North Energy was founded in 2007. In 2008, the company was pre-qualified as license owner on the Norwegian continental shelf, and the year after as operator.
In 2010, North Energy was listed on Oslo Stock Exchange.
Over the years, the company has done well in the licensing rounds on the Norwegian continental shelf (NCS), and is today represented with licenses in the North Sea, the Norwegian Sea, and the Barents Sea.
In 2016, the company acquired Explora Petroleum AS and later merged the petroleum business from North Energy and Explora Petroleum into one new company called North E&P AS.
In July 2017, the Board of North Energy decided to discontinue the petroleum activity on the NCS and close down the subsidiary North E&P AS. The subsidiary is currently under liquidation.