Vår Energi AS is a Norwegian oil and gas company headquartered in

Stavanger Stavanger (, , American English, US usually , ) is a city and municipalities of Norway, municipality in Norway. It is the fourth largest city and third largest metropolitan area in Norway (through conurbation with neighboring Sandnes) and the a ...

Norway Norway, officially the Kingdom of Norway, is a Nordic country in Northern Europe, the mainland territory of which comprises the western and northernmost portion of the Scandinavian Peninsula. The remote Arctic island of Jan Mayen and t ...

. The company was established in 2018 following the

merger Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

between

Eni Eni S.p.A. () is an Italian multinational energy company headquartered in Rome. Considered one of the seven "supermajor" oil companies in the world, it has operations in 69 countries with a market capitalization of US$54.08 billion, as of 11 Ap ...

Norway and

Point Resources Point or points may refer to: Places * Point, Lewis, a peninsula in the Outer Hebrides, Scotland * Point, Texas, a city in Rains County, Texas, United States * Point, the NE tip and a ferry terminal of Lismore, Inner Hebrides, Scotland * Point ...

. Vår Energi AS is a publicly traded company listed on

Oslo Stock Exchange Oslo Stock Exchange ( no, Oslo Børs) (OSE: OSLO) is a stock exchange within the Nordic countries and offers Norway’s only regulated markets for securities trading today. The stock exchange offers a full product range including equities, deriv ...

with

as the largest stock holder.

History

The company was established in December 2018 as a result of the merger between

Norge and Point Resources AS. Eni Norge was a subsidiary of the Italian oil and gas company Eni, while Point Resources AS was owned by HitecVision, a private equity firm specializing in the

energy sector The energy industry is the totality of all of the industries involved in the production and sale of energy, including fuel extraction, manufacturing, refining and distribution. Modern society consumes large amounts of fuel, and the energy indust ...

. The merger created one of the largest independent oil and gas companies in Norway, with a production of approximately 300,000

barrels of oil A barrel is one of several units of volume applied in various contexts; there are dry barrels, fluid barrels (such as the U.K. beer barrel and U.S. beer barrel), oil barrels, and so forth. For historical reasons the volumes of some barrel units ...

equivalent per day. In August 2019, Vår Energi AS acquired

ExxonMobil ExxonMobil Corporation (commonly shortened to Exxon) is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil, and was formed on November 30, ...

's upstream assets in Norway for a total of $4.5 billion. The deal included ownership interests in more than 20 producing fields in the North Sea, including the Grane, Snorre, and Fram fields. The acquisition made Vår Energi AS the second-largest operator on the Norwegian continental shelf, after Equinor.

Operations

Vår Energi AS is engaged in exploration and production of oil and gas on the Norwegian continental shelf. The company operates several producing fields, including

Goliat Goliat is the first artificial satellite developed in Romania. Description The nano satellite was developed and built by the Romanian Space Agency (ROSA). When the project began, the developers of this satellite were still in college. The sate ...

, the first oil field to start production in the

Barents Sea The Barents Sea ( , also ; no, Barentshavet, ; russian: Баренцево море, Barentsevo More) is a marginal sea of the Arctic Ocean, located off the northern coasts of Norway and Russia and divided between Norwegian and Russian territo ...

. In addition to its own-operated fields, Vår Energi AS holds interests in several non-operated fields, including Snorre, Grane, and Fram.

References

{{Reflist

External links

Vår Energi AS
official website Oil and gas companies of Norway Energy companies established in 2018 Norwegian brands 2018 establishments in Norway