Vår Energi is positioned for the energy transition and is accelerating its decarbonisation plan. We’ve set ambitious targets to minimise our climate impact while creating value, and we have solid plans to deliver.
Our decarbonisation targets are simple with a clear pathway to reducing emissions in alignment with the Paris Agreement.
Scope 1:
Reduce emissions by more than 50% by 2030, to be near zero by 2050 and to be near zero on methane emissions in 2024.
Scope 2:
Ensure that 100% of our purchased electricity from our operated assets comes from renewable sources, neutralising our scope 2 emissions.
Scope 3:
Maximising reductions in the value chain and utilising quality offsetting for our own use in upstream and downstream transportation, for operated assets.
We already have low emissions from oil and gas production on the NCS, and a broad alignment to expand on these reductions. Our target for carbon intensity is below 6 kg of CO2 per boe in 2030.
Reducing our methane emissions is a key element in Vår Energi’s decarbonisation plan. As part of this commitment, we are a member of The Oil & Gas Methane Partnership – OGMP, and a signatory to the Oil and Gas Climate Initiative – OGCI.
Some key decarbonisation deliveries from Vår Energi’s operations:
CCS is expected to play a key role in reaching climate targets and the NCS has the potential of be instrumental with its vast storage capacity of >80 gigatonnes. To put this number in perspective, it’s the equivalent of 25 years of accumulated EU emissions.
As with everything we do in Vår Energi, we take a value-driven approach to CCS, and our ability to create value is what will define how we pursue CCS projects going forward.
We are currently the operator of the EXL 009 Iroko CCS license and are in the transition phase of taking over the operatorship of the EXL 007 Trudvang CCS licence. In total, the two licenses have a potential to store gross 450-500 million tonnes CO2 over a period of 30 years, or about 15 million tons per annum gross. The gross total storage capacity alone equals eight times Norway’s annual emissions. We are evaluating further acreage while building on our core E&P competence.
A robust CCS value chain requires strong partnerships, and alongside Eni, we’re exploring strategic collaborations throughout the value chain.
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.
