Eni announces creation of Vår Energi

Source: press release, 12 December 2018

photo: Eni
photo: Eni

Eni has announced the completion of the merger of Point Resources AS and Eni Norge AS – an associate of Eni S.p.A. – resulting in the creation of Vår Energi, an independent company in the exploration and production of hydrocarbons in Norway. The merger took place after the pending conditions were met, among them having secured a third-party financing of USD 3 billion non-recourse to sponsors and after receiving regulatory approvals.

Owned 69.6% by Eni and 30.4% by HitecVision, Vår Energi has about 800 employees and 17 oil and gas fields with a wide geographical coverage, from the Barents Sea to the North Sea. Production in 2018 is estimated at 170,000 barrels of oil equivalent per day (boepd) and the company has reserves and resources of more than 1,250 million barrels of oil equivalent (Mboe). Production from existing fields is expected to reach 250,000 boepd by 2023.

HSE performance, project delivery and production efficiency will be priority areas for management, led by Kristin F. Kragseth, CEO, and Philip D. Hemmens, Chairman of the Board.

The creation of Vår Energi AS is a major step forward in the strategy to reinforce Eni’s presence in OECD countries with further upstream potential.