20 new NCS licenses for Vår Energi and Sval

Vår Energi AS is awarded 17 new licenses (7 as operator) on the Norwegian Continental Shelf during the Awards in Predefined Areas for 2019. Sval (formerly Solveig Gas) was awarded 3 licenses, all as operator.

“We are very pleased with the results. The new licenses are located in promising areas of the NCS, and are of strategic significance to us. The positive results reinforce our position as one of the majors on the Norwegian continental shelf”, says Vår Energi CEO, Kristin F. Kragseth.

The licenses were awarded by the Ministry of Petroleum and Energy (MPE) today. Vår Energi AS has been granted licenses in all areas of the NCS, with 7 licenses in the North Sea, 3 in the Norwegian Sea, and 7 in the Barents Sea.

Vår Energi has reserves and resources of more than 1,900 million barrels of oil equivalent on the NCS. Exploration is a key part of Vår Energi’s future organic business growth.

“Vår Energi has working interests in many of the key discoveries made on the NCS in recent years. I’m happy that our thorough APA 2019 application has been rewarded. The result will provide us with many exciting new opportunities”, says Vår Energi VP Exploration, Denis Palermo.

In addition, Capricorn, which is being acquired by Sval in a transaction expected to close early in 2020, was awarded 3 licenses. Two of these are in the North Sea and one in the Norwegian Sea.

More information available on the Ministry of Petroleum and Energy’s website.