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Company strategy

Committed to deliver a better future

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.

Nick Walker on Balder

Growth and value creation

  • Deliver safe and responsible
  • Pure play Norwegian oil and gas company
  • Reliable and secure energy provider to Europe
quote_left_fill We believe that those who can produce hydrocarbons with the lowest possible emissions and cost will have a competitive advantage, and be the preferred suppliers.

The bigger picture – our strategic foundation

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 United Nations Climate Change Conference, COP28, where the world agreed to transition away from GHG-emitting energy sources, underlines this. The winners will be those who can produce hydrocarbons with as little emissions and at the lowest cost possible. Vår Energi believes the NCS is the best place in the world to produce hydrocarbons.

The region is characterised by low cost, low emissions, as well as stable and favourable framework conditions, combined with a large resource base. 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

Sustainable value creation

The NCS exhibits low CO2 emissions from production with an average of 7 kg of CO2 per barrel, compared to the global average of around 17 kg of CO2 per barrel. The region is a global leader in electrification, with 40% of the NCS slated to be electrified mainly with renewable hydropower by 2025.

Other large-scale NCS sustainability initiatives include a strong focus on carbon capture and storage, and use of offshore wind as a source of energy.

Balder Floating Production Unit. PL001. Produksjonsskip.

Sustainability is an essential part of how Vår Energi conducts its business and is integrated in the company strategy through the corporate governance system. Vår Energi supports the UN Sustainable Development Goals (SDGs) and use them as a framework for its sustainability approach; to create value for the company’s stakeholders, while respecting the environment, people, and society.

It is Vår Energi’s ambition to be an ESG leader through safe, healthy, secure and sustainable operations throughout the value chain, with minimal impact on the environment. This goes hand-in-hand with efficient operations, well-executed projects and strong drilling and well operations.

Vår Energi will achieve this through extensive collaboration and dialogue with highly skilled partners, suppliers, trade unions, and the authorities. To achieve this, Vår Energi has made the commitment to deliver a better future, working towards:

  • a stable and secure energy supply with lower greenhouse gas emissions
  • responsible management of natural resources
  • a solid flow of revenue for owners and the broader Norwegian society – based on increased energy production for customers in Europe.
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?

Read more
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.

Read more