Vår Energi and its wholly-owned subsidiary Vår Energi Norge, formerly Neptune Energy Norge, have agreed a joint merger plan for an intra-group merger of the two companies.
The purpose of the merger is to simplify the corporate structure in the group by joining the companies operations into one company, according to Vår Energi.
Vår Energi, a majority-owned by Italy’s Eni, completed the acquisition of Neptune Energy and its entire portfolio of oil and gas assets earlier in 2024. Since, Neptune Norway operated as a fully-owned subsidiary of Vår Energi under the name of Vår Energi Norge.
With the acquisition, Vår Energi became second largest independent E&P company on the Norwegian Continental Shelf (NCS) and the second largest supplier of gas from Norway to Europe.
Vår Energi took over ownership in 12 producing assets, three of which are operated by Neptune Norway and seven by Equinor, further strengthening its partnership with Equinor.
The merger plan between the companies be considered for final approval by the board of directors in the second half of April 2024.
The merger is expected to take effect around the end of the second quarter of 2024.