Vår Energi completes sale of North Sea oil field with late-life production capabilities
(WO) – The sale of interest in the Brage oil field from Vår Energi ASA to Petrolia NOCO AS, which was announced on Oct. 6, 2023, has been approved by the authorities and was completed on Friday, Dec. 29.
The Brage oil field is a late life producing asset located in the North Sea, operated by OKEA. The field started production in 1993 and comprises a production, drilling and quarters platform with oil transportation via Oseberg Transport system (OTS) to the Sture Terminal and gas offtake through Gassled.
Vår Energi’s net production from the field was 1,500 boed in the first nine months of 2023 and had remaining net reserves 1.9 MMboe at year end 2022. The transaction does not impact the company’s previously announced production guidance.
Vår Energi CFO, Stefano Pujatti said, “We are one of the fastest growing E&P companies in the world, doubling production by end 2025. Portfolio optimization is part of our strategy for further growth and long-term value creation. We are pleased with the Brage transaction and will continue the process to identify opportunities to reduce cost and enhance value creation.”
Lead image: The Brage platform in the North Sea. (Source: OKEA)
