Vår Energi holds no stake in North Sea field after sale wraps up

Home Fossil Energy Vår Energi holds no stake in North Sea field after sale wraps up

December 29, 2023,
by

Melisa Cavcic

Norwegian oil and gas player Vår Energi has completed the divestment of its entire interest in a field located in the Norwegian part of the North Sea to Petrolia NOCO (Petrolia).

Brage platform; Credit: Wintershall Dea/Morten Berentsen

In October 2023, Vår Energi revealed a deal to sell its 12.26% interest in the Brage field to Petrolia. The sale was completed on December 29, 2023. While the Brage field is operated by OKEA (35.2%), Lime Petroleum (33.84%), DNO Norge (14.26%), Petrolia (12.26%), and M Vest Energy (4.44%) are now the company’s partners in this field.

Stefano Pujatti, Vår Energi CFO, commented: “We are one of the fastest growing E&P companies in the world, doubling production by end 2025. Portfolio optimization is part of our strategy for further growth and long-term value creation. We are pleased with the Brage transaction and will continue the process to identify opportunities to reduce cost and enhance value creation.”

Located in the North Sea, the Brage field, which is a late-life-producing asset, started production in 1993 and comprises a production, drilling, and quarters platform with oil transportation via Oseberg Transport system (OTS) to the Sture Terminal and gas offtake through Gassled.

Currently, Vår Energi is working on executing its plan for growing production to above 350,000 barrels per day by end-2025, with additional upside from taking over Neptune Energy Norway. The Norwegian player also handed out a five-year deal to Halliburton, covering drilling services related to exploration and production drilling across its portfolio on the NCS.

The firm’s drilling activities are focused around four strategic hubs in the Balder/Grane area, the North Sea, the Norwegian Sea, and the Barents Sea. Recently, Vår Energi hired a sixth-generation semi-submersible rig from COSL Drilling Europe for drilling operations in the Barents Sea.