Delivering a better future

Vår Energi is a leading pure-play E&P independent on the attractive Norwegian Continental Shelf.

We are Vår Energi

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 1 000 employees and equity stakes in 39 producing fields, Vår Energi produced net 220 kboepd of oil and gas in 2022.

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
Credible path to net zero scope 1 and 2 by 2030
Material cash flow generation and Investment grade balance sheet supporting attractive and resilient distributions.

Offshore workers outside on board Goliat

License map

Vår Energi currently holds equity stakes in 39 producing fields and in 150 production licenses on the Norwegian Continental Shelf.

Go to live License Map

Solid foundation

Vår Energi has an ambition to increase production to 350 kboepd by end 2025 while reducing production cost to USD 8 per boe from USD 13.5 per boe in 2022 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 1 075 million in dividend for 2022. For 2023, 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 and a net-zero producer (Scope 1 and 2) at operated fields by 2030.

Strategy

Sustainability

Production

Growth and value creation

Vår Energi is on track for more than 50% 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 220 000 barrels per day i 2022, a decrease of 10% from 2021 due to natural decline, maintenance activities and operational issues affecting both own and partner-operated fields. Natural gas represented 37% of 2022 production.

Looking ahead, our ambitions for 2025 are based our 17 sanctioned high-value development projects in our key hub areas led by projects Balder Future, Ringhorne IV, Breidablikk and Johan Castberg.

We are on track to deliver industry-leading production growth with lower costs and emissions and build an even stronger platform for high value creation for all stakeholders in the years to come.

Nick Walker

CEO, Vår Energi

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.

Fire ansatte foran Jotun produksjonsskip (FPSO) som ligger til kai ved Rosenberg.

Ansatte som sitter rundt et bord og jobber

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.

Partner of choice

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.

Executive committee

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

Nick Walker

CEO

Nick Walker is the Chief Executive Officer of Vår Energi and leads the Company’s strategy, market engagement and stakeholder management. Mr. Walker held the position of CEO of the leading European E&P independent Lundin Energy until mid-2022 when he led the sale of the Company to AkerBP. He has also previously worked with BP, Talisman Energy, Africa Oil and Vedanta – Cairn Oil & Gas and has over 30 years of international oil and gas experience in technical, commercial and executive leadership roles. Mr. Walker holds degrees in Mining Engineering from Imperial College London, Computer Science from University College London as well as an MBA from City University Business School, London.

Torger Rød

COO

Torger Rød is the Chief Operating Officer (COO) of Vår Energi. Mr. Rød joined the company in June 2021, as CEO, and was responsible for listing the company at the Oslo Stock exchange as well as the Neptune acquisition. He took the position as COO in September 2023. Previously, he was with Equinor for 23 years (including 11 years in executive positions), both in Norway and internationally. Most recently, he served as SVP and Head of Corporate Safety and Security, and prior to that role, he was SVP and Head of Project Development. Mr. Rød holds a Master’s degree in Industrial Economics from the Norwegian University of Science and Technology in Trondheim.

Stefano Pujatti

CFO

Stefano Pujatti is the Chief Financial Officer of Vår Energi. Mr. Pujatti is employed by Eni S.p.A and has been seconded to the company since 2019. He has more than 20 years of international experience in the oil and gas industry. Previously, he held the position of VP Planning & Control of the Africa sub-Saharan region in Eni S.p.A’s headquarters in Italy and has had several international assignments in Eni major oil and gas subsidiaries. Mr. Pujatti began his career as an auditor with KPMG, where he also obtained his CPA qualification. Mr. Pujatti holds a Master of Economy degree from Catholic University in Milan, Italy.

Atle Reinseth

EVP Project Development & SCM

Atle Reinseth serves as Executive Vice President Project Development & Supply Chain Management. He joined Vår Energi in October 2022, having previously served as VP Shaping, Improvement and Analyses in project development, among other roles, for Equinor. His experience includes key leadership roles in the public sector and software industry, including with Acergy (succeeded by Subsea 7 S.A.). He holds a Master of Business and Economics degree from the BI Norwegian Business School with a specialisation in procurement and logistics.

Ingrid Sølvberg

EVP Technology, Drilling & Subsurface

Ingrid Sølvberg serves as Executive Vice President Technology, Drilling & Subsurface. She joined Vår Energi in December 2022, having previously served as Director General for the Norwegian Petroleum Directorate (NPD). Prior to this role, she held significant leadership positions in NPD, Centrica and Equinor. She holds a master’s degree in Marine Technology from the Norwegian University of Science and Technology.

Rune Oldervoll

EVP Exploration & Production

Rune Oldervoll is the Executive Vice President Exploration & Production of Vår Energi. Mr. Oldervoll joined the company in December 2018. He has more than 20 years of experience working in technical and managerial positions at ExxonMobil, both globally and in Norway. Mr. Oldervoll began working for ExxonMobil just after finishing his studies at the Norwegian University of Science and Technology in Trondheim in 1997. Mr. Oldervoll was seconded to Shell UK working on the Brent Decommissioning prior to joining the company. He holds a Master’s degree in Mechanical Engineering from the Norwegian University of Science and Technology in Trondheim.

