Vår Energi all done with intra-group merger

Norwegian oil and gas player Vår Energi has completed the merger with its wholly-owned subsidiary Vår Energi Norge, previously known as Neptune Energy Norge.

The Norwegian firm confirmed on June 10, 2024, that the merger has been finalized and registered with the Norwegian Register of Business Enterprises. Consequently, all assets, rights, and obligations of Vår Energi Norge have been transferred to Vår Energi. 

After Eni purchased Neptune Energy’s oil and gas assets  – excluding operations in Germany and Norway, Vår Energi acquired the Norwegian assets in late January, changing its new subsidiary’s name to Vår Energi Norge. The Norwegian portion covers 12 producing assets, with three assets operated and located in the company’s strategic hub areas, and seven operated by Equinor.

An intra-company merger between Vår Energi and Vår Energi Norge was announced shortly after that, quoting the simplification of corporate structure and fulfilling Norwegian regulatory requirements as reasons behind this decision. The merger plan was approved in mid-April.

It was explained that the merger would be structured as a simplified merger between a parent company and a wholly-owned subsidiary, with the firm as the surviving and acquiring entity. As no merger consideration was payable, Vår Energi stated that its registered share capital has not changed.

Aside from the merger, the Norwegian player made another step to optimize its operations by selling a 20% interest in the Aker BP-operated Bøyla field in the North Sea to Concedo. This is said to be in line with the firm’s plans to cut emissions from its operations by more than 50% by 2030.

Vår Energi recently drilled the 7219/6-1 Venus exploration well in the Barents Sea using the Transocean Enabler rig. The well ended up being dry, causing it to be permanently plugged and abandoned.