With new acquisition, Vår Energi bolsters its CCS exploration efforts
Norwegian oil and gas player Vår Energi has acquired Feistein CCS, which is a company focused on maturing large-scale, cost-efficient CO2 storage opportunities, in a bid to accelerate efforts in exploring the potential of carbon capture and storage (CCS).
According to Vår Energi, it is stepping up its decarbonisation efforts through carbon storage application opportunities on the Norwegian continental shelf (NCS), since CCS will play “a key role” in meeting global energy and climate goals. The company believes that the NCS holds significant potential for carbon storage.
Ingrid Sølvberg, EVP Technology, Drilling & Subsurface in Vår Energi, sees this as a strategic fit and explains: “Technological development and investments in low-emission solutions are needed to support the pathway to net-zero, and the acquisition of Feistein CCS accelerates our position and competence on CO2-storage.
“We are a predictable, reliable, and low-emission provider of energy, and decarbonisation activities are a natural part of being a pure play oil and gas company on the NCS.”
Vår Energi is also pursuing decarbonisation with offshore wind, as demonstrated by a collaboration with a consortium consisting of Odfjell Oceanwind and Source Galileo to explore opportunities for floating offshore wind through a pilot project at a field located in the Barents Sea off Norway.
Meanwhile, the company also handed out a five-year deal to Halliburton, covering drilling services related to exploration and production drilling across its portfolio on the NCS. The firm’s drilling activities are focused around four strategic hubs in the Balder/Grane area, the North Sea, the Norwegian Sea, and the Barents Sea.