$VARRY

Equinor, Aker BP, and Vår Energi will collaborate to explore 20-25 high-impact opportunities in Norwegian waters over the next 4-5 years, aiming to sustain production and create long-term value. Equinor also announced the start of Troll phase 3 stage 2, accelerating gas production. The Norwegian Offshore Directorate reported significant undiscovered resources remain, emphasizing the need for new discoveries.

Var Energi ASA’s Q2 2026 earnings call covered expansion to the Danish Continental Shelf, described by the CEO as a strategic fit with similar geology and risk to Norway. The Blue Nord combination is expected to keep average CapEx at $2.5 billion and deliver $250 million to $300 million in synergies, mainly from lower financing costs. The company expects limited leverage impact and maintains an investment-grade credit rating.

Vår Energi ASA will acquire BlueNord ASA in a merger, issuing 248.4 million new shares and paying NOK 1.96 billion ($204 million) cash. BlueNord shareholders get 9.7153 Vår Energi shares plus NOK 76.83 per BlueNord share. Combined output is expected at ~450,000 boe/d. Completion targeted by year-end, subject to approvals.