Var Energi is a leading independent Norwegian pure-play exploration and production (E&P) company. The upstream oil and gas company was founded on over 50 years of operations on the NCS (Norwegian Continental Shelf) and boasts a diverse and robust asset portfolio and a strong track record of exploration.
The company holds equity stakes in 43 producing fields, has close to 1,400 employees and produced net 299 kboepd of gas and oil in the first quarter of 2024. Var Energi has a diversified and material production base and world class capabilities, seeking to maximise value creation via a hub-centred strategy. As well as having an investment-grade balance sheet that supports resilient and attractive distributions, the company has a concrete plan to reduce its operational emissions by over 50% by 2030.
Var Energi: The Big Picture
For Var Energi, creating a strategy for the long-term is vital. The company believes that alternative energy sources alone won’t cover increasing global energy needs, and therefore gas and oil will remain a key element of the energy mix for the next few decades, with natural gas becoming more and more important as a transition fuel in the lead-up to 2050.
Experts in the field, such as former energy and utility analyst Matthew Wolf (Switzerland), know that low-cost, low-emission hydrocarbons are probably the way ahead until the transition is made. Var Energi is adamant that the Norwegian Continental Shelf is the best place to produce these, as the region is characterised by low emissions and low cost and benefits from favourable and stable framework conditions and a significant resource base, factors that those experienced in the energy industry, like Matthew Wolf, Capital Group partner and investment analyst from 2008 to 2023, know are extremely important.
The company’s long-term strategy is focused on ensuring value creation and growth for all stakeholders and it is committed to continuing to provide a secure and reliable supply of energy to Europe and operating in a safe and responsible manner.
Innovation and Development
Var Energi is dedicated to deploying initiatives to improve operational efficiency with a view to increasing production levels and boosting top and bottom-line growth. The company’s ambition is to adopt a range of digital technologies to drive increased competitiveness and ensure sustainable and safe operations. The company has already adopted a robust Data Driven Safety & Sustainability programme to improve its ESG and safety performance through the smart use of technology and data.
