We are a trusted and stable supplier of oil and gas

Our production of oil and gas comes from 39 different fields in the Barents sea, the Norwegian Sea and the North sea.

Delivering growth and operational excellence

The objective of our search activity is to replace our existing resources and reserves, which are foundational for our future growth. We have working interests in several of the most important findings on the Norwegian Continental Shelf (NCS) in the past years.

We have set an ambitious target for production growth ambition of above 350 000 barrels per day by end-2025. This will be delivered by a portfolio of sanctioned projects with attractive economics.

Additionally, we focus on what can be controlled an impacted through enhancing performance and competitiveness and deliver operational excellence.

39

producing fields

220 000

oil barrels equivalent daily

57%

discovery rate in 2022

Continuous focus on reducing production cost per barrel

Vår Energi has a high focus on operational efficiency and is targeting a continued reduction in production costs per barrel.

We reduced production costs from USD 14 per barrel in 2018 to USD 13.5 per boe in 2022 through accretive M&A and cost reduction programs.

We are targeting a further reduction of production costs to USD 8 per barrel by end-2025.

We intend to achieve this target through
the execution of ongoing projects, including the Balder Future project and major partner-operated asset developments at Johan Castberg and Breidablikk. Combined, the sanctioned development portfolio has an average production cost of approximately USD 4 per barrel.

World-class exploration capabilities

We have proven world-class exploration capabilities. Based on Rystad Energi, Vår Energi is at the forefront on the NCS when it comes to the average size of discoveries, lowest exploration cost per barrel discovered and the highest return on exploration spend.

In 2022, Vår Energi exploration campaigns achieved a 57% success rate adding around 65 mmboe of contingent resources with an average unit exploration cost of USD 0.2 per barrel after tax.

Going forward, Vår Energi will maintain the successful exploration strategy – planning to drill 8-10 near field wells per year and 1-2 high risk/high reward wells.

We have delivered a success rate exceeding 50% the past three years and intend to continue to execute accordingly. Over the last years, Vår Energi has had the most discoveries on the NCS.

Successfull 2022 exploration campaign:

Vår Energi is at the forefront on the NCS when it comes to the average size of discoveries, lowest exploration cost per barrel discovered and the highest return on exploration spend.

57%

discovery rate

65

mmboe added

8-10

exploration per year

0,2

USD cost per barrel

Ambition to be the safest operator

Operational safety is a top priority for us. Our ambition is to be the safest operator on the NCS, with the aim of reducing injury totals to near-zero levels.

Vår Energi collaborates with Equinor, ConocoPhillips and Aker BP on the Always Safe annual wheel. The purpose of Always Safe is to strengthen the industry’s safety behaviour and culture. Through this joint effort we utilise the strengths of standardisation, increasing the impact in the industry with partners, suppliers and contractors.

We believe Always Safe is a key enabler in becoming the safest operator on the Norwegian Continental Shelf.

Ellen Waldeland Hoddell

SVP Safety & Sustainability

The safety toolbox

Also, we have has incorporated the nine Life-Saving Rules as stated by the International Association of Oil & Gas producers (IOGP).

These rules provide workers with a simple set of actions to protect themselves and others from incidents and fatalities.

Other ongoing initiatives include MARI (Major Accident Risk Indicator) tracking on operated fields and new digital tools to ensure technical integrity, support proactiveness, facilitate standardisation of safety initiatives across our operations and ensure compliance.

Oil and gas fields operated by Vår Energi

Goliat

Goliat field is located in the Barent Sea, and is the first producing oil field in the northern areas of the Norwegian Continental Shelf. Goliat was discovered in 2000, and plans for development and operation were approved in 2009.

The field is developed with a floating production unit optimised to withstand cold and bad weather. Production started in march 2016.

Goliat-feltet i Barentshavet. Oljefelt med produksjon i det nordligste området på norsk sokkel.

Marulk

Marulk field is located in the Norwegian Sea, and is a subsea gas field 25 kilometres south west of the Norne field. Marulk was discovered in 1992 and plans for development and operations were approved in 2010.

Marulk is connected to the Norne installation and started production in 2012.

Illustrasjon av Marulk-feltet som viser to brønner som kobles til en flytende produksjon, lagring- og lasteenhet.

Balder

Balder field is located in the North Sea – in the first awarded licence with first search drilling and first oil discovery on the NCS (production licence 001).

The Balder field is developed with a floating production-, storage- and offloading (FPSO) and several subsea production systems. Production started in 1999.

Supply båt og tankskip i produksjon på Balder-feltet

Ringhorne og Ringhorne Øst

Ringhorne field is located in the North Sea, about nine kilometres north east of Balder FPU.

The field is equipped with a platform which produces and sends oil and gas to Balder FPU for final process, storage and export. The production on Ringhorne started in 2003.

Ringhorne East is equipped with four wells from the Ringhorne field with production starting in 2006. A new drilling campaign from the Ringhorne platform started in 2019 and is still ongoing.

Plattform i Ringhorne-feltet. Produksjon av olje og gass

Bilde at to menn og ei kvinne som sitter og snakker sammen og ser på prosjekter

Projects

Strategy

Sustainability

Investor

Female laboratory worker holding test tubes.

Innovation

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Our measures for sustainable production of energy

Vår Energi is committed to a more sustainable production of energy through minimising our own greenhouse gas emissions. Here are som of our measures to reduce the emissions from our production.

Ivar Kvadsheim i Vår Energi sine lokaler

Environmentally friendly oil and gas production?

There are many paths leading to the objective. A more sustainable oil extraction is achieved through our own measures and through collaboration with supplier- and value chains.

Sustainability Advisor, Ivar Kvadsheim explains.

Prosessoperatør-lærling, Agnete Svanholm på Goliat-feltet

You get used to the offshore lifestyle pretty quickly!

Process operator apprentice Agnete Svanholm shares her experience as an apprentice with Vår Energi on the Goliat field.