M Vest Energy AS

What M Vest Energy AS does

M Vest Energy AS is a private, Bergen-based independent oil and gas exploration and production company operating exclusively on the Norwegian Continental Shelf (NCS). Founded in 2015 and capitalized by investors Trond Mohn and Lars Moldestad, the company acquired the Norwegian assets of Atlantic Petroleum Norge AS in 2016/2017 and was formally qualified by the Norwegian Ministry of Petroleum and Energy as an NCS license holder in December 2016. With a lean team of 14-15 professionals, the company holds working interests in 10+ production licenses across the Northern North Sea and Norwegian Sea, including producing interests in Draugen (7.56%), Brage (4.4424%), and Ivar Aasen (0.8%), plus the Hasselmus tie-back.

The company's revenue model is built on three pillars: (1) oil and gas production entitlements from operated and non-operated licenses, (2) predictable tariff income from its 5% ownership of the 482 km Polarled gas pipeline plus minority stakes in UHGP and EGOP, and (3) exploration upside from a portfolio including the recently sanctioned Brasse development (FID April 2024, first oil H1 2027, 24 mmboe recoverable) and the August 2025 Talisker discovery (16-33 mmboe potential). Technically, M Vest Energy employs advanced geophysical methods including CSEM (Controlled Source Electromagnetic) for subsurface analysis, and has developed the proprietary Glex digital platform for energy footprint and climate impact analysis. Production is sold into European commodity markets via third-party pipeline infrastructure.

The company's strategy is to combine organic exploration, licensing-round participation (APA/TFO), and bolt-on acquisitions of producing and infrastructure assets to build a sustainable, fully integrated E&P business that competes against larger NCS players in mature acreage. Key development partners include OKEA (Draugen/Brage/Brasse), Equinor (PL959), Aker BP (Ivar Aasen), Wintershall Dea, Petoro, and DNO. The Norwegian state's special petroleum tax regime provides favorable economics for exploration, while a stable regulatory framework underpins the license-holder qualification that functions as the company's primary entry barrier.

Name

M Vest Energy AS

Legal name

M Vest Energy AS

Website

https://mvestenergy.no

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

M Vest Energy AS is a private Bergen-based independent oil and gas exploration and production company operating on the Norwegian Continental Shelf, holding working interests in producing fields (Draugen, Brage, Ivar Aasen), the Polarled gas pipeline, and a portfolio of exploration licenses including Brasse and Talisker.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Crude Petroleum Extraction (211120), Oil and Gas Extraction (2111)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

NGL/LPG Export / Marine Terminal Connection Pipelines (TLAGAEAK)

akta.pro secondary industry

Refined Products Pipeline Terminals & Breakout Storage Operations (TLAGABAJ)

Keywords

• Oil and gas exploration
• Offshore production
• Pipeline transportation
• Reservoir management
• Norwegian continental shelf

Headquarters

HQ city

Bergen

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Oil and Gas Production: Revenue from production of oil and gas from producing fields including Draugen (7.56% WI), Brage (4.4424% WI), Ivar Aasen (0.8% WI), and Hasselmus. Production started October 2023 with expected 1,700-1,800 boepd for 2022, growing with Hasselmus development.
2. Pipeline Tariff Income: Revenue from 5% ownership in Polarled gas pipeline (482 km from Aasta Hansteen to Nyhamna). Tariff-based income from gas transportation, providing predictable cash flow. Also includes small interests in UHGP (1.8138%) and EGOP (1.2092%) pipelines.
3. Exploration and Development: Revenue from development projects including Brasse field (4.4424% WI, 24 mmboe reserves, tie-back to Brage, expected 2027) and Talisker discovery at Brage (4.4% WI, 16-33 mmboe potential).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

M Vest Energy AS explores for, develops, and produces oil and gas on the Norwegian Continental Shelf through interests in producing fields and exploration licenses. The company also owns and operates pipeline infrastructure assets that transport hydrocarbons from Norwegian offshore fields to onshore processing and export facilities.

Product overview

M Vest Energy AS is an oil and gas exploration and production company on the Norwegian Continental Shelf, not a traditional software product company. The company operates a portfolio of producing oil and gas fields (Draugen, Brage, Ivar Aasen, Hasselmus), holds exploration licenses across multiple areas (PL528/B, PL959, PL959B, PL972 Vette, PL971, PL1116, PL1156, PL1161, PL1130, PL897, PL740 Brasse/Bestla, PL1019), and owns pipeline infrastructure interests. The company has developed proprietary software tools including Glex, a climate footprint analysis platform published at glex.no.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and gas production from NCS fields

Quantifiable outcome

• Production doubled over three years prior to 2025
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

18 partnerships are on record, tiered core, major and minor.

