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Eni owns 69.85pc of Norwegian continental shelf (NCS) production joint venture Var Energi
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Var looks at IPO

The Norway-focused IOC/private equity company is mulling a flotation

Italy’s Eni and Point Resources, a portfolio company of Norwegian private equity (PE) firm Hitec Vision, will initiate a strategic review regarding the future ownership structure of their Norwegian continental shelf (NCS) production joint venture Var Energi. The review will consider various alternatives to “better pursue future growth and maximise value creation”, including a possible IPO. Eni owns 69.85pc of Var, while Point holds the remaining 30.15pc. Whatever the outcome of the review, the Italian firm says it intends to retain a majority stake, while preserving equity accounting. Var was established in 2018 through the merger of Eni’s NCS business and independent producer Point. The l



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