OMV Buys Gas Discovery from Norwegian Noreco

CompaniesIndustrials ♦ Published: October 21, 2011; 11:52 ♦ (Vindobona)

Norwegian Energy Company (Noreco) has entered into an agreement to sell its 20 percent share of license on Haltenbanken to Austrian OMV.

OMV Buys Gas Discovery from Norwegian Noreco / Picture: © Wikimedia Commons / DanielZanetti [CC BY 3.0 (]

The License contains the gas discovery Zidane-1 which was made in 2010. This discovery is estimated to contain between 5 and 18 billion standard cubic metres of recoverable gas. The second exploration well in the license is named Zidane-2 and is planned to be drilled later this year.

Noreco will receive a consideration of € 23m upon completion of the transaction. Under the…

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