Oil & Gas

Noreco in deficit despite favorable price deal

Although Noreco is able to sell oil for much more than it's worth, the Norwegian oil firm ends the third quarter in the red.
The old Tyra facilities arrived at the Port of Frederikshavn, Denmark, in August as planned. However, the new Tyra won't be in place until a year after its planned completion, to Noreco's dismay. | Photo: Total PR
The old Tyra facilities arrived at the Port of Frederikshavn, Denmark, in August as planned. However, the new Tyra won't be in place until a year after its planned completion, to Noreco's dismay. | Photo: Total PR
by MATHIAS JULIUS FALKENGAARD

Norwegian oil company Noreco has for a while been able to dodge the worst consequences of the Covid-19 crisis, as the firm via an asset purchase agreement with Shell secured fixed oil prices of USD 75.3 per barrel in the third quarter – far above the market price of USD 42.7.

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