New Exploration and Production Company Created

New Exploration and Production Company Created
Eni announces the creation of Var Energi AS.

Eni S.p.A. announced Wednesday the creation of Var Energi AS.

Described by Eni as an “independent leader in the exploration and production of hydrocarbons in Norway", the company was created following the completion of the merger of Point Resources AS and Eni Norge AS.

“The creation of Var Energi AS is a major step forward in the strategy to reinforce Eni’s presence in OECD countries with further upstream potential,” Eni said in a company statement.

Var Energi, which is owned 69.6 percent by Eni and 30.4 percent by HitecVision, has about 800 employees and 17 oil and gas fields, according to Eni. The company’s production in 2018 is estimated at 170,000 barrels of oil equivalent per day, Eni revealed.

Back in July, Eni and private equity investor HitecVision announced an agreement to merge Point Resources AS into Eni Norge AS and rename the company Var Energi AS.

In a company statement released at the time, Eni CEO Claudio Descalzi said, “the high quality of the human capital as well as of the assets in the portfolio, together with the expansion opportunities still available in Norway, will create a significant upside value to the shareholders of the merged company”.

“Eni will bring into Var Energi its globally recognized capacity to innovate and its best technology, which has enabled us to achieve remarkable results in recent years, through great discoveries and the start up of these discoveries in a record time,” he added.

Last month, Eni revealed that its chemical company Versalis, Petrochem and Mazrui Energy Services signed an agreement to establish Versalis Petrochem Mazrui (VPM). Eni described VPM as “a joint venture for the commercialization of innovative chemicals for the oil and gas industry in the Middle East”.


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