Vår Energi has prolonged its long-term settlement for the supply of as much as a complete of 176.6 billion cubic ft (5 billion cubic meters) of pure fuel to Eni SPA over a 12-year interval.
Beneath the phrases of the settlement, Vår Energi will ship the fuel over the time interval 2024-2036. The volumes might be delivered at fuel terminals in Emden and Dornum in Germany and might be priced at market phrases, the corporate mentioned in a information launch.
Vår Energi CEO Nick Walker mentioned, “We’re very happy with having secured an extension of a second long-term fuel gross sales settlement with a significant European power firm. The settlement with Eni, being confirmed shortly after an analogous signing with VNG, is yet one more sturdy testimony of Vår Energi’s dedication to being a steady and dependable power provider to key European markets. The deal entails doubling our dedicated supply of pure fuel to a complete of 10 [billion cubic meters] over the 12-year interval to 2 of our long-standing companions. This may guarantee entry to power for households, communities and companies throughout the continent till the mid 2030s”.
The settlement with Eni follows a current fuel gross sales extension Var Energi secured with VNG Handel & Vertrieb GmbH for an extra 12 years.
Beneath the settlement, Var Energi will ship as much as 53.8 billion cubic ft (5 billion cubic meters) of pure fuel to VNG from 2024 to 2036. Equally, the volumes might be delivered at fuel terminals in Emden and Dornum in Germany and might be priced on market phrases, Var Energi mentioned in an earlier information launch.
As Norway’s second largest exporter of pure fuel, Vår Energi mentioned it plans to probe for additional petroleum sources throughout the Norwegian Continental Shelf. “Continued entry to new exploration acreage, long run, steady framework circumstances and political help are key parts in our capability to fulfill the obligations to our European prospects and to make sure worth creation in Norway,” the corporate added.
Earlier, Vår Energi reported a profitable discovery at its operated Cerisa exploration properly in manufacturing license PL 636 offshore Norway. The corporate confirmed estimated gross recoverable sources of between 18 million and 39 million barrels of oil equal (MMboe).
Var Energi remarked that that is the fourth discovery in a row near the partly electrified Vår Energi operated Gjøa platform. Along with earlier discoveries in Gjøa North and Ofelia/Kyrre, Cerisa is a candidate to be tied into the Gjøa area by way of present infrastructure within the space. Mixed, the discoveries have estimated gross recoverable sources of as much as 110 MMboe, in response to the discharge.
The Gjøa area is about 49.7 miles (80 kilometers) southwest of Florø. The Cerisa discovery is situated 10.6 miles (17 kilometers) northeast of the Vår Energi-operated Gjøa platform and three.1 miles (5 kilometers) from the Duva subsea template.
To contact the writer, electronic mail rocky.teodoro@rigzone.com
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