Source Energy

What Source Energy does

Source Energy AS is a privately held, Oslo-based independent exploration and production company founded in 2017 and operating exclusively on the Norwegian Continental Shelf. The company is focused on gas-weighted exploration in three core areas — Horda, South Viking Graben, and Central Graben — targeting prospects in mature basins with proximity to existing infrastructure to shorten lead times to commerciality. Source Energy holds 11 active production licenses acquired through successive APA (Awards in Predefined Areas) rounds from 2018 through 2025, and has participated in six exploration wells resulting in five discoveries: Atlantis (2020), Oswig East (2022), Eirik (2023), Norma (2023), and Othello (2024), with estimated recoverable resources including Norma at 71 MMboe and Othello at 25-57 MMboe.

The company's core technology is a concept-driven exploration methodology tightly integrated with asset and portfolio management, rather than a proprietary software or AI-driven platform. Source Energy operates as a non-operating co-venturer alongside established NCS operators including Equinor, DNO, OMV, Aker BP, and ORLEN, contributing subsurface expertise and capital in exchange for working-interest participation. The business model is currently pre-revenue: there is no production today, and first commercial production is not expected until after 2030. The company has executed one material monetization event, divesting its 20% interest in the Atlantis discovery to PGNiG Upstream Norway AS in 2024, and employs 11 people under a management team led by CEO Roar Tessem, whose prior track record includes founding Spring Energy, Pure E&P, and Point Resources (now Vår Energi).

Source Energy's revenue mechanics rely on future development of its discoveries, monetized either through production revenue, partial farm-outs, or full divestments to infrastructure owners. Pricing is not disclosed publicly, and the company has not yet disclosed any funding rounds. Its shareholder base of approximately 70 investors is anchored by Kistefos AS at 24.9% and Christen Sveaas (via AS Audley) at over 25%, with representation on the board from Kistefos CEO Bengt A. Rem and investment manager Lars Petter Utseth. The company segments itself as a focused gas exploration vehicle rather than a diversified E&P, with the explicit strategy of participating in two to four wells per year and recycling capital from divestments back into new exploration acreage.

Name

Source Energy

Legal name

Source Energy AS

Website

https://source-energy.no

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Source Energy AS is a privately held, Oslo-based independent E&P company focused on gas-weighted exploration on the Norwegian Continental Shelf. It holds 11 production licenses across the Horda, South Viking Graben, and Central Graben areas, and has made five discoveries from six wells drilled since 2017.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration

NAICS

Natural Gas Extraction (211130), Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Onshore Natural Gas E&P (Conventional Fields) (EUAAAAAG)

akta.pro secondary industry

Production Operations & Artificial Lift (Surface Facilities, Compression, Flow Assurance) (EUAAAAAK)

Keywords

• Oil and gas exploration
• Upstream E&P operations
• Offshore drilling services
• Hydrocarbon exploration licenses
• Continental shelf production

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Others

Revenue model

1. Exploration and Production Revenue: As an E&P company, Source Energy generates revenue through participation in oil and gas exploration, discovery, and potential future production. The company builds portfolio through licensing rounds and aims to achieve commercial discoveries that can be developed and produced, with first production expected after 2030.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Source Energy AS is an independent exploration and production (E&P) company focused on gas exploration and production on the Norwegian Continental Shelf. The company builds and maintains a gas-focused exploration, appraisal, and discovery portfolio, participating in 2-4 exploration wells per year across three core areas (Horda, South Viking Graben, Central Graben) and securing production licenses through APA licensing rounds. First commercial production from the portfolio is expected after 2030.

Product overview

Source Energy AS is an independent exploration-focused E&P company operating on the Norwegian Continental Shelf. The company operates as a single unified offering centered on gas exploration and production, maintaining a portfolio of 11 production licenses across the Norwegian North Sea. Their portfolio includes discoveries in various stages: the active Norma (PL984, 20%) and Othello (PL1086, 10%) discoveries being matured for development, the divested Atlantis discovery sold to PGNiG, and the relinquished Oswig East and Eirik discoveries. The strategy focuses on three core areas—Horda, South Viking Graben, and Central Graben—with the objective to participate in 2-4 wells per year and build a diversified, high-value portfolio near existing infrastructure to shorten lead times to commerciality.