Tone Rognstad

SVP People & Communications

Tone Rognstad is the Senior Vice President for People & Communication. She joined the company in 2022 and comes from the role as VP for Project Management and Control in Equinor ASA. During her 15 years as an executive in Equinor ASA, she gained extensive managerial experience within the field of people, leadership and organisational development. She held roles in corporate, shared services and the business areas. Prior to joining Equinor ASA, Ms. Rognstad held various executive leadership positions in General Electric, both in Norway and internationally, within the areas of marketing, risk and operations. Ms. Rognstad holds a bachelor’s degree in Banking and Finance from BI Norwegian Business School.

Ove André Årdal

SVP Commercial

Ove André Årdal is the Senior Vice President Commercial of Vår Energi. He serves as Chair of the Board of Directors for the subsidiary of the company, Vår Energi Marine AS. He has 30 years of experience in the oil and gas industry, including 17 years working for Eni Norge AS prior to the formation of the Issuer. He joined Eni Norge as a Senior Commercial Negotiator in 2001, following which he held several leadership positions within the commercial function, including 13 years as Commercial Manager. From 1992 to 2001, Mr. Årdal worked for Mobil and ExxonMobil in Norway and in the UK as Financial Analyst and Planning and Gas Infrastructure Negotiator. Mr. Årdal holds a Master of Science degree in Business and Administration from the Norwegian School of Economics in Bergen, Norway.

Ellen Waldeland Hoddell

SVP Safety & Sustainability

Ellen Waldeland Hoddell serves as Senior Vice President Sustainability & Safety of Vår Energi. Ms. Hoddell has 15 years of experience within the oil and gas industry in Norway. She has held several positions within the area of Sustainability and Safety within Eni Norge and Vår Energi, including risk and barrier management, technical and operational safety and emergency preparedness and response.

Ms Hoddell graduated with a master’s degree in Risk Management and Societal Safety from the University of Stavanger in 2010.

Aksel Luhr

General Counsel

Aksel Luhr is the General Counsel of Vår Energi. He has more than 40 years of experience in the oil and gas industry. He has held various managerial positions in Eni Norge and Elf (Total) within the areas of legal, commercial, communications and human resources. Mr. Luhr holds the role of regular secretary to the Board of Directors of Vår Energi. He has also worked for the Norwegian Petroleum Directorate and as a diver. Mr. Luhr represents Vår Energi in the International Association of Oil & Gas Producers’ Legal Advisory Panel and Offshore Norge’s Legal Committee, including membership in the Standard Contracts Board. He was Honorary Vice Consul of Italy in Stavanger till late December. Mr. Luhr has a law degree as cand. jur. from the University of Oslo and is licensed as advocate and member of the Norwegian Bar Association.

Board of Directors

The board is elected by The Annual General Meeting and is independent of management. The board of directors consists of the following members:

Thorhild Widvey (Chair)

Liv Monica Stubholt (Deputy chair)

Ove Gusevik (Board member)

Francesco Gattei (Board member)

Guido Brusco (Board member)

Clara Andreoletti (Board member)

Marica Calabrese (Board member)

Fabio Romeo (Board member)

Jan Inge Nesheim (Board member, employee rep.)

Martha Skjæveland (Board member, employee rep.)

Bjørn Nysted (Board member, employee rep.)

Hege Susanne Blåsternes (Board member, employee rep.)

Rules of procedure for the Board of Directors

Articles of Association

Delegation of Authority

Board Sub- committees

Audit Committee:

Liv Monica Bargem Stubholt – Chair
Ove Gusevik
Francesco Gattei
Bjørn Nysted (employee representative)

Audit Committee Instructions.

Safety & Sustainability Committee:

Marica Calabrese – Chair
Fabio Ignazio Romeo
Jan Inge Nesheim (employee representative)
Hege Susanne Blåsternes (employee representative)

Safety and Sustainability Committee Instructions.

Election Committee:

(Elected at EGM 26.01.2022 and valid till AGM in 2024)

Philip Duncan Hemmens – Chair
Lars Christian Bacher

Election Committee Instructions.

Remuneration and Leadership Development Committee:

Thorhild Widvey – Chair
Guido Brusco
Martha Skjæveland (employee representative)

Mandate for the Board’s Remuneration and Leadership Development Committee.

The story of Vår Energi

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.

The way forward

We continue to develop Vår Energis position on the NCS, and use our substantial field-portfolio for long term value creation through cost- and CO2-efficient production of oil and gas.

Our plans forward consist of life extension of the Balder- and Ringhorne-fields towards 2045 (which will give PL 001 a life lifetime of 80 years), and field development such as the Johan Castberg-field – an example of our investment in the Barents sea.

These projects are great examples of both the companies and the industry as a whole, and their focus on long term investments on the Norwegian Continental Shelf.

Vår Energi projects for development on the NCS

Three fast facts about our employees

At Vår Energi the people are our most valuable assets. Skilled and experienced employees ensures efficient and safe operations.

Fire ansatte i Vår Energi som spiller fotballspill

Join the team?

Vår Energi works to retain, attract and develop a diversity of professionals.

We offer an environment where personal and professional development is encouraged.

We have ambitious plans for growth in a safe and sustainable working environment.

How we want to work with energy towards the future

Vår Energi is oil and gas. But we are also an energy provider for future generations. This is the foundation for every strategic decision we make.

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