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Vår Energi acquires new partner in the Balder and Ringhorne fields

Published by , Editorial Assistant
Oilfield Technology,

Vår Energi AS has entered into an agreement with Mime Petroleum AS to divest 10% ownership interests in a total of six licenses across the Balder and Ringhorne fields on the Norwegian continental shelf (NCS).

Vår Energi is the operator of the Balder, Ringhorne and Ringhorne East fields, located in the North Sea. According to the agreement, Mime Petroleum will acquire 10% ownership interests in PL 001, PL 027, PL 027 C, PL 028, PL 028 S and PL 027 GS, currently 100% owned by Vår Energi. Dependent on appropriate approvals from the authorities, the agreement will provide Mime with a 10% ownership interest in the Balder and Ringhorne fields, as well as a 7.4% ownership interest in the Ringhorne East field.

“We are happy to finalise this agreement and to secure a new partner in the Balder and Ringhorne fields. The new partner will participate and invest in our ambitious joint plans to continue the economic development of the fields. We look forward to continuing a productive cooperation with Mime Petroleum for the revitalisation of the Balder and Ringhorne area”, says Kristin F. Kragseth, CEO in Vår Energi.

The agreement is subject to customary government approvals and final closing is scheduled to take place later this year. The parties have agreed to not disclose the transaction value.

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