Vår Energi Sells End-of-Life Offshore Oil Field Located in the North Sea

Written by Paulo Nogueira

Published on 29/12/2023 at 07:30

Updated on 29/12/2023 at 08:27

Be the first to react!

The Sale of 12.2575% Stake in the Brage Field, Offshore Norway, from Vår Energi to Petrolia Noco Was Approved by the Authorities.

The sale of 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 an end-of-life production asset located in the North Sea, operated by OKEA. The field started production in 1993 and consists of a production, drilling, and accommodation platform, with oil transportation via the Oseberg Transport System (OTS) to the Sture Terminal and gas export through Gassled.

Vår Energi: Highlight in Production at the Brage Field

Vår Energi’s net production in the Brage Field was 1.5 kboepd in the first nine months of 2023 and had remaining net reserves of 1.9 mmboe at the end of 2022.

ARTICLE CONTINUES BELOW

Brage Transaction by Vår Energi

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

Vår Energi’s Growth Strategy

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

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

Vår Energi Sells End-of-Life Offshore Oil Field Located in the North Sea

The Sale of 12.2575% Stake in the Brage Field, Offshore Norway, from Vår Energi to Petrolia Noco Was Approved by the Authorities.

Vår Energi: Highlight in Production at the Brage Field

Brage Transaction by Vår Energi

Vår Energi’s Growth Strategy

While an average building in London or New York takes three years to be completed, in China a 26-story tower went up in five days with about 100 workers, and the global modular construction market already moves US$ 95 billion per year.

A Chinese factory in Guangdong is assembling a humanoid robot every 30 minutes while Tesla, Figure, and Boston Dynamics still struggle to deliver 10 thousand per year.

Australia installs giant concrete structures on the seabed 800 meters from the shore to create an ocean intake for desalination that will draw in saltwater and produce 30 million liters of drinking water per day.

Secret chamber sealed 4,500 years ago found in the Pyramid of Khufu, and Hawass announces its opening to the world in 2026

A public school student single-handedly created a machine capable of treating water for up to 50 people using only solar energy. It was awarded third place at one of the most important science fairs in the world.

Germany installed vertical solar panels on a lake in Bavaria, and the result broke conventional logic: instead of producing energy at midday peak, the plant generates more early in the morning and in the evening, exactly when families turn on appliances and factories are in full swing.

While communities suffer from water scarcity and the advancing desert, women in Morocco use nets high up in the mountains to trap fog droplets, fill reservoirs, and transport drinking water through more than 10 km of piping.

Between Alaska and Siberia, there is an abyss on the sea floor, a submarine trench 2,600 meters deep that surpasses the Grand Canyon in vertical scale and hosts one of the rarest ecosystems on the planet.

End of separate pressure cooker, air fryer, and electric pot? Ninja Foodi MAX SmartLid combines 15 functions, three cooking modes, and a smart lid to cook, fry, bake, and steam in the same device.

It seems like something out of a movie, but it’s real: how technology uses invisible sound waves to extinguish small fires without water, without chemicals, and without destroying household furniture.

Chinese boats accelerate the collapse of fishing in Senegal, cause an annual loss of US$ 300 million, affect 1.3 million people, and help transform West Africa into the epicenter of 40% of the planet’s illegal trawling.

Super airplane Phantom 3500 advances towards its first flight, promising 60% lower fuel consumption, a windowless cabin, operation above 51,000 feet, technology validated by DARPA, and a billion-dollar order of 300 jets before certification.

Vår Energi Sells End-of-Life Offshore Oil Field Located in the North Sea

The Sale of 12.2575% Stake in the Brage Field, Offshore Norway, from Vår Energi to Petrolia Noco Was Approved by the Authorities.

Vår Energi: Highlight in Production at the Brage Field

Brage Transaction by Vår Energi

Vår Energi’s Growth Strategy

While an average building in London or New York takes three years to be completed, in China a 26-story tower went up in five days with about 100 workers, and the global modular construction market already moves US$ 95 billion per year.

A Chinese factory in Guangdong is assembling a humanoid robot every 30 minutes while Tesla, Figure, and Boston Dynamics still struggle to deliver 10 thousand per year.

Australia installs giant concrete structures on the seabed 800 meters from the shore to create an ocean intake for desalination that will draw in saltwater and produce 30 million liters of drinking water per day.

Secret chamber sealed 4,500 years ago found in the Pyramid of Khufu, and Hawass announces its opening to the world in 2026

A public school student single-handedly created a machine capable of treating water for up to 50 people using only solar energy. It was awarded third place at one of the most important science fairs in the world.

Germany installed vertical solar panels on a lake in Bavaria, and the result broke conventional logic: instead of producing energy at midday peak, the plant generates more early in the morning and in the evening, exactly when families turn on appliances and factories are in full swing.

While communities suffer from water scarcity and the advancing desert, women in Morocco use nets high up in the mountains to trap fog droplets, fill reservoirs, and transport drinking water through more than 10 km of piping.

Brazil could become a global oil powerhouse with reserves jumping from 17 billion to 23.5 billion barrels, investments of US$ 30 billion per year, and exploration in the Equatorial Margin that could extend Brazilian production until 2042.

While Brazil discussed the transition, Petrobras unlocked 11 new platforms in the pre-salt until 2027 — Búzios alone receives 6 FPSOs and targets 1 million barrels/day.

Oil, jobs, and industry: ABESPETRO executive explains why Brazil has not yet reached the development of wealthy countries

MIT startup tests in Houston a millimeter wave maser drill that promises to bore 20 km of rock, three times deeper than Kola

Lula celebrates the revival of the fertilizer industry in Bahia, reinforces the defense of Petrobras, and criticizes privatizations that increased Brazil’s external dependency.

Between Alaska and Siberia, there is an abyss on the sea floor, a submarine trench 2,600 meters deep that surpasses the Grand Canyon in vertical scale and hosts one of the rarest ecosystems on the planet.

End of separate pressure cooker, air fryer, and electric pot? Ninja Foodi MAX SmartLid combines 15 functions, three cooking modes, and a smart lid to cook, fry, bake, and steam in the same device.

It seems like something out of a movie, but it’s real: how technology uses invisible sound waves to extinguish small fires without water, without chemicals, and without destroying household furniture.

Chinese boats accelerate the collapse of fishing in Senegal, cause an annual loss of US$ 300 million, affect 1.3 million people, and help transform West Africa into the epicenter of 40% of the planet’s illegal trawling.

Super airplane Phantom 3500 advances towards its first flight, promising 60% lower fuel consumption, a windowless cabin, operation above 51,000 feet, technology validated by DARPA, and a billion-dollar order of 300 jets before certification.