The Board of Norwegian Energy Company (Noreco) has appointed David B. Cook as the new Chief Executive Officer of Noreco with effect from July 1, 2020.
"Mr. Cook is an experienced executive with a successful track record from executive roles in the oil & gas industry. He most recently comes from the INEOS Oil & Gas Board where he was responsible for the expansion of INEOS' oil and gas businesses within and outside its North Sea assets," Noreco said.
Prior to INEOS, Cook was the CEO of the Danish upstream company DONG Oil and Gas, owned by what is today Orsted, for several years, leading that company through DONG's successful IPO and later the sale of DONG Oil & Gas to INEOS.
Cook, Noreco says, brings further experience from various C-level positions in BP plc, TNK-BP and TAQA where he gained knowledge leading diverse international oil and gas businesses. Cook has a BSc in Geology with Geophysics Options and a PhD in Geological Science.
Riulf Rustad, Executive Chair of Noreco said, "The Board is delighted to have appointed David Cook as the CEO of Noreco. Mr Cook has demonstrated strong leadership skills and brings valuable upstream experience to the Company. He has a strategic mindset and we are confident that Mr. Cook will be a force in driving Noreco forward, both towards growth within the existing assets and by exploring new non-organic opportunities."
Cook added, "Noreco is strongly positioned with its assets and people. I'm honored to join the Noreco team, and I am certain that we will build on this strong foundation to create even greater value for the company and its stakeholders going forward."
Noreco, formed in 2005, previously focused on oil and gas resources in Norway. The company then sold its Norwegian assets in 2016, and in 2019 bought Shell's Danish North Sea assets in a $1.9 billion deal.
The acquisition gave Noreco a 36.8 percent stake in the Danish Underground Consortium (DUC), which has assets in 15 offshore fields.
Noreco's net production in 1Q 2020 was 31.9 thousand barrels of oil equivalents per day, in line with its expectations.