APA 2018 awards to Vår Energi – four operatorships and nine partnerships

Source: press release, 15 January 2019

Vår Energi AS has been awarded a total of 13 licenses in the Awards in Predefined Areas 2018
Vår Energi AS has been awarded a total of 13 licenses in the Awards in Predefined Areas 2018 (illustration: Vår Energi)

Vår Energi AS has announced that the company has been awarded a total of 13 licenses in the Awards in Predefined Areas 2018 (APA) by the Ministry of Petroleum and Energy (MPE).

“We are very pleased that the results of the APA 2018 are fully aligned with our strategy to strengthen our position as the largest independent E&P company on the Norwegian continental shelf (NCS),” Kristin F. Kragseth, CEO in Vår Energi says.

The company has been granted the following 4 operatorships and 9 partnerships:

North Sea:
PL 985 – operator
PL 980 – operator
PL 987
PL 988
PL 984
PL 978
PL 977

Norwegian Sea:
PL 1010
PL 1001
PL 1005
PL 796 B

Barents Sea:
PL 1025 S – operator
PL 229 E – operator

Vår Energi has reserves and resources of more than 1,250 billion barrels of oil equivalent (Mboe) on the NCS. The company sites the replacement of resources and reserves as one of its highest business priorities, and exploration is a key part of the company’s future organic business growth.

“Vår Energi has working interests in many of the key discoveries made on the NCS in recent years. I am happy that our thorough APA 2018 application has been rewarded, and the result of the APA 2018 will provide us with many exciting new opportunities,” Denis Palermo, VP Exploration in Vår Energi points out.

The MPE awarded a total of 83 licenses to 33 different companies. 37 of the licenses are in the North Sea, 32 in the Norwegian Sea and 14 in the Barents Sea. 21 companies were offered operatorships.