Thommessen is advising Vår Energi with the acquisition of ExxonMobil's remaining field interests on the Norwegian continental shelf. The transaction ranks as one of the largest ever on the Norwegian Continental Shelf.
The Norwegian company Vår Energi, owned by the Italian company Eni and the Norwegian company HitecVision, acquires the remaining field interests of ExxonMobil on the Norwegian Continental Shelf for $4.5 billion. Thommessen is advising Vår Energi on the transaction, and the team consists of lawyers from our M&A-, Oil & Gas-, Tax-, Employment- and EU/Competition-team.
Vår Energi was established in December 2018, through the merger of Point Resources and Eni Norway. Point Resources was created by the Stavanger based private equity investor HitecVision. ExxonMobil is the world's largest publicly traded international oil and gas company, and has been present on the Norwegian Continental Shelf since the beginning.
As a result of the acquisition Vår Energi become the second largest company on the Norwegian Continental Shelf with a production of 300,000barrels/day.
The transaction is expected to close in the fourth quarter of 2019, subject to standard conditions precedent, including customary approvals from regulatory authorities.