STAVANGER -- Norwegian independent Noreco has become operator and 50% co-owner of production license PL396 in the Barents Sea. Other partners in the license are Discover Petroleum (30%) and Norwegian state company Petoro (20%).
"This is part of Noreco's continuous work of securing access to new exploration acreage in attractive regions,” says Noreco CEO Scott Kerr.
The company has identified strong potential resources in the license and will continue the ongoing program of technical studies in preparation for a drill or drop-decision, which must be taken in August. A well could be drilled in 2011.
Although the farm-in was enacted effectively on Feb. 1, Noreco adds, the transaction remains subject to approval from Norwegian authorities.