Eni, Italy based energy company completed the merger of Point Resources into Eni Norge, and renamed the company Vår Energi from HitecVision, private equity investor. Vår Energi will be jointly owned by Eni (69.6%) and by HitecVision (30.4%). The shareholders have agreed the key strategy and objective of the company. The combined entity will be a leading independent Norwegian Exploration & Production company, built on the existing organizations and leveraging on complementary strengths. The portfolio of the combined company will have a wide geographical coverage, from the Barents Sea to the North Sea, producing around 180k barrels of oil equivalent per day (boepd) this year from a portfolio of 17 producing oil and gas fields. The company will have reserves and resources of more than 1.25m barrels of oil equivalent (Mboe). “This is a fundamental step ahead in our strategy to reinforce Eni’s presence in OECD countries with further upstream potential, such as Norway. The high quality of the human capital as well as of the assets in the portfolio, together with the expansion opportunities still available in Norway, will create a significant upside value to the shareholders of the merged company. Eni will bring into Vår Energi its globally recognized capacity to innovate and its best technology, which has enabled us to achieve remarkable results in recent years, through great discoveries and the start-up of these discoveries in a record time,” Claudio Descalzi, Eni CEO.