Var Energi AS, jointly owned by Eni (69.6 percent) and Norway-based equity fund HitecVision (30.4 percent), was awarded 13 licenses in the Awards in Predefined Areas (APA) 2018 by the Ministry of Petroleum and Energy of Norway, Eni announced Friday.
According to the company's statement, Var Energi was granted four operatorships and nine partnerships in licenses covering all the three main oil and gas provinces in the Norwegian Continental Shelf (NCS) including the North Sea, the Norwegian Sea and the Barents Sea.
'The results of the APA 2018 are fully aligned with Var Energi's strategy to further strengthen its position as a major independent exploration and production company on the NCS,' Eni said.
The new licenses will increase the portfolio around operated hubs and open new growth opportunities in other areas, it added.
Commenting on the announcement, Eni's CEO Claudio Descalzi said: 'The award of these exploration licenses represents a further acknowledgement of our skills to operate in complex contests both from a technical and an environmental standpoint.'
Based in Rome, Italy, Eni is one of the major global oil and gas companies operating in 71 countries worldwide and employing around 33,000 people. As of March 31, 2018, the company's market capitalization was calculated at $64 billion.
HitecVision is one of Europe's leading private equity investors focused on the upstream offshore oil and gas industry. Headquartered in Stavanger, the center of the Norwegian oil and gas industry, the company has invested in, acquired or established more than 150 companies including add-on acquisitions since 1994.
By Hale Turkes