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

Stavanger Stavanger, officially the Stavanger Municipality, is a city and municipalities of Norway, municipality in Norway. It is the third largest city and third largest metropolitan area in Norway (through conurbation with neighboring Sandnes) and the ...

Norway Norway, officially the Kingdom of Norway, is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. The remote Arctic island of Jan Mayen and the archipelago of Svalbard also form part of the Kingdom of ...

. The company was established in 2018 following the

merger Mergers and acquisitions (M&A) are business transactions in which the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...

between

Eni Eni is an Italian oil and gas corporation. Eni or ENI may refer to: Businesses and organisations * Escuela Nacional de Inteligencia, the Argentine intelligence academy * Groupe des écoles nationales d’ingénieurs (Groupe ENI), a French engi ...

Norway and Point Resources. Vår Energi AS is a publicly traded company listed on

Oslo Stock Exchange Oslo Stock Exchange () (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, derivatives and fixed ...

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 refers to 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 industry is a cr ...

. 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 unit ...

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

ExxonMobil Exxon Mobil Corporation ( ) is an American multinational List of oil exploration and production companies, oil and gas corporation headquartered in Spring, Texas, a suburb of Houston. Founded as the Successors of Standard Oil, largest direct s ...

'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 Equinor ASA (formerly Statoil and StatoilHydro) is a Norwegian multinational energy company headquartered in Stavanger, Norway. It is primarily a petroleum company, petroleum company operating in 36 countries with additional investments in renew ...

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 ; , ; ) is a marginal sea of the Arctic Ocean, located off the northern coasts of Norway and Russia and divided between Norwegian and Russian territorial waters.World Wildlife Fund, 2008. It was known earlier among Russi ...

. 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