The awards were announced by the Norwegian Ministry of Energy, offering Vår Energi production licences in all parts of the NCS, including the North Sea, the Norwegian Sea and the Barents Sea. Most of the licences are close to existing infrastructure, supporting the company hub strategy.

CEO in Vår Energi, Nick Walker said:

"I am pleased that our work to secure new and attractive exploration opportunities, including in our core hub areas on the Norwegian Continental Shelf have been rewarded by the Ministry of Energy. Vår Energi is a leading explorer on the NCS with an exploration success rate of about 50% over the last five years. We are increasing our exploration activity in the coming years and plan to drill around 20 exploration wells this year. Access to new acreage is important for continuity in our exploration activities and for sustaining production through existing infrastructure".

Vår Energi is one of the fastest growing oil and gas companies in the world and a major gas supplier to the European market. Access to exploration acreage and a predictable licencing policy is key to secure further investments, activities and value creation on the NCS.

Vår Energi is offered 9 licences in the North Sea, 6 licences in the Norwegian Sea, and 1 in the Barents Sea.

Contact

Investor relations  
Ida Marie Fjellheim, VP Investor Relations 
+47 905 09 291 
ida.fjellheim@varenergi.no

Media
Liv Jannie Omdal
VP Communications
+47976 67 137 
liv.omdal@varenergi.no