Vår Energi agrees to sell 12.25% stake in Brage field to Petrolia

The financial terms of the transaction were not disclosed.

Located in the central North Sea, Barge is a crude oil producing field, 125 km west of Bergen.

Barge was discovered in 1980 and production from it began in 1993.

With reservoirs at a depth of 2000-2300 m, the field produces oil from sandstone of the Early Jurassic age in the Statfjord Group, and sandstone of the Middle Jurassic age in the Brent Group and the Fensfjord Formation, according to OKEA, which owns a 35.2% stake in the field as the operator.

Other partners in the field include Lime Petroleum that has a 33.8% stake, DNO Norge with a 14.2% stake and M Vest Energy with the remaining 4.4% stake.

In the first half of 2023, Vr Energi's net production from the field was 1000 boe/d, and at year's end in 2022, it still had 1.9 million boe in net reserves.

Vår Energi CFO Stefano Pujatti said: “The transaction is part of Vår Energi’s ongoing portfolio optimisation process, in line with stated long-term strategic drivers and performance metrics to reduce cost and enhance value creation.”

Subject to closing conditions, including regulatory approvals, the deal is expected to complete by the end of this year.

Vår Energi said the divesture will not affect its production guidance.

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/10102023/vr-energi-agrees-to-sell-1225-stake-in-brage-field-to-petrolia/