As widely expected, VNG's owner EnBW is looking for a partner or buyer for its E&P business VNG - full press release below.
As part of VNG Group’s strategic programme “VNG 2030+”, VNG – Verbundnetz Gas Aktiengesellschaft (VNG AG) will explore strategic options for its oil and gas exploration and production business in Norway and Denmark, VNG Norge AS (“VNG Norge”). As VNG AG sees long term value creation potential in the E&P-business, the main objectives are to maximise the value of VNG Norge and to support further growth to position the shareholding as a leading player on the Norwegian Continental Shelf together with a strategic partner.
VNG Norge is a full-cycle Norway-focused E&P company, with a solid growth portfolio underpinned by the operated flagship asset “Fenja”, one of the largest Norwegian discoveries in recent years (formerly “Pil”), which is proceeding according to plan, sanctioned by VNG AG and fully supported by all shareholders of VNG AG. Overall the company holds interests in 32 licenses in Norway, two in Denmark and participates in five producing fields and in three field developments at the end of 2017.
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