Climate

Given the importance of access to energy to support a sustainable development and the greenhouse gas (GHG) emissions associated with the use of fossil fuels, climate change mitigation is particularly relevant for Vår Energi as one of the largest exporters of gas from the Norwegian Continental Shelf (NCS). The NCS is a key source of energy for Europe, representing around 30% of the gas supply.  

Balancing the need to ensure access to affordable energy for all while transitioning toward a low-carbon economy is a major challenge both for Vår Energi and for the society in general.   

Through the Climate and Energy Policy, we are committed to: 

• Minimising energy consumption and GHG emissions  
• Reducing GHG emissions  
• Addressing climate-related risks and opportunities 

We believe that producing hydrocarbons with minimal GHG emissions and low costs will gain a competitive advantage. Our strategy is to continue to provide access to energy by producing oil and gas safely, responsibly and with low GHG emissions per produced unit. 

Production of oil and gas on the NCS is characterised by low GHG emissions per barrel produced compared to other oil-producing regions. However, we acknowledge the need to further reduce GHG emissions from our operations and value chain. 

Vår Energi has a path to reduce emissions by around 40% in the early 2030s from three main levers:  

• Electrification  
• Portfolio optimisation  
• Energy management   

We take a value-driven approach to electrification from power from shore. With electrification we see benefits from increased gas sales, higher production efficiencies and reduced operating cost, but we firmly believe that the biggest benefit is to secure long-term value creation and extend the asset life of our core hubs. 

Portfolio optimisation includes the retirement of the Balder Floating Production Unit (FPU), which will have a positive impact on both emissions and operating costs.  

In addition, we are continuously working to reduce emissions through energy management.  Vår Energi is currently the only NCS operator certified within Energy Management.