NORECO's Production Update
The Norwegian Energy Company ASA (Noreco) group, reported a net production in June 2015 at an estimated 4,320 barrels of oil equivalents (boe) per day.
Net realised price in June was USD 54.5 per boe (USD 60.6 per barrel of oil) after adjustments for inventory, NGL and gas prices.
For the second quarter 2015 production was 4 894 (3 236 in Q1) boepd at an average net realised price of USD 55.6 per boe (USD 60.7 per barrel of oil).
Production per field in June 2015 (May 2015 in brackets):
All in boepd
Huntington – 3 559 (4 419)
Oselvar – 444 (380)
Lulita – 317 (246)
Total – 4 320 (5 046)
No material production irregularities were reported at the fields in June.
The gas transportation agreement for Huntington has been amended. This is expected to deliver an improvement in certainty of gas export volumes from the field for the remainder of the CATS summer maintenance slowdown period and on a longer term basis.
From mid-July 2015 a three-to-four week shut-down is expected at Oselvar, due to planned maintenance at the Ula field.
It may please be noted theat the reported Oselvar and Lulita figures are with the working interests before any transactions.
The Oselvar field has been sold with effect from 1 January 2015 (see market notification 1 July 2015). Noreco will continue to report Oselvar production and revenue until completion of this transaction.
Noreco has agreed to transfer an 18.2 per cent working interest in the Lulita field to the other partners in the licence with effect from 14 April 2015.
