Norwegian Energy Company ASA (“Noreco” or “the Company”) is an Oslo Stock Exchange listed oil and gas company trading under the ticker “NOR”. In 2019, the Company completed the transformational acquisition of Shell’s upstream assets in Denmark. As a result of this transaction, Noreco established itself as a material independent E&P company, focused on the North Sea and the second-largest oil and gas producer in Denmark.
The Company holds a 36.8% non-operated interest in the Danish Underground Consortium (“DUC”). The DUC is currently redeveloping the Tyra field, which will extend production by 25 years. Redeveloped Tyra is expected to increase Noreco’s net production by 90 percent, decrease field emissions by 30 percent, lower OPEX significantly and unlock gross reserves in excess of 200 mmboe. The Company has a focus on developing and implementing solutions that will improve the long-term position of oil and gas as a key part of the global energy mix while reducing greenhouse gas emissions on the Danish Continental Shelf. The Company has proven and probable (“2P”) reserves of 201 million barrels of oil equivalent (“mmboe”) at the end of 2020 and contingent reserves (“2C”) of approximately 200 mmboe.