Kistos Strengthens Its Presence in North Sea Oil & Gas Hub With Vår Energi Deal

October 14, 2026 · 2 hours ago

Kistos is expanding its North Sea footprint through a multimillion-dollar acquisition with Vår Energi, boosting its hydrocarbon portfolio.

London-listed Kistos is doubling down on the North Sea by spending $12.9 million to snap up a slice of oil and gas fields on the Norwegian Continental Shelf (NCS) and cement its partnership with Norway’s energy player Vår Energi.

Kistos has signed a sales and purchase agreement (SPA) with Vår Energi to buy a 10% working interest in the production licenses PL 169E, PL 956, and PL 956B on the Norwegian Continental Shelf for the upfront consideration of $12.9 million, with an effective date of January 1, 2026.

This move enables the London-listed firm to hold a uniform working interest across the Balder-Ringhorne fields, the Ringhorne East Unit, and the part of the Ringhorne Nord field located in PL 956 and PL 956B, in line with its existing 10% stake in PL 027.

The company explains that the addition of these new licences to the portfolio will add a small amount of production and 4.3 million barrels of oil equivalent (boe) net for 2P reserves and 2C resources combined, of which the 2C volumes are expected to be on stream in 2029.

In addition, the transaction will align the interests of both players across the Balder area, enabling more efficient field development and reducing operating costs, both supporting maximum resource recovery from the fields. The completion of the acquisition is subject to customary regulatory approval from the Norwegian Ministry of Energy.