EnergyWatch

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.

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