Fossil Energy – Partnership
Norwegian Energy Company, to be renamed BlueNord, has entered into a strategic partnership with Semco Maritime.
In addition, BlueNord has submitted a licence application for acreage containing the gas discovery Elly-Luke in the Danish part of the North Sea, and as such will participate in the Danish Ministry of Climate, Energy and Utilities’ upcoming mini-round of licencing.
The strategic partnership agreement with Semco Maritime will allow the two companies to jointly identify, explore and investigate opportunities in the oil and gas space. For BlueNord this is a tangible and important step in the ongoing trajectory towards long term maximisation of the value from the existing assets and evaluating any new opportunities.
BlueNord is also proud to announce the submission of a license application in the Elly-Luke area of the Danish North Sea, and its participation in a so-called mini-round.
This application aligns with BlueNord’s approach of considering opportunities to maximize shareholder value as part of its robust capital allocation process.
If BlueNord is successful in its application, the Company expects to carry out a preliminary technical review of Elly-Luke prior to any longer-term commitment, which is currently believed to have the potential to provide approx. 5 billion cubic meters of natural gas to Denmark and Europe while producing safely, efficiently, and with low emissions.
This important contribution to energy security would help lower energy prices for consumers, while also recognising that energy produced within the EU is a reliable alternative to imported energy sources like LNG and coal that have significantly higher climate footprints.
The license application is the Company’s first tangible step taken outside of its ownership in the Danish Underground Consortium and will together with other planned initiatives ensure that BlueNord can maintain a long-term robust dividend policy once the Tyra Redevelopment is completed by the end of 2023 and create value for all stakeholders.
