December 11th, 2019

VAR ENERGI CELEBRATES ONE YEAR ANNIVERSARY

December 11, 2019

Var Energi turned one year old on December 10 and is currently one of the fastest growing operators on the Norwegian Continental Shelf (NCS). With the closing of the ExxonMobil acquisition announced earlier this year, Var Energi doubles its production from the shelf.
The acquired fields, mostly operated by Equinor, represent an additional daily production of approximately 150,000 barrels of oil equivalents (boepd) for the company.
Var Energi said:
“The ExxonMobil portfolio is a perfect match for our ambitions and business strategy. It reinforces our long-term commitment to further develop the NCS, where we plan to invest NOK 65 billion in development projects and exploration across the NCS over the next four years. Our portfolio is strengthened, and we will continue to further explore, develop and produce resources and reserves in a profitable and sustainable manner, says Kristin Kragseth, CEO of Var Energi.
Var Energi is now the second largest operator on the NCS, with total reserves and resources of about 1,900 million boe. The new total production is expected to be about 300,000 boepd growing organically to about 350,000 boepd in 2023.
Var Energi will be a major force on the shelf, creating opportunities for Norwegian suppliers, securing employment in many parts of the country. At the same time, we are committed to continuous improvement in all our activity, including investment and development initiatives to address the environmental challenges.”
Following the acquisition, 33 employees from ExxonMobil will join Vår Energi and take part in the further growth and development of the company.
Var Energi highlights:
• Oil and gas production from 35 fields across the entire Norwegian Continental Shelf
• Operator of the four fields Goliat (Barents Sea), Marulk (Norwegian Sea), Balder and Ringhorne East (North Sea).
• 1,000 employees work at the offshore fields and onshore office locations; headquarters at Forus in the Stavanger region, and branch offices in Hammerfest and Oslo.
• Owned by the integrated energy company Eni (69.6 percent) and the Norway based leading private equity investor HitecVision (30.4 percent).
(Source and image Var Energi)

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