Norwegian energy firm Noreco said today that it is due a payment of $14million from the Dvalin project, previously named Zidane.
Noreco said the payment was expected upon the Norwegian authorities’ approving of the development plan for Dvalin in the Norwegian Sea.
The company sold its interest in the licence containing Dvalin to OMV in 2011.
Noreco said at the time that it was entitled to an additional consideration if a discovery was made on the Zidane-2 well.
DEA Norge is the licence operator with a 40% share, while partners Edison and Maersk each have 20%.
Last year OMV said it had agreed to sell its 20% stake to Petoro.