Eni completed the merger of Point Resources AS, Eni Norge AS – an associate of Eni S.p.A., and HitecVision to form Var Energi, Eni announced Wednesday.
According to the announcement, Var Energi will be an independent leader in the exploration and production of hydrocarbons in Norway.
"The merger took place after the pending conditions were met, among them having secured a third party financing of $3 billion non-recourse to sponsors and after receiving regulatory approvals," Eni stated.
Owned 69.6 percent by Eni and 30.4 percent by HitecVision, Var Energi has about 800 employees and 17 oil and gas fields with a wide geographical coverage, from the Barents Sea to the North Sea.
"Production in 2018 is estimated at 170,000 barrels of oil equivalent per day (boepd) and the company has reserves and resources of more than 1,250 million barrels of oil equivalent. Production from existing fields is expected to reach 250,000 boepd by 2023," Eni said.
By Gulsen Cagatay