Vår Energi ASA's acquisition of BlueNord ASA will bring assets like the Tyra project on the Danish Continental Shelf into its portfolio.
The two companies announced the deal, which Reuters valued at $1.33 billion, on 21 July. The deal will create the largest independent oil and gas producer in Europe. It represents the latest step in the company’s growth strategy: the 2018 merger of Eni Norway and Point Resources, the ExxonMobil Norway acquisition of 2019, its 2022 initial public offering, the 2024 acquisition of Neptune Energy Norway, and the Pandion deal from the second quarter of 2026.
Vår Energi CEO Nick Walker said in a press release, “As Vår Energi continues to grow, it is a natural evolution of our strategy to step outside of Norway, and Denmark offers a low-risk, stable operating and fiscal regime, with similar characteristics to the NCS (Norwegian Continental Shelf).”
Vår Energi said the BlueNord purchase adds long-life assets with stable long-term production and limited near-term investments to its portfolio. The BlueNord additions to Vår Energi’s portfolio include 36.8% working interests in producing assets across the Danish Continental Shelf, including the Tyra, Halfdan, Dan, and Gorm hub areas, which contribute 45,000 BOEPD of net production from 2026 and about 195 million BOE of net 2P reserves plus near-term 2C contingent resources, extending production beyond 2040. The assets are part of the Danish Underground Consortium (DUC), operated by TotalEnergies, and are near existing Vår Energi interests in the southern part of the Norwegian Continental Shelf.
BlueNord CEO Euan Shirlaw said in a press release that the deal is a natural next step for the company in that it provides shareholders with ownership in an investment-grade company with greater scale and diversification and the balance sheet to sustain long-term returns.
"The combination with Vår Energi creates a North Sea company of real scale and resilience,” he said.
The boards of both companies have approved the transaction, which is subject to customary approvals and expected to close around year-end. The agreement calls for Vår Energi creating a subsidiary that will merge with BlueNord, whose shareholders will receive 248.4 million new Vår Energi shares and $204 million in cash. Following completion, existing Vår Energi shareholders are expected to own approximately 90.95% of the shares outstanding, while BlueNord shareholders are expected to own approximately 9.05% of the shares in Vår Energi. Eni will remain long-term strategic majority shareholder with approximately 57.33% ownership post transaction.