Strong presence in upstream businessVNG was motivated to enter the upstream business in Norway by its goal to further diversify sources of gas supply and by its good relations with Norwegian natural gas producers. VNG’s application for pre-qualification was accepted in the summer of 2006 and VNG Norge AS, a wholly-owned subsidiary registered in Stavanger, Norway, was founded.The objective of VNG Norge is to acquire shares in production licences with a view to proving oil and gas finds by conducting and interpreting geological and geophysical activities and drilling wells. Based on successful exploration activities, it is then planned to develop these resources into economically viable operations so that VNG can produce and market its own hydrocarbons.
The acquisition of Endeavour Energy Norge AS (EEN) registered in Oslo in spring 2009 allowed VNG to significantly expand its upstream activities on the Norwegian Continental Shelf and facilitated direct entry into oil and gas production. The company was granted operator status and became entitled to head exploration activities under a licence as part of a consortium. EEN, Oslo, and VNG Norge AS, Stavanger, merged to become the new VNG Norge AS in October 2009. The company now has offices in Stavanger and Oslo and a workforce of some 50 employees with outstanding specialist knowledge and experience in exploration, reservoir evaluation and production. 30 licences in Norway Through VNG Norge AS, our company based in Stavanger, and its subsidiary VNG Danmark ApS, which is headquartered in Copenhagen, we currently hold 30 shares in licences on the Norwegian Continental Shelf and two on the Danish Continental Shelf. VNG Norge AS is the operator in eight Norwegian licences. The total output of VNG Norge AS from the stakes in the Brage and Njord fields reached some 0.75 million boe in 2011, of which approx. 40 million m³ was gas and 500,000 barrels was oil (incl. gas condensate). In 2011, a well drilled in the area of the production licence 505 (Earb-South prospect), which proved the existence of oil and gas there. Expansion to Denmark In August 2010, VNG expanded its E&P activities to the Danish Continental Shelf. For this purpose, VNG Norge founded a subsidiary, VNG Danmark ApS, with headquarters in Copenhagen. This company holds shares in two licences in the Danish sector of the North Sea and already made an oil find at the end of 2001 during exploration drilling on the Solsort prospect. VNG Norge is also participating in several exploration wells on the Norwegian Continental Shelf in 2011. Ambitious goals VNG Norge AS has set itself the goal of covering a significant share of its natural gas sales from its own production resources. Going forward, VNG’s E&P activities in Norway and Denmark will expand the basis for gas supplies and strengthen the company’s long-term position on the market. VNG will have a greater participation in the entire energy value chain, thereby further enhancing the already high security of supplies to customers. For further information on VNG Norge, please go to: www.vng.no
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