EnergyWatch

Vår Energi buys stake in Norwegian North Sea licenses

The Norwegian oil company has purchased 30% interest in two licenses north of the Balder field in the Norwegian North Sea.

Photo: PR / Vår Energi

Two production licenses in the North Sea now get Vår Energi as operator, pending customary approvals from public authorities. The Norwegian oil outfit has acquired a 30% position in two production licenses, 820S and 820 SB, from Lime Petroleum and Lundin Energy, now Aker BP, Vår Energi informs in a statement.

”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,” writes Vår Energi Vice President of Field Development & Projects Bjørn Thore Ribesen in the media release:

”We are looking forward to developing new and more sustainable opportunities for future value creation from these licenses together with our partners.”

Vår Energi is extending the lifecycle of the Balder field via project Balder X, which is meant to stretch production beyond 2045.

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