Norwegian offshore oil and gas producer Vår Energi said Friday it had entered a long-term strategic partnership with the U.S. oilfield services company Halliburton for drilling services to improve drilling and well performance and enhance value creation.
The partnership covers drilling services related to exploration and production drilling for Vår Energi across the entire Norwegian Continental Shelf.
Vår Energi CEO, Torger Rød, is very pleased to join forces with the Halliburton team: "Halliburton represents world class technical expertise and capabilities combined with extensive experience in areas of high strategic importance to our activities. Vår Energi aims to be the partner of choice. We seek operational excellence in everything we do and are committed to building strong, long-term strategic partnerships in all key business areas. Solid partnerships and collaboration across the entire value chain will enable operational excellence, supporting our plans for growth and value creation for all parties.
The contract has a duration of five years with options for an additional four years in total.
Ingrid Sølvberg, EVP Technology, Drilling and Subsurface, adds: "We are on track to deliver on our end-2025 production target, an increase of more than 50% from today’s level. Combined with our proven best-in-class exploration capabilities, teaming up with Halliburton will be a key enabler in meeting our ambitious long-term growth targets. Collaboration with strong partners will be a driving force in technology development, contribute to reducing costs and emissions, while also improving efficiency and HSE performance.
Halliburton Chairman, President, and CEO Jeff Miller, says: "As one of the world’s leading oilfield service companies, Halliburton looks forward to working with Vår Energi, a leading, pure-play exploration and production company on the NCS. Halliburton has extensive experience and proven capabilities from operations in Norway over many years. Halliburton’s value proposition – to collaborate and engineer solutions to maximize asset values for our customers – fits perfectly with Vår Energi’s ambitious growth plans."
Vår Energi offshore portfolio in Norway includes 158 licenses and 39 producing fields.
Drilling activities are focused around four strategic hubs in the Balder/Grane area, the North Sea, the Norwegian Sea and the Barents Sea.
The strategic partnership with Halliburton builds on an already established collaboration model with clear incentives to work as an integrated team toward common goals. Succeeding together through close end-to-end collaboration and standardisation of the supply chain are key elements to this principle.