Noreco has noted that key milestones for ongoing developments have been met. Norwegian authorities today approved the plan of development and operation for the Oselvar development, where Noreco has a 15% interest. On the Nini East development in Denmark,
"Noreco has a large portfolio of oil and gas discoveries, and maturing and creating value from these discoveries is an important part of our business model. The milestones met today are good examples of the progress we are making on this area, and we will continue to create value in our discoveries going forward," said CEO Scott Kerr.
Noreco has a portfolio of over 20 discoveries, in addition to 7 producing fields and in excess of 50 exploration licenses.
Facts about Oselvar
The Oselvar field is expected to start producing in 2011, and will increase Noreco's production by 2700 barrels of oil equivalents (boe)
Facts about Nini East
The Nini East platform has been successfully installed, and the development is progressing as planned. The Nini East development is progressing as planned, and the field will add more than 3000 barrels per day to Noreco's production when the field starts production in the second half of 2009. Noreco has at 30% share of Nini East and Dong is the operator.
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