Noreco pulls out of Norway transaction

Norwegian Energy Co. (Noreco) has decided not to sell its interests in the Oselvar and Enoch fields offshore Norway to Marubeni Corp.
The two parties entered into an agreement for the sale last September 2010. However, earlier this month the Norwegian authorities revealed that Marubeni had not fulfilled the requirements to become a licensee on the Norwegian continental shelf, and this situation still applies.
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Source: Offshore