Norwegian Energy Company (NORECO) Company News

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Shell Agrees to $1.9B Sell of Upstream Danish Assets to Noreco
Wednesday, October 17, 2018 Shell has agreed to sell its Danish upstream business to Noreco for $1.9 billion as part of its divestment strategy.

Det Norske to Acquire Noreco's Norwegian Portfolio
Wednesday, March 02, 2016 Det norske oljeselskap ASA plans to acquire Noreco Norway AS' Norwegian license portfolio, including a NOK 45 million ($5.19 million) cash balance.

Noreco Oil UK Receives Huntington License Default Notice
Monday, November 02, 2015 Noreco Oil UK gets served a notice of default under the joint operating agreement governing the Huntington license in the central North Sea.

Noreco CEO Steps Down
Tuesday, October 13, 2015 Noreco CEO Tommy Sundt steps down as the company's CEO, effective immediately.

Noreco Production Falls in July 2015
Friday, August 07, 2015 Noreco reveals that its overall production figures in July 2015 were lower than figures reported in June 2015.

Trapoil Drills Dry Well in UK North Sea
Thursday, June 25, 2015 Trapoil has come up dry in the Niobe exploration well, located in License P.1889 in the UK North Sea.

Trapoil Begins Operations at Niobe Exploration Prospect in UK North Sea
Monday, June 08, 2015 Trapoil commences operations on the Niobe exploration prospect in License P.1889, located in the UK North Sea.

Cheap Oil Threatens Debt Squeeze for Smaller UK North Sea Producers
Monday, March 02, 2015 Small and mid-sized independent oil producers in the British North Sea could face a financing squeeze this year as banks cut lending linked to the value of oil reserves, following last year's oil price sell off.

Norwegian Oil Firm Noreco Proposes $252M Debt For Equity Conversion
Wednesday, February 04, 2015 Noreco proposes converting only a part of its outstanding debt to equity after it was unable to get sufficient backing for an initial proposal made in December.

Huntington Oilfield Output in UK to Remain Restricted
Tuesday, January 20, 2015 Norwegian Energy Company continues to face production cutbacks an an output restriction on the Huntington field remains in place until the end of February.

Noreco, North Energy Agree Norwegian Sea Asset Transfer
Monday, January 19, 2015 Noreco agrees to transfer 30-percent ownership in PL484 in the Norwegian Sea to North Energy.

Huntington Field Restart Delayed Until 'At Least' Dec 18
Monday, December 15, 2014 Production from the Huntington field in the UK North Sea is further delayed due to an incident during the restart of the CATS riser platform.

Norwegian Oil Firm Noreco to Restructure
Monday, December 15, 2014 Noreco proposes a restructuring as low oil prices and persistent production problems at its key assets threaten its ability to remain a going concern.

Xana Well Spuds Offshore Denmark
Tuesday, December 09, 2014 Noreco Energy reports that drilling is underway on the Xana exploration well offshore Denmark.

Noreco Drills Dry Well North of the Norne Field
Friday, June 06, 2014 Noreco Norway's first well on production license 484 in the Norwegian Sea turns out dry.

E.ON's Huntington Field Output Limited by Access to Pipeline
Monday, October 21, 2013 The North Sea's Huntington oilfield is producing at only around 40 percent of its capacity due to pipeline problems.

E.ON's Huntington Oil Field in N.Sea Resumes Output – Partner
Thursday, August 22, 2013 Huntington oilfield in the UK North Sea resumes output after technical issues shut the platform’s output.

Noreco Saw Production Boost in July
Tuesday, August 06, 2013 Noreco reports that it saw its average production increase 9.5 percent to 3,874 boepd during July.

Noreco Waves Goodbye to Kjetil Bakken
Thursday, June 20, 2013 Kjetil Bakken, who headed the investor relations function of the company, is leaving by the end of June.

Lupin Well Comes up Dry
Monday, April 22, 2013 Noreco reports that the Lupin well is almost completed and has not encountered any hydrocarbons.

Huntington Field Starts Production
Monday, April 15, 2013 The Huntington field in the UK North Sea begins production.

Scotney Well Comes Up Dry
Friday, April 12, 2013 Trapoil reports that the Scotney exploration well in the North Sea has come up dry.

Huntington Subsea Preps Complete
Tuesday, April 02, 2013 All subsea preparations for the North Sea's Huntington field development have been completed, says Noreco.

Noreco Nears Huntington First Oil
Thursday, March 21, 2013 Noreco reports that the Huntington field development is approaching first oil.

Suncor Spuds Scotney Prospect in the UK North Sea
Monday, February 18, 2013 Noreco reports that drilling has begun on its Scotney prospect in the UK North Sea.

Noreco Shuffles Management
Wednesday, January 16, 2013 Norwegian Energy Company ASA (Noreco) implements key changes to its management team.

