The energy transition is progressing, but it’s also clear that this is a complex journey. As the world transitions, it’s important that we all have access to secure, reliable and affordable energy.

Demand for energy continues to grow in line with population and economic growth. The need for oil and gas will hold steady at close to current levels leading up to 2050. We also see that gas is a critical transition fuel. So, in any scenario, oil and gas will be essential for the global energy supply for decades to come. Not just as an energy source, but also to sustain the growing demand for petrochemical products, and not least to prevent production decline as fields are depleted and new investments are required in both exploration and developments.

At the same time, the world must also decarbonise to meet the Paris Agreement. This will require action from every sector and will take time to achieve. The challenge is on all of us to decarbonise energy systems while continuing to meet the demand for reliable energy the world needs.

Our strategy is founded on the following beliefs:

We believe that the Norwegian Continental Shelf (NCS) is one of the best places in the world to invest in oil and gas. The NCS is characterised by:

• low costs
• low emissions
• predictable framework and fiscal regime
• significant remaining resource base

That’s why Vår Energi is a pure-play NCS E&P company – and will remain so. Oil and gas has a long future, and the winners will be those who produce with low cost and low emissions. Norway is one of the best oil and gas regions in the world.

So in this context, our strategy is really very simple:

1. To ensure growth and value creation for all our stakeholders over time
2. To be a reliable and secure supplier of energy to Europe
3. To be a pure-play Norwegian oil and gas company
4. And to be safe and responsible in the way we conduct our business

Vår Energi will deliver growth, sustained production and unlock future value whilst at the same time accelerating decarbonisation to allow us to deliver sustainable and resilient returns to shareholders over time.

Vår Energi considers the decarbonisation of oil and gas production a prerequisite for ensuring a resilient business model and driving long-term value creation. We have announced operational targets to actively reduce and minimise our environmental impact, with a credible path to 50% emission reduction from operations within 2030.

Oil and gas to remain part of the energy mix