North Energy looks ahead in spite of loss

Norwegian oil company North Energy had a net loss of €8.3 million in 2010, but has high hopes for its 2011 exploration campaign in the Barents Sea.

The company saw a net loss of NOK 45.7 million (€6 million) in the fourth quarter, compared with a net loss of NOK 8.3 million one year earlier, Hegnar.no writes. The loss is attributed to North Energy’s participation in the Stirby exploration well that came up dry.

North Energy has high hopes for its planned explorations in 2011. The company was awarded five licenses in Norway’s Awards in Pre-defined Areas round last year and aims to participate in at least three exploration wells in the Barents Sea in 2011. This makes it one of the most active oil companies in the area.

North Energy now participates in a total of 19 licenses, including two operatorships.

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