Var Energi Shareholders Initiating Ownership Review
The shareholders of Var Energi have announced their intention to initiate a strategic review regarding the future ownership structure of the company.
Eni S.p.A. (NYSE: E), which owns 69.85 percent of the business, noted that the review will consider various alternatives, including a possible Initial Public Offering (IPO). The Italian energy major said it will continue to retain a majority stake in the company, while preserving equity accounting. Point Resources, a HitecVision portfolio company, owns the remaining 30.15 percent stake of the business.
Var Energi is a full cycle exploration and production company which was established in 2018 through the merger of Eni Norge AS and Point Resources AS. Today, it is the largest pure-play Norwegian Continental Shelf independent, according to Eni, which highlights that the business had a production of 239,000 barrels of oil equivalent per day in the first half of this year.
In December 2019, the company celebrated its one year anniversary with the closing of its acquisition of ExxonMobil’s upstream business in Norway. The acquired fields under the deal represented an additional daily production of approximately 150,000 barrels of oil equivalents for the company, Var Energi highlighted in a company statement at the time.
According to its website, Var Energi has 35 fields in production and employs 900 people onshore and offshore. In June this year, Torger Rod took over as the head of the company, following the announcement of his appointment in January. Rod, who came from the position of head of safety and security in Equinor, took over from Kristin Kragseth, who became the new chief executive officer of Petoro. Kragseth left Var Energi after almost 30 years in the company and its predecessor entities.
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