Nordsøfonden welcomes the Norwegian oil and gas company Noreco as new partner in Danish Underground Consortium (DUC). In October 2018 Noreco signed an agreement to acquire Shells oil and gas activities in Denmark. The Danish authorities have approved the transfer, and the transaction has now been completed.

Noreco will thereby become a partner with at 36.8 % share in DUC. DUC collaborates to produce oil and gas from the 15 fields in the Sole Concession area in the Danish part of the North Sea. The partnership in DUC also includes Total, who is operator and has a total share of 43.2 %, and Nordsøfonden with a 20 % share.

CEO of Nordsøfonden, Birgitta Jacobsen, says:
“I am pleased to welcome Noreco to DUC, where we work together to maintain and strengthen Danish oil and gas production. As a new partner, Noreco will be able to contribute with new perspectives and inputs, and we at Nordsøfonden are looking forward to the collaboration.”

Noreco’s acquisition also means farewell to Shell as a partner. Birgitta Jacobsen continues:
At the same time, I would like to thank Shell and their talented staff for a good and contructive collaboration through the years.”