Vår Energi agrees to sell 12.25% stake in Brage field to Petrolia

Norwegian oil and gas company Vår Energi has reached an agreement with Petrolia NOCO (Petrolia) to sell its 12.25% stake in the Brage field on the Norwegian Continental Shelf.

The financial terms of the transaction were not disclosed.

Located in the central North Sea, Barge is a crude oil producing field, 125km west of Bergen.

Barge was discovered in 1980 and production from it began in 1993.

With reservoirs at a depth of 2,000-2,300 metres, the field produces oil from sandstone of the Early Jurassic age in the Statfjord Group, and sandstone of the Middle Jurassic age in the Brent Group and the Fensfjord Formation, according to OKEA, which owns a 35.2% stake in the field as the operator.

Other partners in the field include Lime Petroleum that has a 33.8% stake, DNO Norge with a 14.2% stake and M Vest Energy with the remaining 4.4% stake.

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