Var Energi AS founded from the merging of Eni Norge with Point Resources

A new company named Vår Energi AS is the result of the merging between Eni Norge and Point Resources. The agreement was finalized between the parent companies ENI and private equity investor HitecVision. The new group will extend from the Barents Sea to the Norwegian North Sea, with more than 1,250 MMboe of reserves and resources. By 2023 the output should reach 250,000 boe/d after developing more than 500 MMboe in 10 existing fields and at a breakeven price of less than $30/bbl. The new company plans to invest over NOK65 billion ($8 billion) over the next five years. This business plan will bring life to new projects onstream, revitalize older fields and explore for new resources offshore Norway. Vår Energi will be owned 69.6% by Eni and 30.4% by HitecVision.