Eni, HitecVision could list Vaar Energi JV under strategic review

Grounded Lithium

26/10/2021 18:17

MILAN, Oct 26 (Reuters) - Italian energy group Eni  ENI.MI 
and private equity firm HitecVision said on Tuesday they could
list Norwegian oil and gas producer Vaar Energi as part of a
strategic review of their joint venture.
    Vaar Energi, one of the biggest producers in Norway's North
Sea, is 69.85% owned by Eni with the remainder in the hands of
HitecVision's unit Point Resources.
    HitecVision is a leading private equity investor in the
North Sea region's energy industry.
    "The review will consider various alternatives, including a
possible initial public offering," the two companies said in a
joint statement.
    Eni will continue to hold a majority stake in the joint
venture, they said.
    The move comes as Eni looks to cut debt and raise funds to
bankroll its transition towards low-carbon energy. It is also
planning to list a minority stake in its recently created
renewable energy and retail unit. 
    Vaar Energi, set up in 2018, produced 239,000 barrels of oil
equivalent per day in the first half of this year.
    In 2019 Vaar Energi acquired ExxonMobil's Norwegian upstream
assets comprising more than 20 producing fields in 2019 for $4.5
billion, creating one of Norway's top oil and gas producers.

 (Reporting by Stephen Jewkes; editing by Valentina Za)
 ((stephen.jewkes@thomsonreuters.com; +39.0266129695; Reuters
Messaging: stephen.jewkes.thomsonreuters.com@reuters.net))