Vår Energi signs deals to high-grade NCS portfolio

Vår Energi ASA has entered a series of transactions on the Norwegian Continental Shelf, including acquisition of Pandion Energy AS's holdings, a swap with DNO Norge AS, and divestments in Goliat and Fenja fields. All transactions are expected to close in second-half 2026, subject to regulatory approvals.

Pandion acquisition anchors Gjøa position

Through a $110-million acquisition of Pandion Energy's portfolio, Vår Energi adds a 10% interest in the producing Nova field (PL418), a 20% interest in the Ofelia development project (PL929), a 49% interest in the Sierra Solberg Rodrigues discovery (PL263), and four exploration licenses in the Gjøa area, including Annabelle (PL929), slated for drilling later this year.

For Pandion, the deal represents an exit from all remaining NCS participating interests.

The deal strengthens Vår Energi's position around Gjøa infrastructure, increasing ownership across producing assets and key development projects, the company said. Nova is currently the only producing asset tied to the infrastructure where Vår Energi holds no ownership interest.

DNO swap adds Ringhorne North stake

Vår Energi also agreed to acquire from DNO Norge AS a 15% interest in Ringhorne North (PL956, Central North Sea) and a 5% interest in Nova (PL418) in exchange for a 5% interest in the Vår Energi-operated Gjøa field, the Gjøa Nord discovery (PL153, Northern North Sea), and a $17.5-million cash payment.

"DNO has had a stake in every field tied back to Gjøa but not in the host itself. With this transaction, we climb onto the platform and just in time," said executive chairman Bijan Mossavar-Rahmani in a separate release. "With Kjøttkake, Cuvette, Ofelia, Cerisa, and now Gjøa Nord, we have five Gjøa tie-backs heading for final investment decisions this year."

Goliat, Fenja divestments fetch up to $350 million

Separately, Vår Energi agreed to divest a 20% interest in Goliat field in the Barents Sea to Orlen Upstream Norway AS and a 25% interest in Fenja and Vidsyn assets (PL 586 and PL 586 B) to privately held Concedo AS for total consideration of up to $350 million. Vår Energi will retain 45% in Goliat and 50% in Fenja and remain operator of both.

Orlen's 20% stake covers five licenses, including the producing Goliat field and Goliat Ridge discovery. Orlen expects the acquisition to increase its oil and gas reserves by nearly 60 MMboe and lift production to around 12,000 boe/d from 4,000 boe/d by decade's end, as part of an investment program targeting additional Goliat infill wells and the start of production from gas that has been reinjected into the reservoir.