Our activities are conducted through the Vår Energi JV. In February 2022, Eni and the equity fund HitecVision, shareholders of Vår Energi, completed the listing of the investee on the Oslo stock exchange, the largest O&G IPO in Europe in 15 years, placing an interest of about 11.2% of the investee’s share capital. Eni’s interest was reduced to 64.3% following the closing of the deal. Activities are performed in the Norwegian Sea, in the Norwegian section of the North Sea and in the Barents Sea, on a total developed and undeveloped acreage of 27,927 square kilometers (7,272 square kilometers net to Eni). Eni’s production in Norway amounted to 172 kboe/d in 2021. Exploration and production activities are regulated by concession contracts (Production License, PL). According to a PL, the holder is entitled to perform seismic surveys and drilling and production activities for a given number of years with possible extensions.
Production comes from operated fields, by Vår Energi, of Goliat (Eni’s interest 45.40%) in the Barents Sea, Marulk (Eni’s interest 13.97%) in the Norwegian Sea, as well as Balder & Ringhorne (Eni’s interest 62.87%) and Ringhorne East (Eni’s interest 48.88%) in the Norwegian section of the North Sea. These fields amounted to approximately 18% of Eni’s production in the Country. Furthermore, Vår Energi holds interests in 32 production licences in the Norwegian section of the North Sea and in the Norwegian Sea, including: Ekofisk area, Snorre, Grane, Statfjord, Fram, Sleipner, Åsgard, Tyrihans, Ormen Lange, Mikkel, Kristin e Heidrun. Development Development activities mainly concerned:
- the Johan Castberg sanctioned project (Eni’s interest 20.96%), with start-up expected in 2024
- the Balder X sanctioned project (Eni operator with a 62.87% interest) in the PL 001 license, located in the North Sea. The Balder project scheme provides for drilling additional productive wells, to be linked to an upgraded FPSO unit that will be relocated in the area. Production start-up is expected in 2023
- the Breidablikk sanctioned project with start-up in 2024. The project scheme provides for drilling production wells to be linked to existing treatment facilities in the area. Leveraging on high energy and operational efficiency technologies, the project development will minimize direct GHG emissions
- the final investment decision (FID) was sanctioned for the Tommeliten Alpha Development gas and condensates project in the PL 044 licenses (Eni’s interest 6.38%), in the Norwegian section of the North Sea.
In 2021, a Cooperation Agreement was signed with others Oil & Gas operators in the area to assess the feasibility of the Barents Blu-Ammonia Project. The project provides for the monetization of gas production at the Goliath field by means of the blue ammonia production and commercialization. The CO2 captured in the process will be transported and stored in a depleted offshore field.
Vår Energi partecipated in 137 exploration licenses, of which 35 are operated. Recent discoveries confirm the successfully Infrastucture Led Exploration (“ILX”) strategy focused on additional reserve with high value and shortly time-to-market. The mineral interest portfolio increases were as follows:
- in 2021 eight exploration licenses were acquired as operator and five licenses in partnership, mainly located in the North Sea and the Barents Sea
- in January 2022, five exploration licenses were acquired as operator and five licenses in partnership. The licenses are distributed over the three main sections of the Norwegian continental shelf. The new acquired licenses are located in both near-fields already in production or development areas with high exploration mineral potential.