Vår Energi and BlueNord have agreed to combine their businesses in a cash-and-shares transaction that will expand Vår Energi into Denmark and create what the companies…
Vår Energi and BlueNord have agreed to combine their businesses in a cash-and-shares transaction that will expand Vår Energi into Denmark and create what the companies said would be Europe's largest independent oil and gas producer.
The transaction will add producing assets on the Danish Continental Shelf to Vår Energi's portfolio, increasing the combined company's long-term production to around 450,000 barrels of oil equivalent per day, with approximately 2.4 billion barrels of oil equivalent of reserves and resources and an estimated reserve life of around 15 years.
BlueNord's portfolio includes interests in the Tyra, Halfdan, Dan and Gorm hub areas, contributing about 45,000 boepd of production from 2026 and around 195 million barrels of oil equivalent of proved and probable reserves plus near-term contingent resources. The assets are part of the Danish Underground Consortium, operated by TotalEnergies, and are expected to diversify Vår Energi's portfolio while increasing access to European gas markets through the Nybro and Den Helder gas delivery points.
Under the agreement, BlueNord shareholders will receive 248.4 million newly issued Vår Energi shares and 1.964 billion Norwegian crowns ($204 million) in cash, equivalent to 9.7153 Vår Energi shares and NOK 76.83 in cash for each BlueNord share. Existing Vår
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