Noreco sees both rising revenue and deepening deficit in Q1

The Norwegian oil outfit continues to break records on several items, but continues to see losses on the bottom line.

Photo: Mathias Julius Falkengaard

Noreco continues its promising streak, once again setting a new record on revenue. The Norwegian oil outfit books revenue of USD 179m in the first three months of the year, a significant improvement from the USD 105m entered in the first quarter of 2021.

This is primarily due to higher oil and gas prices, which have become a recurring theme in the market over the past months. In the first quarter, Noreco’s crude sales amounted to USD 121.6m, while gas sales came to USD 55.6m.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

WindEurope warns against negative auction bids

If more countries introduce negative bids, where firms pay to establish wind projects, it could lead to higher electricity bills or more pressure on the supply chain, says the industry association.

BW Offshore halved bottom line in Q1

The Norwegian firm reports decline in several items compared to the same quarter of 2021 but predicts fine advancement in the rest of 2022, for which both floating wind projects and high energy prices show promise.

Equinor exits Russia

Norwegian oil company Equinor has taken its final step out of the Russian market by transferring joint venture assets to Rosneft.

Further reading

Related articles

Latest News

See all jobs