Vår Energi

What Vår Energi does

Vår Energi ASA is the largest independent exploration and production company on the Norwegian Continental Shelf, headquartered in Sandnes (Forus) with additional offices in Oslo, Hammerfest, and Florø. The company was formed in 2018 through the merger of Eni Norge AS and Point Resources AS, listed on the Oslo Stock Exchange in February 2022, and substantially expanded in 2024 through the acquisition of Neptune Energy Norge AS, lifting production to a 2026 guidance range of 390–410 kboepd from 42 producing fields and approximately 190 production licenses with equity exposure across roughly half of all producing NCS assets.

Its core operations span upstream oil and gas extraction across the North Sea, Norwegian Sea, and Barents Sea, encompassing subsea tie-back developments, FPSO operations (Jotun, Goliat), exploration drilling, and the use of the SLB Delfi Digital Platform for integrated field development planning. The portfolio's commercial logic is hub-oriented development — tying back smaller discoveries to existing infrastructure — with project breakevens around $30–35/boe and IRRs above 25–35%, supported by framework agreements with TechnipFMC, Ocean Installer, Subsea7/OneSubsea, Halliburton, and Transocean.

Revenue is generated by selling crude oil, natural gas, and NGL to European energy buyers under long-term gas sales agreements (e.g., 12-year extensions with Eni and VNG) and spot market contracts at realized prices near $80/boe oil and $73/boe gas. Adjacent initiatives include the Trudvang CCS project, a new carbon storage business line developed with Storegga, INPEX Idemitsu, Aker Solutions, and KNCC. The company is rated BBB by Fitch and is funding its $15 billion 10-year investment program through a combination of asset disposals (Orlen, $350M), acquisitions (Pandion, $110M; Equinor Peon swap), and approximately $2.6 billion of refinancings plus EUR 750 million of subordinated debt.

Name

Vår Energi

Legal name

Vår Energi ASA

Website

https://varenergi.no

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Vår Energi ASA is the largest independent exploration and production company on the Norwegian Continental Shelf, producing oil, gas, and NGL from 42 fields across the North Sea, Norwegian Sea, and Barents Sea and selling primarily to European energy buyers under long-term contracts and spot markets.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration & Production

NAICS

Crude Petroleum Extraction (21112), Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI)

akta.pro secondary industries

Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF), Offshore Natural Gas E&P (Shallow & Deepwater) (EUAAAAAF)

Keywords

• Upstream oil and gas
• Offshore exploration production
• Norwegian continental shelf
• Crude oil natural gas
• Subsea field development

Headquarters

HQ city

Sandnes

HQ country

Norway

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Oil and Gas Production and Sales: Vår Energi generates revenue through production and sale of crude oil, natural gas, and NGL. The company sells under long-term gas sales agreements and spot contracts to European customers. Revenue is commodity price dependent with realized prices for crude oil around $80/boe and gas around $73/boe.
2. Senior Notes Issuance: Debt financing through issuance of senior notes in USD and EUR markets to refinance existing debt and support operations.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Vår Energi is a pure-play upstream oil and gas producer operating on the Norwegian Continental Shelf, producing crude oil, natural gas, and NGL from 42 producing fields and approximately 190 licences. The company also conducts exploration activities (wildcat drilling, appraisal wells) and develops subsea tie-back projects connecting new discoveries to existing infrastructure, targeting 390,000-410,000 boepd of production in 2026.

Product overview

Vår Energi is a pure-play upstream oil and gas company operating on the Norwegian Continental Shelf. The company does not offer a unified software platform product; rather, it provides oil and gas production services, exploration activities, subsea development projects, and FPSO operations. The company manages approximately 42 producing fields with a production target of over 400,000 barrels of oil equivalent per day, focusing on extracting and delivering oil and gas resources to European markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and Gas Production Upstream oil and gas production operations on the Norwegian Continental Shelf, producing crude oil, natural gas, and natural gas liquids (NGL) from subsea fields and FPSO installations across 42 producing fields. Target is 390,000-410,000 boepd for 2026. Sold to European energy buyers and utilities.
• Exploration Services Oil and gas exploration activities including wildcat drilling, appraisal wells, and exploration prospect evaluation across the North Sea, Norwegian Sea, and Barents Sea regions of the Norwegian Continental Shelf.
• Subsea Development Projects Subsea tie-back developments connecting new discoveries to existing infrastructure hubs, including subsea umbilicals, risers, and flowlines installation across the Norwegian Continental Shelf.
• FPSO Operations Floating Production, Storage and Offloading (FPSO) vessel operations including the Jotun FPSO serving the Balder field and the Goliat FPSO in the Barents Sea for offshore oil and gas production.

Quantifiable outcome

• Production increased to 406,000 boepd in Q1 2026, exceeding Barclays forecast by 2.2%
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

18 partnerships are on record, tiered core, major and key.

