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 299 kboepd of oil and gas in the first quarter of 2024.

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 a strong heritage, having been created by combining four companies – Point Resources, the Norwegian businesses of Eni and ExxonMobil, and just recently Neptune Energy Norge. In the years since the company’s inception in 2018, we’ve established a strong track record of value creation and have become the 3^rd largest operator on the NCS.

We’re achieving significant production and reserve growth, whilst at the same time delivering strong financials and returning over USD 2 billion to shareholders since the IPO in 2022.

Vår Energi is on track to nearly double production by 2025 from 2023 levels, and maintaining its significant gas share (37%). The growth catalysts are eight projects that will be in production before the end of 2025, primarily Balder X and Johan Castberg.

More on the Balder X project.

Vår Energi will be sustaining production and value creation beyond 2025 through

• Operational excellence, infill drilling and improved recovery in our core assets
• Maturing a high-value portfolio of early phase projects to move our significant discovered resource base into production
• Drilling on our exciting exploration portfolio
• Value-accretive M&A

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.

Our recipe for moving from barrels to value:

• Delivering on the growth ambition – specifically the 10 projects in execution – securing around 400 kboepd by the end of 2025
• Sustaining production by maturing a high value portfolio of new early-phase projects, more than 20 in total, ensuring that we sustain our production between 350-400 kboepd leading up to 2030.
  • Opportunity to be countercyclical – benefitting on the market availability post-tax incentive wave
  • All projects are cost effective and low risk tie-backs to host installations – back-filling capacity
  • Shorter time-to-market, as project execution is standardised
• Unlocking future value – we’re accelerating our exploration efforts, targeting around 60 wells over the next 4 years – to unlock significant value across the entire NCS.

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.

In 2022 Vår Energi also entered a strategic partnership with Aker Solutions, Ocean Installer and Saipem for SPS/SURF 1 deliveries, in preparation for development of future subsea tieback projects.

In addition, we are engaged in strong collaboration with Eni in order to leverage on Eni’s capabilities in the areas of exploration, project development, asset operation and drilling expertise as examples.

Also, we engage in commercial offtake agreements with Eni (through Eni Trade & Biofuels S.p.A) to provide offtake security and reduce the costs of hedging  activity.

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.

The company’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.