Norway's Noreco Issues Oil Output Update

March 7, 2011 - PRLog -- Norwegian Energy Company ASA (Noreco) issued its latest oil production update for February on Monday, stating that its output totalled 11,025 barrels of oil equivalents (boe) per day during last month.

The Norwegian energy group said its net realized oil price was $101.7 per boe after adjustments for oil put options, inventory and NGL and gas prices.

Norway is not a member of the Organization of the Petroleum Exporting Countries (OPEC), but controls sizeable oil and gas deposits. Noreco has operations spanning Norway, Denmark and the United Kingdom.

Noreco said its Siri area fields have been producing with "high regularity" following the upgrade of the gas compressor on the Siri platform in January, and that total production from the fields in February was about 16,100 boe/day (6,025 boe/day net to Noreco).

The oil and gas exploration and production company also said that drilling of a new water injector in Nini East is currently underway. Noreco's equity production per field is as follows: Siri 2,125 boe/day, Nini East 2,000 boe/day, Nini 1,275 boe/day, and Cecilie 625 boe/day.

The company added that drilling of well A-14 A (Arran), a combined exploration and production well, which commenced in December is still ongoing.

Benchmark US oil prices struck a fresh two-and-a-half year peak earlier Monday amid mounting fears that Libya, a OPEC member, could be slipping into civil war.

The latest market concerns about political unrest in the north African state came as US light crude oil prices rose almost $2 to hit $106.75 a barrel before falling back significantly in subsequent trading.

Author: Justin Cole, analyst.

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