New company plans to invest $8 billion over 5 years
Italian based energy company Eni and Norwegian based private equity investor HitecVision have announced an agreement to merge Point Resources AS into Eni Norge AS, which will be renamed as Vår Energi AS.
History of Point Resources AS
Point Resources was established early in 2016 following the merger of Pure E&P, Core Energy and Spike Exploration. In November 2017, production operatorship was transferred from ExxonMobil Exploration and Production Norway to Point Resources.
Point Resources has approximately 400 employees and is focused on the Norwegian Continental Shelf, specifically the Balder and Ringhorne fields. The company has ownership interests in 50 licenses and operator of 11, including the license number 001, the first license to be awarded on the shelf.
Vår Energi AS
The combined portfolio extends from the Barents Sea to the North Sea, producing around 180,000 BOE/d this year from a portfolio of 17 producing oil and gas fields. The company reports reserves and resources of more than 1,250 MBOE.
Production is expected to reach 250,000 BOE/d by 2023 after developing more than 500 MBOE in ten existing assets, with a breakeven price of less than $30 per barrel. The company plans to invest nearly US$8 billion over the next five years.
Vår Energi AS will be jointly owned by Eni (69.6%) and by HitecVision (30.4%).
