Norwegian oil and gas company Vår Energi has reached an agreement to sell its 20% stake in the Bøyla field to Concedo in a deal valued at $24m (Nkr253.79m).  

This move is part of the company's ongoing strategy to optimise its portfolio.  

Located in North Sea, the Bøyla field is a mature asset and has been operational since 2015. 

It is currently operated by Aker BP, which holds an 80% interest. 

The field is equipped with a subsea template that is connected to the Alvheim floating production storage and offloading unit.  

Vår Energi's net production from Bøyla was approximately 1,400 barrels of oil equivalent per day in the first quarter of 2024.  

Concedo, a privately-owned Norwegian oil company, will take on full decommissioning responsibilities for the field post-acquisition. 

Vår Energi has stated that this transaction will not affect its production guidance for the year-end 2025 and the years following.  

Vår Energi CFO Stefano Pujatti said: "The transaction is aligned with our stated ambition to dispose of non-strategic assets to optimise our portfolio of assets; reducing our operating costs and emission outlook and enhance future value creation.” 

The deal is pending customary regulatory approvals and is expected to be finalised in the fourth quarter of 2024, with an effective date of 1 January 2024. 

Houlihan Lokey served as the exclusive financial advisor, and Advokatfirmaet Schjødt was the legal advisor to Vår Energi for this transaction.  

Earlier in the month, Vår Energi entered into an agreement with DNO Norge to sell stakes in five oil and gas fields in the Norne area of the Norwegian Sea. 

This deal included shares in four producing fields and a 10.5% interest in the Verdande field, which is under development.  

Concurrently, DNO Norge will transfer its 22.6% interest in the non-core Ringhorne East field to Vår Energi.  

Last month, Vår Energi announced an oil discovery in the Balder area of the central North Sea, further bolstering its portfolio of exploration assets.