No buyer for Huntington oil field investor Noreco

An investor in a North Sea oil field is abandoning its stake after failing to find a buyer.

Noreco has a 20% stake in the the Huntington field, which was discovered in 2007 and lies 205km (127 miles) east of Aberdeen.

The field is due for extra investment for drilling a side-track well early next year. Noreco will lose £45m.

By defaulting on required payments, partners will get a pro rata share of the Noreco stake.

The Norwegian-owned Noreco had to go through a financial re-structuring earlier this year, before putting its Huntington stake on the market.

The lack of a buyer for the stake is seen as a sign of the financial squeeze in the sector, and the impact on smaller oil and gas firms.