Oselvar Production Resumes after Ula Leak Incident
Monday, November 26, 2012 Noreco says production has resumed at the Dong-operated Oselvar field in the North Sea after the Ula leak in September.

Noreco: FPSO Sets Sail for Huntington Field
Monday, October 01, 2012 Noreco announces that the tow of the FPSO Voyageur Spirit from the Nymo yard to the Huntington field commenced Sunday.

Noreco Drills Duster in Barents Sea
Thursday, April 26, 2012 Norwegian Energy Company ASA (Noreco ASA), operator of production license 396, has completed drilling of wildcat well 7228/1-1.

Noreco Spuds Eik Exploration Well
Friday, March 30, 2012 Noreco has started the drilling of exploration well 7228/1-1 on the Eik prospect in the Barents Sea.

NPD Grants Noreco N. Sea Drilling Permit
Friday, March 09, 2012 The Norwegian Petroleum Directorate has awarded Norwegian Energy Company ASA (Noreco ASA) a drilling permit for well 7228/1-1.

Det Norske's Drills Dry Well at Kalvklumpen
Monday, February 13, 2012 Partners Faroe and Noreco, along with Det norske, drilled a duster at the Kalvklumpen prospect in the North Sea.

UK Firms Faroe and Valiant Bag 8 Licenses in Norway
Wednesday, January 18, 2012 Faroe will be operator on three of seven licenses, while Valiant is operator and 50-percent owner of one license.

Noreco Sells Siri to Dong for $13M
Friday, December 23, 2011 Noreco completes the sale of its interests in the Siri field to DONG Energy for $13 million.

Weather Delays Netherlands, Denmark Drilling Plans
Tuesday, December 13, 2011 Xtract Energy PLC is pleased to announce the following operational update ahead of drilling in the Netherlands and Denmark.

Noreco Appoints New CFO
Wednesday, December 07, 2011 Norwegian Energy Company (Noreco) has appointed Mr. Orjan Gjerde as new Chief Financial Officer (CFO).

Lundin Takes Bigger Brynhild Slice Offshore Norway
Friday, November 18, 2011 Lundin has entered into an agreement with Noreco to acquire an additional 20 percent interest in license PL148 containing the Brynhild field, offshore Norway.

Noreco Says Hello to New VP Commercial
Thursday, September 29, 2011 Noreco has appointed John Bogen as new VP Commercial.

Noreco to Sell Stake in Flyndre Discovery
Monday, August 22, 2011 Norwegian Energy Company (Noreco) has entered an agreement to sell its share of the Flyndre Paleocene discovery to Maersk Oil.

Lundin, Partners Submit Field Development Plan for Brynhild Field
Monday, August 01, 2011 Lundin as operator has, with its partners Noreco and Talisman, submitted a plan for development and operation for the Brynhild field to the Norwegian Ministry of Petroleum and Energy.

DONG Energy to Take Stake in Siri Field
Monday, July 25, 2011 DONG Energy and its license partner Noreco have settled on an agreement for DONG Energy to acquire Noreco's 50% interest in the Siri field.

Noreco Names New CEO
Wednesday, June 22, 2011 Noreco announced that Mr. Einar Gjelsvik has been appointed as Chief Executive Officer (CEO) of the company.

Noreco in Dispute with Dong over $400MM Siri Repairs
Wednesday, June 15, 2011 Noreco said it is in dispute with Dong Energy over a $400MM repair bill for a jointly owned oil rig in the Danish North Sea.

Noreco Picks Up NCS Licenses
Friday, April 15, 2011 Noreco has been offered two licenses in the 21st licensing round on the Norwegian continental shelf.

Noreco to Remain Independent, Shuffles Management
Wednesday, March 23, 2011 Noreco reported it will continue to pursue monetization of individual assets or asset packages with interested parties as part of its ordinary course of business.

Buyer Fails Clearance for Noreco's Stake in Oselvar, Enoch Fields
Thursday, March 03, 2011 Noreco and Marubeni have been informed that the buyer does not yet fulfill the requirements applicable to a licensee on the Norwegian Continental Shelf.

Noreco Makes Modest Oil Find in North Sea
Thursday, February 03, 2011 Noreco reported estimates of recoverable oil in the wildcat well 17/6-1, southeast of the Grane field in the North Sea.

Noreco Commences Drilling at Svaneogle
Thursday, January 06, 2011 Noreco announced that drilling of exploration well 17/6-1 has started.

Lundin Drills Duster Offshore Norway
Monday, December 13, 2010 Lundin Petroleum announced the completion of the exploration well 3/8-1 on the Barchan prospect located in Block 3/8, (PL400), in the southern part of the North Sea sector of the Norwegian Continental Shelf.

Noreco Granted Drilling Permit in North Sea
Monday, November 08, 2010 The Norwegian Petroleum Directorate has granted Noreco a drilling permit for well 17/6-1 using semisub West Alpha.