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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 1 300 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
quote_left_fill The energy reality of today’s world is complex. Our strategy to meet the challenges is simple. We are a pure play Norwegian oil and gas company. We will be a reliable and secure provider of energy to Europe. And we will do it in a safe and responsible way. This will ensure growth and value creation for all stakeholders. Long into the future.

Delivering growth and value creation

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 3rd 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.

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

Offshore workers outside on board Goliat

License map

Vår Energi currently holds equity stakes in 47 producing fields and in ~200 production licenses on the Norwegian Continental Shelf.

 



Our recipe for moving from barrels to value

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.

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 six 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 AkerBPHe 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. 

Numbers of shares in Vår Energi ASA: 662 157
(per May 2024)

Torger Rød

COO

Torger Rød is the Chief Operating Officer 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.

Numbers of shares in Vår Energi ASA: 243 934
(per May 2024)

Stefano Pujatti

CFO

Stefano Pujatti is the Chief Financial Officer of Vår Energi. Mr. Pujatti has been with the company since 2019 and 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.

 

Numbers of shares in Vår Energi ASA: 47 982
(per May 2024)

Tone Rognstad

EVP People & Communication

Tone Rognstad is the Executive 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.

Numbers of shares in Vår Energi ASA: 61 803
(per May 2024)

Ellen Waldeland Hoddell

EVP Safety & Sustainability

Ellen Waldeland Hoddell serves as Executive Vice President Safety & Sustainability 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.

 

Numbers of shares in Vår Energi ASA: 37 747
(per May 2024)

Sverre Bjelland

EVP Legal & Compliance

Sverre Bjelland is the Executive Vice President Legal & Compliance of Vår Energi.  Mr Bjelland has 20 years of experience within the oil and gas industry in Norway. He joined the company in april 2024 and comes from the role as partner in Schjødt AS and Head of the Oil, Gas and Offshore Energy Group.

Previous experience includes Assistant Director General in the petroleum law and legal affairs section in the Ministry of Energy as well as VP in Statoil’s (now Equinor) legal department,  with responsibility for Development and Production Norway in one period and subsequently for Marketing, Processing and Renewable.

Sverre Bjelland holds a law degree as cand.jur from the University of Bergen.

Numbers of shares in Vår Energi ASA: 16 399
(per May 2024)

 

 

Governing bodies

The foundation for Vår Enegi ASA’s governance structure is Norwegian law, and the General Meeting is the company’s supreme body.

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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.

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.


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.

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Glenn Eide i Vår Energi

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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