Var Energi CEO Nick Walker says the transaction creates the largest independent producer of oil and gas in Europe. Norwegian oil and gas producer Var Energi agreed to buy Oslo‑listed peer Blue Nord in a cash and stock deal valued at around $1.3 billion.

Var Energi operates on the Norwegian Continental Shelf and will add Blue Nord’s Danish North Sea assets to its portfolio, increasing exposure to European gas markets and expanding access to key infrastructure.

Walker added, "This transaction marks a significant milestone in Var Energi’s growth journey, creating the largest independent producer of oil and gas in Europe with a long‑term production target of approximately 450,000 barrels per day." The company will issue 248.4 million new Var Energi shares to Blue Nord shareholders as consideration.

Based on Monday’s closing price of 43.61 Norwegian kroner, the deal equates to around 10.83 billion kroner, or $1.12 billion.