The Norwegian oil company Var Energi, controlled by Eni with a 63 percent stake, announced today the acquisition of BlueNord, a Danish company active in the same sector but smaller. The deal – valued at 1.3 billion dollars, expected to close by the end of the year – will create the largest independent European hydrocarbon producer.
ESTIMATES ON OIL AND GAS PRODUCTION
Var Energi’s CEO, Nick Walker, explained that Denmark has “a risk profile similar to what we have in Norway” and similar characteristics” regarding the oil & gas resources contained in its continental shelf.
The company, once merged with BlueNord, estimates reaching a production of nearly 450,000 barrels of oil equivalent per day by 2026: Var Energi will contribute 390,000-410,000 barrels, while BlueNord will contribute 45,000 barrels.
Norway is the European country producing the most oil, as well as being the largest supplier of natural gas to the European Union, with a 31 percent share of total imports in 2025.
HOW THE VAR ENERGI-BLUENORD STRUCTURE WILL CHANGE
After the merger, Eni will maintain a majority stake in the company with 57.3 percent, while current BlueNord shareholders will hold a 9 percent stake: among the latter are Sober (the vehicle of Norwegian entrepreneur Erik Bakkejord) with 4.5 percent and several funds managed by the US banks Goldman Sachs, Citibank, and Bank of New York Mellon.
HOW BLUENORD AND VAR ENERGI ARE PERFORMING
In the first half of 2026, BlueNord reported revenues of nearly 318 million dollars, up from 270 million in the fourth quarter of 2025 thanks to higher sales volumes and increased oil and gas prices.
Var Energi, on the other hand, recorded an 87 percent year-on-year increase in earnings before financial charges in the April-June 2026 period, reaching 2.2 billion dollars. Net operating cash flow was 2.1 billion, and net debt fell to 3.4 billion. For the second half of the year, the company will distribute dividends totaling 350 million, compared to the initially planned 300 million.
