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RIG - Var Energi AS Has High Potential In A Harsh Environment
Transocean Ltd
2024-05-07 11:33:36 ET
Summary
Var Energi is ramping up production with 8 projects in progress, aiming to increase production from 299Mboe/d to 350-400Mboe/d by 2025.
The integration of recently acquired assets from Neptune Energy is expected to bring $500mm in synergies and expects to lower the average cost of production to $10/bbl.
16% of Var Energi's gas sales are on a fixed price basis at $134/bbl, and they anticipate growing their fixed price exposure to 20% in eFY25.