Italy based energy company Eni and private equity investor HitecVision are merging Point Resources AS into Eni Norge AS, and renaming the company Vår Energi AS. It was only last year that Point Resources acquired ExxonMobil’s operated business in Norway.
The new company will have a total of about 800 employees, including both offshore and onshore staff. The portfolio of the combined company will have a wide geographical coverage, from the Barents Sea to the North Sea, producing around 180,000 barrels of oil equivalent per day this year from a portfolio of 17 producing oil and gas fields. The company will have reserves and resources of more than 1,250 million barrels of oil equivalents.
The combination is subject to customary closing conditions and regulatory approvals and is expected to be completed by the end of 2018.