Norwegian oil and gas company Vår Energi has completed the sale of its 12.25% interest in the Brage Field to Petrolia NOCO (Petrolia).
The transaction, which was first announced in October 2023, has been concluded after it received necessary approvals from authorities.
Vår Energi and Petrolia did not disclose the financial details of the deal.
The Brage field, a late life producing asset in the North Sea, was discovered in 1980 and has been operational since 1993.
It features a platform for production and drilling, as well as a quarters platform, with oil transported through the Oseberg Transport System to the Sture Terminal and gas via Gassled.
OKEA, the operator, holds a 35.2% stake in the field, where reservoirs are located at depths between 2,000m and 2,300m.
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Other stakeholders include Lime Petroleum (33.8%), DNO Norge (14.2%) and M Vest Energy (4.4%).
Vår Energi’s net production from Brage was 1,500 barrels of oil equivalent per day for the first nine months of 2023.
At the end of 2022, the asset had remaining net reserves of 1.9 million barrels of oil equivalent.
The company has confirmed that this transaction will not affect its previously announced production guidance.
Vår Energi CFO Stefano Pujatti said: “Portfolio optimisation is part of our strategy for further growth and long-term value creation. We are pleased with the Brage transaction and will continue the process to identify opportunities to reduce cost and enhance value creation.”
Petrolia CEO Morten Stenhaug said: “We are pleased with the transaction and the new potential in the Brage field and look forward to working with the licence partners to uncover further value in the asset.
“This acquisition marks an important step for Petrolia Noco, adding significant production to our portfolio, allowing for growth and value creation through further exploration, field development and production deals.”