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.

 



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