Var Energi Expands Acreage in the North Sea
Norwegian oil and gas company, Vår Energi, has expanded its acreage in the North Sea through the acquisition of ownership in production licenses (PL) 820S and 820 SB.
The company acquired 30 percent ownership in the said licenses, located north of the Balder field in the North Sea, from Lime Petroleum, Pandion Energy, and Lundin Energy Norway (now Aker BP). Vår Energi is proposed as the new operator.
Earlier this year, Vår Energi also acquired PL 917 and PL 917B, located west of the Balder field, from Lundin Energy Norway AS (now Aker BP) in an equity swap. This provides Vår Energi with the operatorship and 20 percent additional equity share in return for reduced equity in PL 956 and PL 985.
The new partnership arrangement for PL917 and PL917B is Vår Energi, 40 percent and operator, Aker BP (formerly Lundin Energy Norway AS), 40 percent, and Suncor Energy Norge, 20 percent.
While the PL820S and 820 SB transaction still requires approval by the authorities, the PL917 and 917B transaction has already been approved by authorities.
“We have a long-term growth strategy in the North Sea, and these acquisitions add new opportunities to an already robust portfolio. The acquired licenses will be worked as part of the further development of the greater Balder area. We are looking forward to developing new and more sustainable opportunities for future value creation from these licenses together with our partners,” said VP Field development & Projects in Vår Energi, Bjørn Thore Ribesen.
The Balder field is in PL 001 – the very first license on the Norwegian Continental Shelf (NCS) – awarded in 1965. Vår Energi is currently extending the lifetime of the field through the Balder X project, aiming to extend production beyond 2045.
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