NORWEGIAN independent Vaar Energi will boost its reserves and production significantly with a material swing towards gas following its $2.3 billion Neptune Energy transaction.Combined production in the first quarter of 2023 would have been an estimated 281,000 barrels of oil equivalent per day - a 31% boost for Vaar- while proven plus probable reserves would leap 25% to 1.3 billion boe as at the end of 2022.Neptune Norway produced 62% gas and liquefied natural gas, 27% oil and 11% natural gas liquids in the first quarter of 2023.The deal will also dramatically boost Vaar's position in the Barents Sea, which it sees as a potential growth engine.It will inherit an ownership interest in the large Snohvit gas field in the Barents Sea and the associated Melkoya liquefied natural gas plant in Hammerfest, Norway's only LNG facility.
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