Vår Energi is built on more than 50 years of operations on the Norwegian Continental Shelf (NCS), a robust and diversified asset portfolio with ongoing development projects centered around hubs, and a strong exploration track record.

Vår Energi has close to 1 400 employees and equity stakes in more than 50 % producing assets on the NCS. We are the 3rd largest oil and gas producer on the NCS, and the 2nd largest exporter of gas from Norway.

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
• Concrete plans to reduce emissions from operations by more than 50% by 2030
• Material cash flow generation and investment grade balance sheet supporting attractive and resilient distributions
• Our headquarters are located in Forus outside Stavanger, with offices in Oslo, Hammerfest and Florø.
• Vår Energi is listed on the Oslo Stock Exchange under the ticker VAR.  

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.

In February 2022, Vår Energi was listed on the Oslo Stock Exchange, at the time the third largest listing on Oslo Børs measured in market capitalisation on the day of listing.  

In 2024 we completed the acquisition of Neptune Energy Norge AS with 100% of the shares in Neptune Energy Norge transferred to Vår Energi. The transaction adds scale, diversification, and further longevity to Vår Energi’s portfolio.  

As a result, Vår Energi is now the third largest independent E&P company on the Norwegian Continental Shelf  and the second largest supplier of gas from Norway to Europe.

Vår Energi has a strong heritage, having been created by combining four companies – Point Resources, the Norwegian businesses of Eni and ExxonMobil, and most recently Neptune Energy Norge. In the years since the company’s formation in 2018, we’ve established a strong track record of value creation and have become the 3^rd largest oil and gas producer on the NCS, and the 2nd largest exporter of gas from Norway.

We’re achieving significant production and reserve growth, whilst at the same time delivering strong financials and returning significant value to shareholders since we were listed on the Oslo Stock Exchange in 2022.

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

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 has a tangible plan for growth and high value creation long into the future, from a large and diversified asset portfolio with a significant resource and reserve base. 

Our strategy is centered around four key hub areas, maximising utilisation of infrastructure and securing sustainable future growth. Together with our strong safety culture and operational and exploration capabilities, the hub areas form the basis for long-term strategy. 

Our recipe for moving from barrels to value: 

• Delivering on the growth ambition – specifically our projects in execution – securing around 400 kboepd by the end of 2025 

• Sustaining production by maturing a high value portfolio of our early-phase projects and discoveries, ensuring that we sustain our production between 350-400 kboepd towards 2030 

• • Opportunity to be countercyclical – take advantage of the market post high activity period 

• • The projects are robust 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 – from 2024 to 2027 – to unlock significant value across the entire NCS. 

Vår Energi strives to be a partner of choice in all its activities, and to leverage its capabilities across operations. We aspire to be the partner of choice for field operators, suppliers and other stakeholders.

Vår Energi’s contractors and business partners play a key role in executing safe operations and delivering high quality products and services. We cooperate closely with our contractors and leverage strategic partnerships with key suppliers.

The company leverages its strong partnerships to seek cost and energy efficiencies, such as by close collaboration in the NCS Logistics Project (NLP), related to new solutions for logistics operations in the future.

Other key partnerships are the Hywind Tampen engagement, which started providing renewable energy to Snorre by use of floating wind, and a joint power from shore project for the Balder/Grane area.  

Vår Energi also engage in a strong collaboration with Eni (largest Vår Energi shareholder) to leverage Eni’s capabilities within key areas (e.g exploration, project development, asset operation and drilling expertise).

Another key Eni engagement is within commercial offtake agreements (through Eni Trade & Biofuels S.p.A) to provide offtake security and reduce the costs of hedging activity.