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Marriage in the exploration and production of hydrocarbons in Norway. Eni has decided to partner with the subsidiary Eni Norge with Point Resources, a subsidiary of the private equity sector HitecVision. Thus was born Vr Energi, an independent company with a portfolio of 17 oil and gas fields with a wide geographical coverage, from the Barents Sea to the North Sea, and with a production in 2018 of about 180,000 barrels equivalent oil a day. The company will also have reserves and resources for more than 1,250 million barrels of oil equivalent. Production is expected to reach 250,000 barrels by 2023, in anticipation of the development of more than 500 million barrels of oil equivalent from ten existing badets and with a break-even point of less than $ 30 per barrel. Over the next five years, Vr Energi plans to invest more than 65 billion euros in Norwegian kroner, or $ 8 billion, to bring these projects to life, revitalize the most mature deposits and lead the way. new explorations. The extended presence in Norwegian waters will allow the company to expand its portfolio both through future bid calls for the granting of exploration licenses and to mergers and acquisitions
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The new shareholder structure of Var Energi will see Eni, the majority shareholder, at 69.6% and HitecVision at 30.4%. The shareholders agreed on the company's strategy and objectives, which will be born after the merger to be examined now with consultations with employees and unions. The merger, subject to the usual conditions of completion and regulatory approvals, is expected to be completed by the end of 2018.
Claudio Descalzi, Chief Executive Officer of Eni, said: "It is a fundamental step in the strategy to strengthen the presence of Eni in the OECD zone countries with greater upstream potential, such as Norway. The high quality of human capital and portfolio badets, as well as the opportunities for expansion still available in Norway, will create significant added value for the shareholders of the new company. Eni will bring to Var Energi its ability to innovate, recognized worldwide, and its best technology, which have achieved remarkable results in recent years, thanks to great discoveries and the ability to put them into production in record time. .
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Ole Ertvaag, Managing Director and Founding Partner of HitecVision, commented: "We are proud to unite two E & P companies that, in Norway, have a long tradition dating back to the beginning of the year. Oil adventure of the country 001 of 1967 and the Ekofisk field, the first in Norway.After more than fifty years, Norway still has significant oil and gas resources and the combination of Eni and Point is based on decades of experience to create a completely new business for decades to come.
Morten Mauritzen, Managing Director Point Resources CEO, he said: Point Resources has come a long way from the short period since the acquisition of ExxonMobil's operations in Norway last year.Vr Energi will be one of the largest E & P companies in Norway, with great ambitions for the future, a large wallet e of exploited and undeveloped areas, a growing concentration on exploration and many development projects make it one of the most interesting companies in the sector. Philip D. Hemmens, Managing Director of Eni Norge, added, "The new company will have the ambition, the capacity and the expertise to achieve such growth that it will become a corporation. independent, reliable and sustainable Norwegian for many years to come. 19659007] The new company will have approximately 800 employees, including offshore and ground staff. HSE, project delivery and production efficiency will be the priorities of the management. Kristin F. Kragseth, currently production vice president of Point Resources AS, will become managing director of the new entity, while Philip D. Hemmens will be the chairman. Hemmens and Mauritzen will retain their current roles in Eni Norge and Point Resources until the merger is complete.
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