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    Var Energi expands Balder base off Norway

Summary

The acquisition could help broaden the scope of Var's development plans in the Balder area.

by: NGW

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Var Energi expands Balder base off Norway

Eni's majority-owned Norwegian unit Var Energi announced on August 16 it had acquired 30% positions at production licences 820S and 820SB north of the Balder field it operates in the Norwegian North Sea from Lime Petroleum, Pandion Energy and Aker BP.

Var has been proposed as the new operator of the licences, while the transaction awaits government approval. The acquisition could help broaden the scope of Var's development plans in the Balder area, where the company is already working on the Balder X project, designed to extend the field's lifetime beyond 2045.

Var earlier this year also obtained extra 20% interests in and operatorship of licences 917 and 917B west of Balder, in an equity swap with Lundin, recently merged with Aker BP, which saw it reduce its interests in licences 956 and 985 in return.