Eni and Point Resources plan to launch a strategic review regarding the future ownership structure of the Norwegian offshore oil and gas company Vår Energi.
Italian oil giant Eni a owns 69.85% stake in Vår Energi, and HitecVision-backed Point Resources owns the remaining 30.15% stake.
Vår Energi was founded in 2018 through the merger between Eni Norge and Point Resources. In 2019 Vår Energi acquired ExxonMobil’s remaining assets on the NCS, forming the second-largest operator in Norway.
In a statement released Tuesday afternoon, Eni said that the strategic review was related to the future ownership structure of Vår Energi, "in order to better pursue future growth and maximize value creation."
"The review will consider various alternatives, including a possible Initial Public Offering (“IPO”). Eni will continue to retain a majority stake in the Company while preserving equity accounting," Eni said.
Vår Energi's production in the first half of 2021 was 239,000 boepd and the company had 2P reserves base of 1,147 mmboe (SEC) as of year-end 2020.