The North Sea Fund welcomes the Norwegian oil and gas company Noreco as a new partner in the Danish Underground Consortium (DUC). In October 2018, Noreco signed an agreement to take over Shell's oil and gas activities in Denmark. The Danish authorities have approved the transfer and the transaction has today been completed.

Noreco thus becomes a partner with a 36.8% share in DUC, which cooperates to produce oil and gas from the 15 exclusive rights fields in the Danish part of the North Sea. In addition, the partnership in DUC consists of Total, an operator with a combined share of 43.2%, and the North Sea Fund with a share of 20%. 

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

With Noreco's acquisition, it becomes a 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 constructive collaboration over the years."