M Vest Energy was qualified today, December 19th 2016, by the Norwegian Oil and Energy Department as a license holder on the Norwegian Continental Shelf. Highly qualified employees and owners with industrial competence form the foundation for the approval.
The contract regarding the acquisition/transaction of the Norwegian part of Atlantic Petroleum was announced March 8th of this year. However, the process of building the company portfolio could only begin when M Vest Energy was approved and qualified as an oil company. M Vest Energy – controlled by Trond Mohn and Lars Moldestad – overtook Atlantic Petroleums licenses and residual.
« We are very delighted about the news that the government approval is finally settled and that the process of building the company together with our excellent staff now can begin» says CEO Jonny Hesthammer.
M Vest Energy´s long term goal is to be a full-scale oil company with income from production, that is channeled towards further exploration and development.
«We have budgeted for drilling a new well in the Norwegian Sea and we are looking forward to the results from this exploration. As today M Vest Energy is participating in five licenses with several exciting exploration projects and in all probability commercial discoveries» Hesthammer says.
Competing on knowledge
The geology professor points to the fact that M Vest Energy will never compete on size, but will be best on technology and geology. The oil company is therefore adding considerable resources in the development of new digital tools, that will provide the geologists and geophysicists in the company better insight and access to new knowledge based on existing data on the Norwegian Continental Shelf. The company´s goal is to make better decisions than the branch average with the use of technology, clever heads and the new owners industrial competence and experience.
The owners see a considerable potential in a company with the ability to maneuver rapidly and cleverly in waters dominated by giants.
«The strategy reflects todays market and originates in us being adaptable and flexible. That way, we can rapidly position us against opportunities that may arise» says chairman to be in M Vest Energy, Lars Moldestad.
The head quarter of M Vest Energy will be located in Bergen.