Delivering higher production for longer

Vår Energi delivered transformational growth in 2025, doubling production in just two years. The company delivered record high production, high reserve replacement, strong financial performance and significant value creation, while further derisking the outlook through the completion and startup of nine projects, including Jotun FPSO at the Balder field and Johan Castberg. ​

Vår Energi has never been in a stronger position for long term value creation, and continues to deliver attractive returns, reflected in shareholder distributions for 2025 of USD 1.2 billion, as per guidance. ​

Vår Energi is guiding full year 2026 production in the range of 390 to 410 thousand barrels of oil equivalents per day (kboepd) and raises the long-term production target to more than 400 kboepd. ​

​This is supported by a portfolio of 13 high margin projects in execution; a flexible pipeline of around 30 early phase projects being matured and a strengthened asset base with an increased reserves and resources position.​

Driven by an entrepreneurial, performance-oriented organisation, Vår Energi continues to leverage incremental improvements across the business, including enhanced recovery through infill drilling and targeted exploration, while becoming ever more efficient with reduced costs. ​

​This continues to provide resilience in a volatile business environment, strong cash flow generation, and long-term attractive shareholder returns in line with our stated dividend policy of 25 to 30% of cash flow from operations after tax over the cycles.​