BlueNord is a pure-play upstream E&P holding ~36.8% of the Danish Underground Consortium (DUC), operated by TotalEnergies, whose centrepiece is the redeveloped Tyra gas hub (Tyra II) that came back on stream in 2024. The restart drove record production in 2025 and a step-change in free cash flow, funding deleveraging and outsized dividends.
In 2026 Var Energi agreed to acquire BlueNord for roughly NOK 12.8bn, a transaction expected to consolidate the Danish North Sea position and likely remove BlueNord from the Oslo exchange. Investors should treat the equity primarily as a deal/completion play rather than a standalone growth story.
Its EV/EBITDA of 4.5x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 25.9% is higher than the 6.5% median, and at $26.22/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, BlueNord scores 56/100, strongest on valuation (68/100). Sub-scores: value 68, quality 48, growth 41, risk 48 (higher = riskier).
BlueNord holds approximately 0.09 billion boe of proved (1P) reserves with FY2025 production of about 37 thousand boe/d (56% liquids), a reserve life of roughly 6.7 years. Break-even: ~$35 (Brent FCF breakeven) — Low-cost Danish North Sea barrels post Tyra II restart; strong free cash flow generation at mid-cycle Brent supports rapid deleveraging and large shareholder distributions.
For BlueNord, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Denmark | 100% | 5 | Stable; North Sea decommissioning, 2050 production phase-out. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Tyra II | Denmark | Gas hub redevelopment | Restarted 2024; central processing/export hub for DUC gas |
| Tyra | Denmark | Gas/condensate field | Core gas field feeding the Tyra hub |
| Halfdan | Denmark | Oil/gas field | Largest DUC producing field |
| Dan | Denmark | Oil field | Mature DUC oil field |
| Gorm | Denmark | Oil field | Mature DUC oil field |
| Roar/Valdemar | Denmark | Gas/condensate satellites | DUC satellite fields tied back to hub |
| Skjold | Denmark | Oil field | Mature DUC oil field |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 30 | 30 | 27 | 37 | 37 |
| Proved reserves (bnboe) | 0.16 | 0.18 | 0.20 | 0.21 | 0.09 |
| Revenue ($bn) | 0.7 | 1.3 | 1.0 | 0.9 | 1.0 |
| EBITDA ($bn) | 0.5 | 1.0 | 0.7 | 0.6 | 0.5 |
| Net income ($bn) | 0.1 | 0.3 | 0.1 | 0.1 | 0.1 |
| Free cash flow ($bn) | -0.2 | 0.1 | -0.3 | 0.3 | 0.4 |
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✓ FY2025 figures verified against primary sources:
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