17 new NCS licenses for Vår Energi

Source: press release, 14 January 2020

photo: Vår Energi
photo: Vår Energi

Vår Energi AS has been awarded 17 new licenses (7 as operator) on the Norwegian Continental Shelf during the Awards in Predefined Areas for 2019.

“We are very pleased with the results. The new licenses are located in promising areas of the NCS, and are of strategic significance to us. The positive results reinforce our position as one of the majors on the Norwegian continental shelf,” says Vår Energi CEO, Kristin F. Kragseth.

The licenses were awarded by the Norwegian Ministry of Petroleum and Energy. Vår Energi AS has been granted the following new licenses (op = operator):

  • North Sea: PL 1043 (op), PL 984 BS, PL 1035, PL 055 E, PL 987 B, PL1042, PL 917 B
  • Norwegian Sea: PL 1065 (op), PL 1070, PL 947 B
  • Barents Sea: PL 1072 (op), PL 1073 (op), PL 1074 (op), PL 1075 (op), PL 1079 (op), PL 1080, PL 1078

Vår Energi has reserves and resources of more than 1,900 million barrels of oil equivalent on the NCS. Exploration is a key part of Vår Energi’s future organic business growth.

“Vår Energi has working interests in many of the key discoveries made on the NCS in recent years. I’m happy that our thorough APA 2019 application has been rewarded. The result will provide us with many exciting new opportunities,” says Vår Energi VP Exploration, Denis Palermo.