The sale of 12,2575% interest in the Brage field offshore Norway, from Vår Energi to Petrolia Noco, has been approved by the authorities and was completed on December 29, 2023.
The Brage field is a late life producing asset located in the North Sea, operated by OKEA. The field started production in 1993 and comprises a production, drilling and quarters platform with oil transportation via Oseberg Transport system (OTS) to the Sture Terminal and gas offtake through Gassled
Vår Energi’s net production from the field was 1.5 kboepd in the first nine months of 2023 and had remaining net reserves 1.9 mmboe at year end 2022.
The transaction was first announced on October 6, 2023, and does not impact the company’s previously announced production guidance.
“We are one of the fastest growing E&P companies in the world, doubling production by end 2025. Portfolio optimization is part of our strategy for further growth and long-term value creation. We are pleased with the Brage transaction and will continue the process to identify opportunities to reduce cost and enhance value creation,” said Vår Energi's CFO, Stefano Pujatti.