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Vår Energi completes $4.5B acquisition of Exxon's upstream assets in Norway

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Vår Energi completes $4.5B acquisition of Exxon's upstream assets in Norway

Vår Energi AS has completed the previously announced acquisition of Exxon Mobil Corp.'s nonoperated assets in Norway for $4.5 billion, according to a Dec. 10 release from majority owner Eni SpA.

The acquisition included fields operated by Equinor ASA that would add approximately 150,000 barrels of oil equivalent per day to Vår Energi's production. Vår Energi said the deal makes it the second-largest exploration and production company in the Norwegian continental shelf, after Equinor, with 1.90 billion boe in total reserves and resources.

The deal was part of Exxon's plan to divest $15 billion in noncore upstream assets by 2021.

Italy's Eni holds a 69.6% stake in Vår Energi while the remaining 30.4% interest is held by private equity investor HitecVision AS.