Norwegian oil and gas player Vår Energi has brought Pandion Energy’s portfolio into its fold, boosting its stakes in assets off the coast of Norway.
Vår Energi has completed the acquisition of certain assets and licenses from Pandion Energy, strengthening its position in the Gjøa and Åsgard areas.
The transaction entails a 10% interest in the producing Nova field (PL418), a 20% interest in the Ofelia development (PL929), a 49% interest in the Sierra Solberg discovery (PL263), and a portfolio of exploration licenses in the Gjøa area.
“Together with other recent transactions, this supports the company's strategy of optimising ownership around key operated hubs, extending infrastructure and hub lifetime, supporting long-term production, value creation and cash flow generation,” according to Vår Energi.
The company continues to optimize its portfolio with mergers, acquisitions, divestments, and asset swaps, as illustrated by its business combination move with BlueNord.