HitecVision, along with its portfolio firm Point Resources, has agreed to acquire ExxonMobil’s operated upstream business in Norway.

Acquired from ExxonMobil Exploration and Production Norway, the business will be integrated with Point Resources to form a new mid-sized Norwegian E&P company.

The deal is comprised of transfer of ExxonMobil’s majority offshore and onshore E&P staff in Norway, as well as package of operated producing assets on the Norwegian continental shelf.

It also includes the acquisition of field assets such as platforms and floating production storage and offloading vessels (FPSOs), as well as firm’s office building in Sandnes near Stavanger.

The acquisition will include producing Balder, Ringhorne and Ringhorne Øst fields, partially developed Forseti field, non-producing Jotun unit and adjoining exploration areas that include multiple undrilled prospects.

In addition, the deal includes the acquisition of Jotun A floating production facility.

Subject to customary regulatory and partner consents, the deal is expected to complete in the fourth quarter of this year.

Once the deal concludes, the combined firm can hold potential to expand its production base to around 80,000 barrels of oil equivalent per day (boepd) by 2022. It will also hold reserves and contingent resources of about 350 million barrels of oil equivalent.

Point Resources chief executive Jan Harald Solstad said: “The combination of ExxonMobil’s Norwegian operated business with Point Resources will create a new significant Norwegian E&P company, with plans to invest more than 20 billion kroner on the Norwegian Continental Shelf over the next five years.

HitecVision CEO and founding partner Ole Ertvaag said: “We have the deepest respect for what ExxonMobil has achieved during their years as operator of Norwegian oil and gas fields, and we are pleased to be a part of the creation of a new key contributor to the changing face of the industry in Norway.”