Vår Energi ASA is promoting its 20 % curiosity within the Boyla discipline within the North Sea to Concedo AS for $24 million.
The transaction is topic to customary regulatory approvals and is anticipated to shut within the fourth quarter, with an efficient date of January 1, 2024. Concedo will assume full decommissioning liabilities for the acquired discipline.
The transaction doesn’t affect Vår Energi’s beforehand introduced manufacturing steering for 2024, year-end 2025 and past, the corporate stated in a information launch.
“The transaction is aligned with our said ambition to get rid of non-strategic belongings to optimize our portfolio of belongings; decreasing our working prices and emission outlook and improve future worth creation” Var Energi CFO Stefano Pujatti stated.
The Bøyla discipline is a mature producing discipline positioned within the North Sea operated by Aker BP with an 80 % curiosity and positioned 17.4 miles (28 kilometers) south of the Alvheim discipline. The sphere is developed with a subsea template together with two horizontal manufacturing wells and one water injection effectively. The sphere is tied-back to the Alvheim manufacturing, storage and offloading vessel (FPSO), and manufacturing began in 2015.
The effectively stream is transported by pipeline to the Alvheim FPSO, the place the oil is stabilized and saved earlier than it’s exported by tankers. Processed wealthy fuel is transported by pipeline from Alvheim to the Scottish Space Fuel Evacuation (SAGE) pipeline on the UK continental shelf.
Vår Energi’s internet manufacturing from the Bøyla discipline was roughly 1,400 barrels of oil equal per day within the first quarter.
Var Joins OGMP
In the meantime, Var Energi joined the Oil and Fuel Methane Partnership (OGMP), the flagship oil and fuel reporting and mitigation program of the United Nations Atmosphere Program (UNEP).
The OGMP is an initiative through which practically 140 oil and fuel corporations work with organizations such because the European Union (EU) and the World Financial institution to enhance accuracy and transparency of methane emissions reporting.
Via its membership in OGMP, Vår Energi joins different main oil and fuel corporations within the work to detect and cut back emissions of methane in accordance with finest practices, the corporate stated in a separate assertion.
Var Energi EVP for Security and Sustainability Ellen Waldeland Hoddell stated, “We’re accelerating our decarbonization plan to keep up relevance and investability long run. This contains concentrating on methane emissions in 2024 to be ‘close to zero’. For the primary quarter of 2024 the methane emission depth for Vår Energi was 0.02 % of exported fuel from operated belongings, which is much under the trade goal of 0.2 % by 2025”.
“However, additional discount is a key a part of the roadmap we use as a information within the effort to chop greenhouse fuel emissions. Vår Energi is already linked to the worldwide initiative Oil and Fuel Local weather Initiative (OGCI), aiming for Zero Methane Emissions. Now we’re taking one more vital step, becoming a member of with the UNEP, EU and different main oil and fuel corporations within the work to realize further emission reductions,” Hoddell continued.
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