Vår Energi has become Norway’s second largest oil company

Balder.Photo:Vår Energi

Last week, the chairman of Vår Energi signed the final agreement and took over ExxonMobil’s shares on the Norwegian continental shelf. As a result, Vår Energi has become twice as large.

It was announced this fall that Vår Energi had signed an agreement to acquire ExxonMobil’s holdings in more than 20 producing Norwegian oil fields for $ 4.5 billion, or around NOK 41 billion. But only on December 10, the day one year after Vår Energi was established, the agreement is finalized and official.

– “We couldn’t have wished for a better birthday present. This is great fun. We said the company was going to grow, and now we do as we said,” says Vår Energi Manager Kristin F. Kragseth to Sysla.

Vår Energi is owned by Eni (69.6 percent) and HitecVision (30.4 percent) and is now the second largest oil exploration and extraction company on the Norwegian continental shelf following Equinor. ExxonMobil gives up after 50 years working on the Norwegian continental shelf.

Vår Energi will have a daily production of just under 300,000 barrels of oil equivalent. Third is Total, with just under 200,000 barrels, ahead of Wintershall Dea and Aker BP with around 150,000 barrels daily.

By comparison, Equinor produces over 2.1 million barrels of oil equivalent per day.

Our energy now has shares in 35 fields, five of which are self-operated, Goliath, Marulk, Balder, Ringhorne and Jotun. The company has over 1,000 employees.

© NTB Scanpix / #Norway Today


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