Noreco Reports Decline in Reserves on Write-Downs

Norway’s Noreco reported a year-on-year 28.8% decrease in total proven and probable oil and gas reserves.

“This decrease is mainly a result of Oselvar write downs,” Svein Arild Killingland, Noreco’s CEO, commented in a note.

‘The Noreco group’s total proven and probable (2P) oil and gas reserves at the end of 2013 were 15.6 million barrels of oil equivalents (mmboe), compared to 21.9 mmboe the year before,’ reads another note released on Wednesday. 

The company unveiled a dramatic plunge of its under-development and non-developed assets. At the end of 2012, the company reported proven and probable oil and gas reserves under development for 8.8 mmboe. At the end of 2013, Noreco said it has no assets under development.