• EquinorcoreStrategic or Co-development Partner · 30 June 2026Asset swap on Norwegian Continental Shelf: Equinor transferring 32.5% of Peon gas discovery and operatorship to Vår Energi; Vår Energi transferring interests in Fram field and stakes in Grosbeak and Mulder discoveries.
• PetorocoreStrategic or Co-development Partner · 30 June 2026State-owned Norwegian partner holding interests across multiple Vår Energi licenses including Gjøa Subsea Projects (Ofelia, Gjøa Nord, Cerisa).
• Ocean InstallermajorStrategic or Co-development Partner · 29 June 2026EPCI contract for subsea umbilicals, risers, and flowlines installation for the Balder Next New Wells project. Contract valued at over NOK 2000 million (~€178 million), one of the largest awards in Ocean Installer's history.
• TechnipFMCcoreStrategic or Co-development Partner · 25 June 2026Large iEPCI contract for Ofelia and Gjøa Nord offshore projects in the North Sea, valued between $500 million and $1 billion. Follows a five-year collaboration agreement signed in 2025.
• DNOkeyStrategic or Co-development Partner · 18 June 2026Multi-asset transaction: Vår Energi acquiring additional shares in Nova and Ringhorne North in exchange for stake in Gjøa field. DNO receiving 5% stake in Gjøa and Gjøa Nord plus $17.5 million cash.
• Orlen Upstream NorwaykeyStrategic or Co-development Partner · 18 June 2026Vår Energi divesting stakes in Goliat and Fenja fields to Orlen Upstream Norway for up to $350 million as part of portfolio optimization.
• Kistos Energy NorwaycoreStrategic or Co-development Partner · 18 June 2026Joint operator of Balder field with 10% stake. Partner in Balder Next New Wells project with FID approved, targeting 86 million boe in 2P reserves.
• Three60 EnergykeyImplementation/ SI/ Consulting Partner · 17 June 2026Four-year project support agreement covering drilling, wells, and subsurface disciplines for Norwegian Continental Shelf operations. Includes options for extension.
• SLB (Schlumberger)coreTechnology or Integration · 28 May 2026Expanded collaboration to deploy the Delfi digital platform across the Norwegian Continental Shelf for digital well planning and integrated field development. Enables concurrent cross-discipline work, reducing planning cycle times from months to weeks.
• Subsea7majorStrategic or Co-development Partner · 22 May 2026Contract worth $150-$300 million for Goliat Gas Export project EPCI in the Barents Sea. First award under strategic partnership agreement between Vår Energi, Subsea7, and OneSubsea.
• OneSubseamajorStrategic or Co-development Partner · 22 May 2026Part of strategic partnership for subsea production systems; first award under tripartite strategic partnership agreement.
• ConocoPhillipscoreStrategic or Co-development Partner · 8 May 2026ConocoPhillips operates the Previously Produced Fields (PPF) project in Greater Ekofisk Area with $1.8 billion capital investment. Vår Energi holds partnership interest.
• ConocoPhillips SkandinaviacoreStrategic or Co-development Partner · 8 May 2026Operator of Greater Ekofisk Area redevelopment project covering Albuskjell, Vest Ekofisk, and Tommeliten Gamma fields.
• Aker SolutionskeyStrategic or Co-development Partner · 5 May 2026MoU for Trudvang CCS project in North Sea. Aker Solutions providing technical and engineering capabilities for CO2 transport and storage using Utsira Formation.
• Knutsen NYK Carbon Carriers (KNCC)keyStrategic or Co-development Partner · 5 May 2026MoU for Trudvang CCS project. KNCC providing specialized CO2 carriers for the project targeting 2 million tons per annum initial injection volumes.
• Storegga NorgekeyStrategic or Co-development Partner · 4 May 2026CO2 storage license partner in Trudvang project with 30% ownership. Using Utsira Formation CO2 storage site on Norwegian Continental Shelf.
• INPEX Idemitsu NorgekeyStrategic or Co-development Partner · 4 May 2026CO2 storage license partner in Trudvang project with 30% ownership.
• HalliburtonkeyStrategic or Co-development Partner · 1 June 2023Strategic alliance formed in June 2023 to provide comprehensive drilling services across the Norwegian Continental Shelf.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Aker BP: Aker BP is a leading pure-play E&P company on the Norwegian Continental Shelf, producing oil and gas from NCS fields. Highly comparable in business model, geographic focus, scale, and offshore production technology to Vår Energi.
• DNO ASA: DNO is a Norway-based E&P company with NCS and Middle East/North Africa operations. Directly comparable as a recent counterparty in Vår Energi's multi-asset swap, sharing the NCS operating environment and partner ecosystem.
• OKEA ASA: OKEA is a smaller pure-play Norwegian E&P company focused on production and development of NCS oil and gas fields. Comparable in pure-play NCS focus and growth-via-development strategy, though at materially smaller scale.
• Spirit Energy: Spirit Energy is a European-focused E&P company with North Sea and Norwegian production. Comparable in geographic focus on Northwest European offshore oil and gas, though with a smaller asset base than Vår Energi.
• Wintershall Dea: Wintershall Dea is a European-focused E&P company with material North Sea and Norwegian operations. Comparable to Vår Energi in its European gas-weighted upstream focus and offshore production profile.

Broad incumbents

• Equinor: Equinor is the largest operator on the Norwegian Continental Shelf and a major partner in many Vår Energi licenses. It overlaps in upstream E&P and NCS gas production, but operates as a globally diversified super-major with downstream and renewables segments.
• Eni S.p.A. Eni is the parent of the legacy Eni Norge AS that merged into Vår Energi in 2018, and continues as a global integrated oil and gas major. It shares historical lineage and NCS operating experience, but operates as a globally diversified super-major.
• ConocoPhillips: ConocoPhillips operates the Greater Ekofisk Area redevelopment alongside Vår Energi's partnership interest, and is a global independent E&P with significant North Sea exposure. Overlaps as an NCS operator and partner, though with a much broader global portfolio.
• Repsol: Repsol is an integrated energy company with North Sea upstream operations and a portfolio of European oil and gas assets. Comparable in NCS-adjacent upstream production and European gas exposure, while operating as a larger, globally diversified incumbent.

Emerging players

• Sval Energi: Sval Energi is a smaller Norway-based upstream oil and gas company with NCS production. Comparable as a fellow pure-play NCS E&P, though at significantly smaller scale and a more limited asset base than Vår Energi.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/varenergi.no
• LinkedInlinkedin.com/company/12988580

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds9 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vår Energi