**Concedo Enters North Sea’s Bøyla Field, Acquiring Vår Energi’s Stake**
In a significant development for the North Sea’s oil and gas landscape, Concedo AS has successfully acquired a 20% interest in the Bøyla field from Vår Energi ASA. This transaction, valued at $24 million, underscores Concedo’s strategic move into the Norwegian Continental Shelf, further solidifying its position as a key player in the region’s exploration and production activities.
### Background on Bøyla Field
Bøyla, a mature producing field located approximately 17.4 miles (28 kilometers) south of the Alvheim field, has been in operation since 2015. The field is operated by Aker BP, which holds an 80% stake, while the remaining interest was previously owned by Vår Energi. Production from Bøyla is facilitated through a subsea template tied back to the Alvheim Floating Production, Storage, and Offloading (FPSO) vessel. The field’s production commenced in 2015 with two horizontal production wells and one water injection well, contributing to the overall energy output of the North Sea[1][2][4].
### Acquisition Details
The acquisition of Vår Energi’s 20% stake in Bøyla by Concedo AS is part of a broader strategy aimed at optimizing portfolios and reducing operating costs. Vår Energi’s net production from Bøyla during the first quarter of this year was approximately 1,400 barrels of oil equivalent per day (boe/d)[1][2][4]. This sale is aligned with Vår Energi’s ambition to dispose of non-strategic assets, thereby enhancing future value creation while reducing emissions[2][4].
### Regulatory Approvals and Timeline
The deal is subject to customary regulatory approvals and is expected to close during the fourth quarter of the year, thereby marking a smooth transition of ownership interests. Once completed, Concedo will assume full decommissioning liabilities for the acquired field, ensuring seamless operations and compliance with all regulatory requirements[1][2][4].
### Implications and Future Outlook
The transaction does not impact Vår Energi’s previously announced production guidance for 2024 and beyond. This move by Concedo underscores its commitment to expanding its operations in the North Sea, leveraging the mature infrastructure established by Vår Energi and Aker BP. By assuming decom