Det norske: Best quarter ever

Det norske’s CEO Erik Haugane is very pleased with the company’s Q2 achievements. Photo: Det norske.

Det norske oljeselskap ASA has announced that “Q2 result is the best ever” and says there’s a “considerable possibility of new discoveries” offshore Norway in 2009.

The company posted a NOK 479 million net loss (USD $78 million), or wider than a year ago by some NOK 377 million (USD $61.5 million). Revenues were down over NOK 40 million to NOK 124 million, just as exploration expenses were up 200 percent to NOK 481 million.

Det norske made two commercially viable discoveries, totalling 50 million barrels of oil, at a very low cost. The company maintains a high level of exploration activity, and there is a considerable possibility of new discoveries in the Second Half of 2009.

“Exploration is still the most important activity on Det norske’s agenda. In Q2 we have made discoveries of 50 million barrels of oil, at a very low cost. This is a result of our strategy of focusing on prospects close to existing infrastructure in the North Sea,” says CEO Erik Haugane.

He says: “Det norske continue to be the most competitive company on the Norwegian Shelf.” The company will soon start drilling of prospects in the areas by Jotun and Grevling, where expectations are high.

The company reports that their financial situation is strong. At the end of Q2, liquid assets are NOK 1.3 billion. Det norske has an unused exploration facility of NOK 1.5 billion. They also report there have been no serious incidents concerning health, safety and environment in Q2.


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