Presentation

Vår Energi is the second largest producer on the NCS. The company was formed in 2018 through the merger of Eni’s Norwegian arm and PE-backed Point Resources, creating a company with a production of 180k boepd of which Eni owns ~70% and HitecVision the remaining shares. In 2019, Vår Energi acquired ExxonMobil’s remaining NCS portfolio, adding a further 150k boepd of production. Present across the entire NCS, the company is headquartered in Stavanger, Norway.

Vår Energi today produces 300k boepd (2019 numbers) from 32 fields. The company is the operator of four fields, among them Goliat, which was the first producing field in the Barents Sea with first oil in 2016. The company is targeting to grow its production with 50k boepd by the mid-2020s, primarily through the life extension of the Balder and Ringhorne fields. The extension programme, targeting 136 mill boe of additional resources, commenced this summer and involves the upgrade of the FPSO Jotun and the drilling of 14 new wells in the area at an estimated investment of NOK ~20bn.