Vår Energi ASA has signed an agreement with Petrolia NOCO AS (Petrolia) for the disposal of the 12,2575% interest in the Brage Unit.

The Brage Field is a late life producing field located in the Central North Sea operated by OKEA (35.2%). The field started production in 1993 and comprises a production, drilling and quarters platform with oil transportation via OTS/Sture Terminal and gas offtake through Gassled.

“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”, said Stefano Pujatti, CFO in Vår Energi.

Vår Energi net production from the field was 1.0 Kboepd in the first half 2023 and had remaining net reserves 1.9 mmboe at year-end 2022.

The transaction is subject to normal regulatory approvals and is expected to close by year end 2023. The deal does not impact the Company’s previously announced production guidance.

About Vår Energi

Vår Energi (OSE: VAR) is a leading independent upstream oil and gas company on the Norwegian continental shelf (NCS). We are committed to deliver a better future through responsible value driven growth based on over 50 years of NCS operations, a robust and diversified asset portfolio with ongoing development projects, and a strong exploration track record. Our ambition is to be the safest operator on the NCS, the partner of choice, an ESG leader with a tangible plan to reduce emissions from our operations by 50% within 2030.

Vår Energi has around 1000 employees and equity stakes in 39 fields and the company produced net 208 kboepd in first half of 2023. We have our headquarters outside Stavanger, Norway, with offices in Oslo and Hammerfest.