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

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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

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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

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China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

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