Vår Energi acquired Pandion Energy's interests on the Norwegian continental shelf

Moscow, September 30 – Neftegaz.RU. Vår Energi has completed the acquisition of selected assets and licences on the Norwegian continental shelf (NCS) from Pandion Energy AS, as announced on 18 June 2026. The transaction closed on 30 September 2026.

As announced on 18 June 2026, the transaction includes Pandion Energy’s:

• 10% participating interest in the producing Nova field (PL 418/418 B and PL 378);
• 20% participating interest in the Ofelia development project (PL 929);
• 49% participating interest in the Sierra Solberg Rodriguez discovery (PL 263 D,E,F,G,H);
• 20% participating interest in PL 1151/1151 B, PL 1180 and PL 1288 S.

According to Vår Energi, together with other recent transactions, this supports the сompany's strategy of optimising ownership around key operated hubs, extending infrastructure and hub lifetime, supporting long-term production, value creation and cash flow generation.

Pandion Energy has divested its entire portfolio on the NCS. This follows the earlier divestment of the company’s interests in the Valhall and Hod fields, and the Slagugle and Mistral discoveries, completed in October 2025, and marks the final step in the company’s decade-long strategy of identifying and maturing attractive investment opportunities on the NCS.

About compamies

Vår Energi is a leading independent upstream oil and gas company on the NCS.

Pandion Energy was established in 2016 following a management buyout of Tullow Oil Norge, with backing from Kerogen Capital. Over the past decade, the company has participated in seven discoveries, contributed to five development projects, and executed seven M&A transactions, as well as multiple exploration farm-ins, farm-outs and swaps.