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NATURAL RESOURCES

Vår Energi completes the acquisition of ExxonMobil’s upstream assets in Norway

Vår Energi, which is owned by Eni and HitecVision, has completed today the acquisition of ExxonMobil’s upstream assets in Norway, which was agreed on September 26 this year.

San Donato Milanese, 10 December 2019 - Vår Energi, which is owned by Eni and HitecVision, has completed today the acquisition of ExxonMobil’s upstream assets in Norway, which was agreed on September 26 this year.

The acquired fields, which are mostly operated by Equinor, will add additional daily production of approximately 150,000 barrels of oil equivalent (boepd) for the company. The new total production will be about 300,000 boepd growing organically to about 350,000 boepd in 2023.

Through this acquisition, Vår Energi continues to expand its material and diversified portfolio of oil and gas producing assets, development projects and attractive exploration licenses, and becomes the second largest E&P company on the Norwegian Continental Shelf (NCS) after Equinor, with total reserves and resources of about 1,900 million boe.

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