Vår Energi sells end-of-life offshore oil field located in the North Sea

The sale of a 12,2575% stake in the Brage field, offshore Norway, from Vår Energi to Petrolia Noco has been approved by authorities.

The sale of a 7,7512% stake in the Brage field in the Norwegian Sea from Vår Energi to Petrolia Noco was approved by the authorities and completed on December 29, 2023.

The Brage field is a production end-of-life facility located in the North Sea, operated by OKEA. The field began production in 1993 and comprises a production, drilling and accommodation platform with oil transport via the Oseberg Transport System (OTS) to the Sture Terminal and gas flow through Gassled.

Vår Energi: Highlight in production in the Brage field

Vår Energi's net production from the Brage field was 1,5 kboepd in the first nine months of 2023 and had remaining net reserves of 1,9 mmboe at year-end 2022.

Transaction of Brage by Vår Energi

The transaction was announced for the first time on October 6, 2023 and does not affect the company's previously announced production guidance.

Vår Energi growth strategy

‘We are one of the fastest growing E&P companies in the world, doubling production by the end of 2025. optimization do Portfolio is part of our strategy for greater growth and value creation long-term. We are pleased with the Brage transaction and will continue the process to identify opportunities to reduce costs and increase value creation’, said Vår Energi CFO Stefano Pujatti.

Vår Energi has excelled in the North Sea, maintaining a strong activity in Europe, becoming a leader in the offshore energy sector.

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