Vår partners up with MimeBalder and Ringhorne area. Source: Vår Energy

Vår partners up with Mime

Following the agreement between Vår Energy and Mime Petroleum in April 2019, Vår will divest 10% ownership interests in six operated licenses across the Balder and Ringhorne fields in the North Sea to Mime.

According to the press release, Mime Petroleum will acquire 10% 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, including  10% in the Balder and Ringhorne fields and 7.4% in the Ringhorne East field.

The agreement is subject to customary government approvals and final closing is scheduled to take place later this year. No transaction value was announced.

Vår Energi has reserves and resources of more than 1,250 Bboe, targeting development of about 500 MMboe during the next five-year period. In addition, there is potential to further increase the reserves in the area through an exploration program that is planned to start in 2020.

The Balder X Project entails major future project activities such as extending the lifetime of the Jotun FPSO towards 2045, drilling of 20 new production wells across the Balder and Ringhorne fields and the extension of the lifetime of the Balder FPSO towards 2030. A revised PDO is planned to be submitted in the Q4 2019.