July was 3,060 barrels of oil equivalent per day, compared to 4,320 boepd posted last month. The company reported that production at the Huntington field, located in the central part of the UK North Sea, was down 542 boepd compared to production levels in June 2015 and production at the Oselvar field, in the southern part of the Norwegian North Sea, and at the Lulita field, in the Danish part of the North Sea, was down 407 boepd and 310 boepd, respectively, compared to June 2015.

Noreco holds a 20 percent working interest in the Huntington field, a 15 percent interest in the Oselvar field, which was recently sold, and a 28.20 percent interest in the Lulita field. The company reported that the Oselvar field was closed for most of July due to a planned summer shut down. It was announced on July 1, 2015, that Noreco’s interest in the field has been sold with effect from January 1, 2015. Noreco has stated that it will continue to report Oselvar production and revenue until completion of this transaction. The company also revealed that the Lulita field has been closed since early July due to technical problems. The duration of the shut-down is presently unknown.

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