Vår Energi is founded on more than 50 years of operations on the Norwegian Continental Shelf (NCS), a robust and diversified asset portfolio with ongoing development projects centred around hubs, and a strong exploration track record. With more than 1 300 employees and equity stakes in 47 producing fields, Vår Energi produced net 213 kboepd of oil and gas in 2023.

We are a leading independent upstream oil and gas company on the NCS:

• Material and diversified production base
• Maximising value creation with hub centered strategy
•  World class capabilities, with tangible growth and track record
• Tangible and concrete plan to reduce emissions from operations by more than 50% within 2030
• Material cash flow generation and Investment grade balance sheet supporting attractive and resilient distributions

Vår Energi has an ambition to increase production to 400 kboepd by end 2025 while reducing production cost to USD 10 per boe from USD 14 per boe in 2023 as new projects come onstream and effects from improvement measures are achieved.

Material cash flow generation and an investment grade balance sheet enable attractive and resilient dividend distributions.

We distributed USD 1 080 million in dividend for 2023. For 2024,  we further plans to distribute a dividend of USD 270 million for the first quarter and approximately 30% of cash flow from operations after tax for the full year.

On 16 February 2022, Vår Energi was listed on Oslo Stock Exchange (OSE). The initial public offering (IPO) provided access to Norwegian and international capital markets, a diversification of ownership structure and supported employee-participation.

Vår Energi is committed to deliver a better future, and our ambition is to be the safest operator on the NCS, the partner of choice, an ESG leader with a tangible and concrete plan to reduce emissions from operations by more than 50% within 2030.

Vår Energi is on track for near 100% production growth by end-2025, and have a tangible plan for high value creation beyond. The company create value from a large and diversified asset portfolio with a significant reserve base.

Our strategy is centred around four hub areas, maximising utilisation of infrastructure and securing future growth. Together with our strong operational and exploration capabilities and safety culture, the hub areas form the basis for longterm profitable growth.

Vår Energi oil and gas production averaged 213 kboepd in 2023. Natural gas represented 37% of 2023 production.

Looking ahead, our ambitions for 2025 are based our sanctioned high-value development projects in our key hub areas led by projects Balder X and Johan Castberg.

Beyond 2025, we have a clear ambition to sustain production. High value, cost discipline and scale are key drivers for our long-term production profile. This is founded on improved recovery, infill drilling, near-field developments and maturation of our robust project pipeline of standardised, efficient and low-risk subsea tie-backs.

The project pipeline continues to grow as our exploration team delivers world-class results.

Vår Energi was the operator of the largest new discovery on the NCS in 2022 with Lupa in the Barents Sea, and our successful track record extends into 2023 with the Countach discovery in the same region.

To deliver on our targets and ambitions, we leverage strong capabilities and a heritage that dates back to the early beginning at the NCS. Even though Vår Energi is a young company, we have nearly 60 years of experience.

We want to be the partner of choice in everything we do. We cannot deliver on our long-term ambitions without strong partnerships and collaboration with the authorities, field partners, service providers and the supply chain. It’s also a prerequisite that our activities should benefit the local communities in which we operate, including industrial development, competence building and local engagement.

We want to be the safest operator, and aligned industry programs are an important part of our continuous implementation of safety initiatives. We will deliver responsible and sustainable production growth with low emissions.

We strive to be a partner of choice in all of its activities. Vår Energi has a strong partnership with Equinor, the largest and one of the most experienced operators on the NCS.

We leverage our strong partnership with Equinor to seek cost and  energy efficiencies, most recently by collaboration related to new solutions for logistics operations in the future, NCS Logistics Project (NLP).

Other ongoing partnerships include the Hywind Tampen engagement, to provide renewable energy to Snorre by use of floating wind, and a joint power from shore project for the Balder/Grane area.

Vår Energi is led by six experienced leaders.
They represent a wide range of skills and knowledge from extensive careers in the oil- and gas industry.

Our name symbolises growth and a new beginning. Spring is the season for growth. The name also implies that our employees and partners work together as a team to produce our resources – and create value for our shareholders and the Norwegian community.

Long legacy of experience

The Group’s heritage is built on over 50 years of operations on the NCS, including the very first license issued on the NCS in 1965 (PL001). Vår Energi AS was established in 2018 through the merger of Eni Norge AS and Point Resources AS.

Eni Norge AS was founded in 1965, while Point Resources was created through the merger of the HitecVision portfolio companies in 2016, which then acquired the Norwegian operated
business of ExxonMobil in 2017.

In 2019, Vår Energi further proved its ability to execute complex transactions, with the acquisition of substantially all of ExxonMobil’s partner-operated assets on the NCS Vår Energi’s strengths, competencies and best practices have been developed over time, combining the strength of two supermajors to harness ExxonMobil’s and Eni’s operational resources and technical expertise. The company also leverages on HitecVision’s NCS expertise with demonstrated history of value creation.

Vår Energi is the operator for the first licence allocated to NCS (PL 001 i 1965) – a licence located in an area under development. The Balder-field at PL 001, was the first oil found offshore in Norway. It was non-commercial at the time in 1967, but with technological development and progress, production was able to start in 1999. The field is still in production today. Vår Energi is also a partner of the Ekofisk-findings (1969) through Norwegian Agips (later Eni Norge). The Ekofisk-field marked its 50 year anniversary in 2019.