Norwegian oil and gas producer Vår Energi has agreed a series of transactions on the Norwegian Continental Shelf that will strengthen its position in core producing hubs, increase ownership in key development projects and provide greater flexibility in capital allocation.
The transactions include the acquisition of Pandion Energy's portfolio, a swap agreement with DNO Norge and the divestment of interests in the Goliat and Fenja fields.
The company said the deals are aimed at further high-grading its portfolio by increasing exposure to core areas and targeting higher-value opportunities while maintaining its long-term production growth strategy.
“We continue to actively high-grade our portfolio in line with our strategy, strengthening our position in core areas and focusing capital on high-value opportunities. Through these transactions, we increase ownership in key development projects and producing assets, strengthen our position around key hubs and accelerate value generation from recent exploration success. This enhances flexibility in capital allocation and supports resilient, long-term value creation for our shareholders,” said Nick Walker, Chief Executive Officer of Vår Energi.
As part of the transactions, Vår Energi will acquire Pandion's portfolio for a cash consideration of $110 million. The acquisition includes a 10% interest in the Nova field, a 20% interest in the Ofelia development, a 49% interest in the Sierra Solberg discovery and a portfolio of exploration licences in the Gjøa area, including the Annabelle prospect scheduled for drilling later this year.
The company said the acquisition strengthens its position around the Gjøa infrastructure hub by adding interests in producing assets, development projects and exploration acreage.
Vår Energi has also agreed a swap transaction with DNO Norge under which it will acquire a 15% interest in the Ringhorne North development and a 5% interest in the Nova field in exchange for a 5% interest in the Gjøa field and a balancing payment. The agreement increases the company's exposure to the Balder area while adding interests in both producing and development assets.
Separately, Vår Energi has agreed to sell a 20% interest in the Goliat field to Orlen Upstream Norway and a 25% interest in the Fenja field to Concedo for a total consideration of up to $350 million.
Following completion, Vår Energi will retain a 45% interest in Goliat and a 50% interest in Fenja and remain operator of both fields.
The company said the divestments would accelerate value creation from recent exploration success while reducing future capital commitments without materially affecting production.
According to Vår Energi, the combined transactions will have minimal impact on 2026 production and support its long-term ambition to produce more than 400,000 barrels of oil equivalent per day.
All transactions are expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions.
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