Vår Energi farming out share in Balder and Ringhorne fields to Mime Petroleum

Norwegian oil and gas company Vår Energi has agreed to sell a share in six offshore licenses across the Balder and Ringhorne fields in Norway to Mime Petroleum.

Illustration; Image source: Var Energi
Illustration; Image source: Var Energi

Mime Petroleum, established in 2017 by Blue Water Energy and Sverre Skogen, Chairman and CEO, will acquire 10 percent interests in the Balder and Ringhorne fields, as well as a 7.4 percent interest in the Ringhorne East field.

The companies have agreed to not disclose the transaction value. The transaction, subject to customary government approvals, is expected to complete later this year.

Vår Energi, formed by a merger between Eni Norge and Point resources in December 2018, claims to have reserves and resources of more than 1,250 million barrels of oil equivalent (Mboe).

The company is targeting development of about 500 Mboe during the next five year period.

“Continued development of proven and additional mapped resources in the Balder and Ringhorne fields are key components of this growth plan. In addition, there is potential to further increase the reserves in the area through an exploration program that is planned to start in 2020,” Vår Energi has said.

According to Vår Energi, Balder X Project entails major future project activities such as extending the lifetime of the Jotun FPSO towards 2045, and drilling of 20 new production wells across the Balder and Ringhorne fields. Other projects comprise an upcoming drilling program at Ringhorne and the extension of the lifetime of the Balder FPSO towards 2030. A revised Plan for development and operation (PDO) is planned to be submitted in the fourth quarter of 2019.

Commenting on the deal with Mime Petroleum, Kristin F. Kragseth, CEO in Vår Energi said: “We are happy to finalize this agreement and to secure a new partner in the Balder and Ringhorne fields. The new partner will participate and invest in our ambitious joint plans to continue the economic development of the fields. We look forward to continuing a productive cooperation with Mime Petroleum for the revitalization of the Balder and Ringhorne area.”

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