Eni, Point Resources launch IPO for Norwegian JV
Globally integrated energy company Eni and Point Resources Holding, a HitecVision company, announced the launch of an initial public offering (IPO) for their Norwegian joint venture, Var Energi, on January 24.
The IPO will provide access to Norwegian and international capital markets, allow the company to diversify its ownership structure and create a strong, long-term shareholder base. It is also part of Eni’s strategy to free up new resources to be allocated to its energy transition strategy. The company pledged to be carbon neutral by 2050.
Eni currently owns 69.85% of Var Energi with Point Resources owning 30.15%, but Eni intends to retain a majority stake in the company, which is the largest pure-play Norwegian Continental Shelf independent.
Var Energi was established in 2018 through a merger of Eni Norge and Point Resources.
The current IPO is expected to include a public offering in Norway, Sweden, Finland and Denmark, and a private placement to international institutional investors.
Var Energi had average net production of 247,000 barrels of oil equivalent (boe)/day in Q3 2021 and net 2P reserves estimated at 1.14bn boe.