We believe that

• Oil and gas will remain a key part of the energy mix long-term to provide affordable and available energy to cover global demand
• The NCS will continue to be one of the most attractive E&P regions, with a proven development potential, significant remaining reserves and resources, and high-quality exploration prospects
• ESG and climate are global and national priorities, and a pathway to net zero will be required

Our main priorities are to ensure long-term growth and value creation, in a safe and responsible way, for all our stakeholders.

This while we are providing Europe with secure and reliable energy, at a low cost, with low emissions and robust financials.

Oil and gas will remain an important part of the energy mix for the next decades. Alternative sources alone will not cover the increasing global energy needs. Forecasts suggest demand for oil and gas will remain close to current levels leading up to 2050, and natural gas will become increasingly important as a transition fuel.

Preventing production decline and energy shortages due to natural depletion of reservoirs requires investments in new exploration and project developments. At the same time, decarbonising the oil and gas industry is fundamental to maintain Vår Energi’s position in the future energy picture.

The winners will be those who can produce hydrocarbons with as little emissions and at the lowest cost possible.

Vår Energi’s strategy is a strong response to this context, ensuring growth and value creation for all stakeholders in the long term.

The company will continue:

• To be a reliable and secure supplier of energy to Europe
• To be a pure-play Norwegian oil and gas company
• To operate in a safe and responsible manner