Differentiator

Problem solved

Functional benefit

Products and services

• Gas Exploration and Production Portfolio
• Production License Portfolio
• Norma Discovery (PL984)
• Othello Discovery (PL1086)

Quantifiable outcome

• 5 discoveries out of 6 exploration wells drilled
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered major and core.

• PGNiG Upstream Norway ASmajorStrategic or Co-development Partner · 24 June 2024Source Energy divested its 20% share in licenses PL878, PL878B, and PL878C containing the Atlantis discovery to PGNiG Upstream Norway AS. Transaction effective date January 1, 2024, structured as an asset sale. Jefferies International Limited advised on the transaction. This confirms Source Energy's concept-driven exploration methodology focusing on high-value gas plays.
• DNO Norge AScoreStrategic or Co-development PartnerDNO operates Source Energy's PL984 license (20% interest) and PL984BS license. DNO is an experienced operator on the Norwegian Continental Shelf.
• Aker BPcoreStrategic or Co-development PartnerAker BP operates Source Energy's PL1198 license (20% interest) and PL1198B license. Aker BP is a major operator on the Norwegian Continental Shelf.
• ORLENcoreStrategic or Co-development PartnerORLEN operates Source Energy's PL1135 license. ORLEN is an international oil and gas company operating on the Norwegian Continental Shelf.
• Equinor Energy AScoreStrategic or Co-development PartnerEquinor operated the Atlantis discovery (PL878) where Source Energy held 20% interest before divesting. Equinor is the largest operator on the Norwegian Continental Shelf.
• OMV (Norge) AScoreStrategic or Co-development PartnerOMV (Norge) AS is an operator partner in Source Energy's license portfolio. OMV operated some of Source Energy's discoveries.
• Norwegian Ministry of Petroleum and EnergycoreStrategic or Co-development PartnerThe Norwegian Ministry of Petroleum and Energy awards production licenses through APA licensing rounds and approved Source Energy as a licensee on the Norwegian Continental Shelf since 2018.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• OKEA ASA: Norwegian E&P company focused on the NCS, with comparable scale and operating philosophy of small-team, infrastructure-led production and development.
• Wellesley Petroleum: Independent NCS-focused E&P with similar asset-base philosophy and small team operating as non-operator alongside majors. Highly comparable in license portfolio approach.
• Vår Energi: Independent NCS-focused E&P and Source's closest structural analogue. Particularly relevant as it is the company formed from Source CEO Roar Tessem's prior venture (Pure E&P / Point Resources), sharing the same management playbook of small-team, infrastructure-led NCS exploration.
• Aker BP: Major NCS operator and Source's partner on multiple licenses (PL1198). Directly comparable as an NCS E&P company operating in the same basins as Source, though much larger.
• DNO ASA: NCS operator partnering with Source on PL984 (Norma discovery). Comparable as an independent E&P focused on the North Sea with active Norwegian operations.
• OMV (Norge): Operates some of Source's discoveries on the NCS. A larger integrated peer operating in the same Norwegian basins and licensing environment.
• Pandion Energy: Small NCS-focused E&P company with similar strategy of targeted exploration near existing infrastructure. Very comparable in scale, lean team, and partnership-driven operating model.

Broad incumbents

• Equinor ASA: Largest NCS operator and Source's partner on the Atlantis discovery. Comparable as a Norwegian E&P with full lifecycle capabilities (exploration through production), vastly larger in scale.
• PGNiG Upstream Norway (ORLEN): Acquired Source's Atlantis interest in 2024, demonstrating strategic comparability as an NCS-focused upstream operator with acquisition appetite from majors and independents.
• Wintershall Dea: Major international E&P with material NCS operations. Relevant as a broader incumbent that competes for the same APA licenses and operates in Source's core basins.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/source-energy-as

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Source Energy