Norwegian oil and gas company Vår Energi has completed the sale of 10% ownership interests in six North Sea licenses to Mime Petroleum.

The licenses operated by Vår Energi are located across the Balder and Ringhorne fields on the Norwegian continental shelf (NCS).

As part of the agreement, which was originally signed in April 2019, Mime Petroleum acquired ownership interests in PL 001, PL 027, PL 027 C, PL 028, PL 028 S and PL 027 GS, currently 100% owned by Vår Energi. Mime Petroleum will get 10% interests in the Balder and Ringhorne fields, in addition to 7.4% ownership interests in the Ringhorne East field.

Vår Energi CEO Kristin Kragseth said: “We are pleased with having Mime Petroleum as a new partner; investing in our ambitious joint plans to continue the economic development of the fields, and we look forward to progressing the revitalization of the Balder and Ringhorne area together.”

Vår Energi has more than 1,250 million barrels of oil equivalent (MMboe) reserves and resources, targeting development of about 500 MMboe during the next five years.

Key components of the growth plan include continued development of proven and additional mapped resources in both the fields. The company is planning to start an exploration programme next year to further increase the reserves in the area.

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By GlobalData

The companies have not disclosed the transaction value.

Vår Energi and Mime Petroleum plan to redevelop Balder and Ringhorne through the Balder X project, which covers future project activities such as extending the lifetime of the Jotun FPSO towards 2045 and drilling of 20 new production wells across the fields. They also intend to submit a revised plan for development and operation (PDO) in the fourth quarter of 2019.

Vår Energi, which is the result of the merger of Point Resources and Eni Norge in 2018, is jointly owned by Eni (69.6%) and Norway based private equity investor HitecVision (30.4%).