• OKEA ASA (Brasse acquisition)coreStrategic or Co-development Partner · 9 August 2023MVE acquired 4.4424% WI in PL740 (Brasse) from OKEA. Brasse will be developed as tie-back to Brage field with OKEA as operator. FID made in 2024, expected production start H1 2027.
• Neptune Energy Norge AScoreStrategic or Co-development Partner · 12 November 2021MVE acquired 7.56% WI in Draugen, 4.4424% WI in Brage, 0.8% WI in Ivar Aasen, plus pipeline interests (1.2092% EGOP, 1.8138% UHGP) from Neptune. Transaction added 7-8 mmboe reserves and transformed MVE into fully integrated E&P company. Effective from 1 January 2022, completed March 2022.
• CapeOmega AScoreStrategic or Co-development Partner · 16 July 2020CapeOmega sold 5% WI in Polarled gas pipeline to MVE. Transaction completed Q4 2020 with effective date 1 January 2020. Provides tariff-based income.
• OKEA ASAcoreStrategic or Co-development PartnerOKEA is operator of Draugen license (44.56% WI, MVE 7.56%), operator of Brage (35.2% WI, MVE 4.4424%), operator of PL972 Vette (40% WI, MVE 30%), operator of PL1116 (60%, MVE 40%), operator of PL1161 (60%, MVE 40%), operator of Brasse development (39.2788% WI, MVE 4.4424%). Major strategic partner across multiple assets.
• Petoro AScoreStrategic or Co-development PartnerPetoro holds 47.88% WI in Draugen license (MVE 7.56%) and 20% in PL959 (MVE 10%). Major partner in Norwegian shelf infrastructure.
• Equinor Energy AScoreStrategic or Co-development PartnerEquinor is operator of PL959 (50% WI, MVE 10%), operator of PL971 (70%), and partner in PL1156 (40% WI, MVE 20%). Key partner in Norwegian Sea exploration.
• DNO Norge ASmajorStrategic or Co-development PartnerDNO holds 39.2788% WI in Brasse (PL740) and 14.2567% in Brage. Partner in development projects.
• Lime Petroleum ASmajorStrategic or Co-development PartnerLime Petroleum holds 17% WI in Brasse and 33.8434% in Brage. Partner in Northern North Sea development.
• Spirit Energy Norway ASminorStrategic or Co-development PartnerSpirit Energy holds 20% in PL959 and 12.3173% in Ivar Aasen. Exploration and production partner.
• INPEX Norge ASminorStrategic or Co-development PartnerINPEX is operator of PL1130 with 60% WI (MVE 20%). License in Vøring Basin near Aasta Hansteen.
• Wintershall Dea Norge AScoreStrategic or Co-development PartnerWintershall Dea is operator of Brage (35.2% WI, MVE 4.4424%), partner in PL1130 (20%, MVE 20%), PL528 (10%, MVE 25%), and PL1156 (40%, MVE 20%).
• ONE Dyas AScoreStrategic or Co-development PartnerONE Dyas (formerly Dyas) holds 30% WI in PL972 Vette (MVE 30%). Development partner for Vette discovery.
• Aker BP ASAcoreStrategic or Co-development PartnerAker BP is operator of Ivar Aasen field (34.7862% WI, MVE 0.8%). Key production partner.
• Vår Energi ASAminorStrategic or Co-development PartnerVår Energi holds 12.2575% WI in Brage (MVE 4.4424%). Production partner.
• Lundin Energy Norway ASminorStrategic or Co-development PartnerLundin Energy holds 1.3850% WI in Ivar Aasen (MVE 0.8%). Production partner.
• Gassco AScoreTechnology or IntegrationGassco is the operator of Polarled gas pipeline (482 km from Aasta Hansteen to Nyhamna). MVE holds 5% WI in the pipeline.
• OFFB (Operatørenes forening for beredskap)minorImplementation/ SI/ Consulting PartnerMVE joined OFFB as part of process to become prequalified operator on NCS. OFFB provides professional level-2 emergency support and preparedness systems for members.
• ConocoPhillips Skandinavia ASminorStrategic or Co-development PartnerConocoPhillips holds 4.452% WI in Polarled pipeline (MVE 5%). Pipeline infrastructure partner.

Scale indicators15 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Aker BP ASA: Major Norwegian-listed E&P company and operator of Ivar Aasen (where M Vest Energy holds 0.8% WI). Operates broadly across the NCS and represents a larger incumbent in the same core market and product category.
• Equinor ASA: Norway's national oil company and dominant NCS operator, partnering with M Vest Energy on PL959 (operator) and other exploration licenses. Broad incumbent in the same industry with overlapping operating geographies.
• Wintershall Dea: Major European E&P company with significant NCS operations, operator of Brage and partner in multiple M Vest Energy exploration licenses. Established incumbent with comparable product offering and partner relationships.

Direct peers

• DNO ASA: Norwegian-headquartered E&P company with significant NCS exposure and a partner in the Brasse development. Closely comparable in upstream oil and gas exploration and production activities on the Norwegian Continental Shelf.
• Neptune Energy: European-focused upstream oil and gas company that sold core NCS producing assets (Draugen, Brage, Ivar Aasen) to M Vest Energy in 2022. Direct peer with overlapping asset base and customer markets, now also a competitor for additional NCS opportunities.
• Vår Energi ASA: Largest independent E&P company on the Norwegian Continental Shelf, comparable in NCS focus and asset mix. Direct peer along product (oil and gas production) and customer base (European markets via Norwegian infrastructure), though materially larger.
• Pandion Energy AS: Small Norwegian E&P company focused on NCS exploration and development, with a similar production and growth profile to M Vest Energy. Comparable in scale, asset type, and Norwegian market focus.
• Lime Petroleum AS: Norwegian upstream oil and gas company holding interests in Brage and Brasse alongside M Vest Energy. Comparable NCS-focused E&P with similar asset types and partner relationships.
• OKEA ASA: Norwegian Continental Shelf-focused E&P company of comparable size that has been a key transaction partner and operator for M Vest Energy (Draugen, Brage, Brasse, Vette). Operates many of the same fields and offers the closest direct comparison on portfolio, scale, and strategy.

Emerging players

• Spirit Energy: European-focused upstream E&P company with NCS exploration and production interests, including partnership with M Vest Energy on PL959 and Ivar Aasen. Comparable in upstream oil and gas focus with somewhat broader geographic scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/m-vest-energy-as

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about M Vest Energy AS