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 350 000 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.

Our strategy is founded on the following beliefs:

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 clear pathway to net zero emissions (scope 1 and 2 ) by 2030.

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.

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 net zero (scope 1 and 2) by 2030 with strong HSEQ credentials
• Material cash flow generation and Investment Grade balance sheet supporting attractive and resilient distributions