October 3, 2022

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Vår Energi CEO won't be depressed after five billion are gone in three days

Vår Energi CEO won’t be depressed after five billion are gone in three days

Oil company Vår Energi listed on the stock exchange on Wednesday, the largest listing of an oil and gas company on the Oslo Stock Exchange since the listing of Equinor, then Statoil, in 2001. But in the past three days, more than NOK 5 billion has been peeled away in value identified. When the two owners, Italian energy company Eni and buyout fund Hitecvision, sold shares prior to listing. But CEO Torger Rød at Vår Energi still describes the listing as a success.

– successful

– We had a successful IPO that exceeded the IPO several times. It was a great and good response. We’re proud of that, Torger Rød tells DN, who is thrilled to have up to 19,000 shareholders in the company. The stock market crash occurred despite the fact that the company’s facilitators bought support for the stock.

– You say successful list, great good response. But the price went down?

– I don’t have as many comments on the mechanisms at such an early stage as we are now. But I will definitely say it works when you look at the response. One has to put it in a slightly larger perspective. There are not many large IPOs in the oil and gas sector. It’s a big IPO. We are probably the fifth largest market ever on the Norwegian stock exchange, Rudd says.

– But when the price drops, isn’t it nice?

We obviously want the price to go up. We have a long-term perspective on our business, and everyone who follows the stock market knows that the price is going up and down. I see great potential in Vår, which is why so many have invested in the company. “We’ve had good results and will get a response in the market,” Rød says.

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Promises of growth

Rudd is optimistic about future prospects and notes, among other things, that the company expects significant organic growth. Last year, the company produced 247 thousand barrels of oil per day, and production is expected to rise to 350 thousand barrels by the end of 2025. Gas accounts for about 37 percent of production, the price of which is currently rising. Additionally, Rudd highlights key gains ahead.

In the first quarter, we promised $225 million, says Rudd.

How long do you think high gas prices will last?

We believe gas prices will rise in both 2022 and 2023. This is due to four factors, low inventories in Europe, high demand for LNG in Asia, and uncertainty related to Russia and the EU’s green policy, says Rudd.

On the Norwegian shelf, there are four areas in particular that the company focuses on, the Barents Sea with the fields Johan Kastberg, Goliath, Tampine, Osgard and the Balder/Grany region. On the exploratory side, this year the company plans 8-12 exploration wells around existing infrastructure and one or two wells outside of this infrastructure.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.