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Value-enhancing hub-centred strategy

Our strategy is centred around four hub areas on the Norwegian continental shelf (NCS), 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 long-term profitable growth.

We have an ambition to increase production to 400 000 barrels of oil equivalent per day by end-2025 while reducing production cost as new projects come onstream and effects from improvement measures are achieved. Material cash flow generation and an investment grade balance sheet enable attractive and resilient dividend distributions. We create value from a large and diversified asset portfolio with a significant reserve base.

Strategic beliefs

Our strategy is founded on the following beliefs:

ESG and climate are global and national priorities, a pathway to net zero will be required

Oil and gas will continue to be a part of the energy mix in the long term, with gas to increase its share of the NCS production

The NCS will continue to be attractive driven by high competitiveness, low emissions and long-term oriented regulators


Pathway to net zero

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 (scope 1 and 2 ) by 2030.

Oil and gas to remain part of the energy mix

Global energy demand is projected to increase by around 1% annually through 2030, with oil and gas to account for over 50% of the global energy mix in 2030.

Hence, oil and gas will remain a critical energy source for many years to come.

Gas is argued to be in line with EU’s climate and environmental objectives and will allow acceleration of the shift from more polluting activities, such as coal generation, towards a climate-neutral future.

Balder Floating Production Unit. PL001. Produksjonsskip.

The NCS is an ideal foundation for value creation

We believe the NCS is one of the most attractive E&P regions globally, with proven development potential, significant remaining reserves and resources, high quality exploration prospects, well-understood geology, existing infrastructure, low production costs and a stable regulatory environment and tax regime.

The NCS exhibits low CO2 emissions relative to other regions within the global oil and gas sector. The region is a global leader in electrification, with 40% of the NCS targeted to be electrified by 2025. Other large-scale NCS sustainability initiatives include a strong focus on carbon capture and storage and utilisation offshore wind as source of energy.

quote_left_fill Vår Energi is a leading E&P company on the NCS and a reliable supplier of energy to Europe. We plan to grow our oil and gas production and long-term value creation as an integral part of the solution to the global trilemma of available, reliable and sustainable access to energy

Clear strategic priorites for value creation

Vår Energi’s highest priority is to carry out our activities without causing harm to people, the environment and our assets. Our ambition is to be the safest operator on the Norwegian continental shelf. Our end-2025 production target will be delivered by a portfolio of de-risked sanctioned projects with attractive economics. We relentlessly focus on what we can control and impact through enhancing performance and competitiveness and deliver operational excellence.

We are a high performing organisation, flexible and collaborative. We leverage our extensive capabilities across operations and aspire to be the partner of choice for field operators, suppliers, regulators and other stakeholders.

We have a clear ambition to reduce costs and increase efficiency. This includes portfolio and reservoir optimisation, efficiency improvements and technology implementation. We have a hub-focused approach to further develop and focus the portfolio both organically and inorganically, creating opportunities through scale and diversification.

A strong value proposition to our stakeholders:

  • Material and diversified production base with world-class operators
  • Maximising value creation with hub-centred strategy
  • World-class capabilities, with tangible growth and track record of successful development and exploration
  • Credible path to 50% emission reduction (scope 1 and 2) by 2030 with strong HSEQ credentials
  • Material cash flow generation and Investment Grade balance sheet supporting attractive and resilient distributions


Offshore workers on board the Goliat platform

Energy for the future

What will the future energy sources look like? What will be the role of oil and gas in 2050?

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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 Manager, Ivar Kvadsheim explains.

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Glenn Eide i Vår Energi

How we want to work with energy in 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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