Vår Energi continually identifies and assesses the actual and potential impacts on sustainable development from its business and activities, both as part of its day-to-day activities, while engaging with relevant stakeholders and experts.

Given the importance of access to energy to support sustainable development and the significant greenhouse gas emissions associated with the oil and gas industry, SDG 13: Climate Action and SDG 7: Affordable and Clean Energy, are particularly relevant for Vår Energi as a pure-play oil and gas producer.  

All Vår Energi oil and gas operations are carried out offshore on the NCS, with a potential for negative impacts related to SDG 14: Life below water. Vår Energi is committed to conserve biodiversity at all operational sites and continuously strives to minimise negative impacts.

Work-related hazards with the potential of injuries and illness may be associated with Vår Energi’s activities. To manage potential negative impacts on SDG 3: Good health and well-being, Vår Energi works systematically to manage these risks and to conduct business in a manner that protects the health and safety of its employees and all others involved. 

Vår Energi is a significant employer in the areas where it operates, with impacts on SDGs 5 Gender equality, and SDG 10 Reduced inequalities. Diversity, equality, and inclusion are integral parts of creating successful teams and creating a high-performing organisation.  

Vår Energi believes that its activities should benefit the communities where it operates, contributing to SDG 8 Decent work and economic growth. This means engaging in creating local ripple effects in terms of industrial development and employment, as well as supporting skills development and cultural activities. The vitally important natural resources Vår Energi manages generate substantial revenues for its owners and Norwegian society.  

The activities may also have an impact on human rights issues through the entire value chain. Ultimately, how the company manages these responsibilities has a bearing on SDG 16 Peace, justice, and strong institutions. Vår Energi’s Code of Ethics highlights the importance of fairness, transparency, honesty, and integrity in how the company conducts its business, relationships with authorities and corporate governance.  

To support the company ambition of being an ESG leader, Vår Energi has established a sustainability framework with strategic focus areas that cover the company’s main impacts.

For the 2023 sustainability reporting, the assessment of material topics has been reviewed and prioritised based on:  

• Actual and potential impact on UN SDGs  
• Vår Energi’s Sustainability Policy and other relevant policies and governing documents  
• Risks identified in the enterprise risk management process  
• Feedback from sustainability rating agencies  
• Impacts and topics described in relevant reporting standards and requirements such as the European Sustainability Reporting Standards (ESRS), GRI Oil and Gas Sector Standard, CDP, SASB Oil & Gas Exploration & Production Sustainability Accounting Standard, Greenhouse Gas Protocol and TCFD recommendations on climate-related financial disclosures.  

The 2023 sustainability reporting is prepared in accordance with the GRI Oil and Gas Sector Standard, where it is required to review each topic described in the Sector Standards and determine whether it is a material topic for the organisation.