Vår Energi ASA

Vår Energi ASA is a pure-play, independent upstream oil and gas company focused on exploration and production on the Norwegian Continental Shelf (NCS). Headquartered outside Stavanger with offices in Oslo, Hammerfest and Florø, it traces its heritage back to the first NCS licence issued in 1965 and was formed in 2018 through the merger of Eni Norge AS and Point Resources AS. The company has subsequently expanded through major transactions, including the acquisition of ExxonMobil’s Norwegian upstream assets in 2019 and Neptune Energy Norge AS in 2024, and listed on the Oslo Stock Exchange in 2022. Vår Energi now holds equity in around 50% of all producing assets on the NCS, with stakes in 41–42 producing fields and around 200 licences, making it the third-largest oil and gas producer in Norway and one of the country’s largest gas exporters to Europe. Operations span all four main NCS hubs, underpinned by a hub strategy that concentrates development and exploration around key areas. Vår Energi operates several producing fields, including Goliat in the Barents Sea, Fenja in the Norwegian Sea, and Gjøa, Duva, Balder and Ringhorne in the North Sea. The company guides production of 390,000–410,000 barrels of oil equivalent per day for 2026 and targets more than 400,000 boe per day longer term, supported by a resource base of about 3 billion boe, 13 high-value projects in execution and around 30 early-phase projects in maturation. With around 1,400 employees, it emphasises high-margin barrels, strong free cash flow and attractive dividends, anchored in a policy to distribute 25–30% of cash flow from operations after tax over the cycle. Safety and sustainability are central to its strategy. Vår Energi aims to be the safest operator on the NCS and an ESG leader, and has committed to becoming carbon neutral in its net equity operational (Scope 1 and 2) emissions by 2030. Its sustainability framework focuses on safe operations, climate, environment, people and society, and human rights, and is supported by governance structures such as a code of conduct, anti-corruption and competition compliance, and climate-risk management aligned with TCFD recommendations.