Vår Energi is positioned for the energy transition, and we’ve set ambitious targets to minimise our climate impact while creating value, and we have solid plans to deliver.
Our decarbonisation targets are simple with a clear pathway to reducing emissions in alignment with the Paris Agreement.
Our ambition is however to be carbon neutral in equity operated emissions by 2030, this will be achieved through a combination of emission reductions and emission removals.
Reducing our methane emissions is a key element in Vår Energi’s decarbonisation plan. As part of this commitment, we are a member of The Oil & Gas Methane Partnership – OGMP, and a signatory to the Oil and Gas Climate Initiative – OGCI.
We already have low emissions from oil and gas production on the NCS, and a broad alignment to expand on these reductions. Our target for carbon intensity is below 6 kg of CO2 per boe in 2030.
In addition, in 2023 we established a collaboration project with Equinor targeting more efficient logistics operations as regards time, cost, safety and emissions through optimising the use of vessels, helicopters and supply bases.
In 2025 we have expanded this collaboration to also include the rest of the North Sea and Barents sea operations, and we are targeting emission reductions from these operations by up to 30%.
Furthermore, we continue to weigh ESG up to 30% in our contracts.
CCS is expected to play a key role in reaching climate targets and the NCS has the potential of be instrumental with its vast storage capacity of >80 gigatonnes. To put this number in perspective, it’s the equivalent of 25 years of accumulated EU emissions.
As with everything we do in Vår Energi, we take a value-driven approach to CCS, and our ability to create value is what will define how we pursue CCS projects going forward.
We are the operator of the EXL 007 Trudvang (40% working interest) EXL 009 Iroko (40% working interest) CCS licenses. In total, the two licenses have a potential to store gross 450-500 million tonnes CO2 over a period of 30 years, or about 15 million tons per annum gross. The gross total storage capacity alone equals eight times Norway’s annual emissions. We are evaluating further acreage while building on our core E&P competence.
A robust CCS value chain requires strong partnerships, and alongside Eni, we’re exploring strategic collaborations throughout the value chain.
