Concedo farming in the Bøyla field in the North Sea

Offshore workers

SANDNES, Norway — Vår Energi has agreed to sell its 20% stake in the Bøyla mining field in the Norwegian North Sea to Concedo for USD 24 million.

Bøyla entered the market in 2015 via a subsea template connected to a vessel operated by Aker BP. Alvheim FPSO. Vår Energi’s net production from the field in the first quarter of this year was approximately 1,400 boe/d.

CFO Stefano Pujatti said: “The transaction is in line with our stated ambition to divest non-strategic assets in order to optimize our asset portfolio, reduce operating costs and issuance prospects and enhance future value creation.”

Pending regulatory approvals, the transaction is expected to close in the fourth quarter, with Concedo assuming full responsibility for winding down its portion of the field.

May 28, 2024