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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. 

Becoming carbon neutral by 2030

In addition, for equity operated emissions, we aim for:  

  • Scope 1 carbon neutrality by 2030 
  • Zero scope 2 emissions from 2024  
  • Carbon neutrality from up- and down-stream transportation from 2024  

This will be achieved through carbon removals in the voluntary carbon market and guarantees of origin from renewable sources.  

Reducing emissions 

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.  

Methane 

Methane is a potent greenhouse gas, and emissions from the NCS are low and Vår Energi is  already near zero operational emissions. 

As part of our commitment to reduced methane emissions, we are a member of  The Oil & Gas Methane Partnership and a signatory to the OGCI Aiming For Zero Methane Emissions Initiative and the Oil and Gas Decarbonisation Charter. 

Removing and storing emissions  

We recognise the role that carbon removals have in achieving carbon neutrality, and we will be offsetting residual emissions through certified carbon credits in the voluntary market. 

We will also further assess Carbon Capture and Storage (CCS) optionality.

Vår Energi has 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 the operator of the Trudvang (40% working interest) and the Iroko (40% working interest) CCS licences.

We are evaluating further opportunities while building on our core E&P competence. 

Offshore workers on board Jotun FPSO