Overview
Vår Energi ASA is a Norwegian oil and gas exploration and production company whose operations are concentrated on the Norwegian Continental Shelf. It produces oil, liquids and natural gas, and describes its role as supplying Europe with secure, reliable and affordable energy.[1][2][3]
For the year ended 31 December 2025, the company reported USD 8.096 billion in total income and 1,451 employees.[4][5] [4][5][1][2][3]
Products & services
Vår Energi’s products are crude oil, natural gas and natural gas liquids (NGL). Its named crude blends include Balder Blend and Goliat Crude Oil Blend.[6]
In FY2025, petroleum revenue was USD 7,965.7 million. Crude oil contributed approximately 66.2% of that revenue, gas 30.8%, and NGL 2.9%; percentages are calculated from the reported product revenues and total.[7] [7][7][7][7][6]
Geographic presence
Vår Energi’s operating footprint is entirely in Norway, across the Norwegian Continental Shelf (NCS), including the Barents Sea, Norwegian Sea and North Sea [8]. Its producing assets include Goliat in the Barents Sea; Fenja, Kristin, Njord, Åsgard and Ormen Lange in the Norwegian Sea; and Gjøa, Duva, Balder and Ringhorne in the North Sea [9][10][11].
For the year ended 31 December 2025, the company reported one operating segment in Norway. Its natural gas is transported through Norway’s pipeline grid and sold at exit points in the UK, Germany and France; crude oil, NGL and LNG are generally sold FOB, with purchasers arranging shipment. The report does not provide revenue by destination country or region [12].
Vår Energi has its headquarters at Forus, outside Stavanger, and regional offices in Hammerfest, Florø and Oslo. It reported approximately 1,450 employees and a strong presence along Norway’s coast, but did not disclose employee distribution by office or region [13][1]. [8][12][13][9][10][11][1]
Business segments
Vår Energi reports one operating segment: exploration for and production of petroleum products in Norway, including oil, gas and NGL. The company states that this segment reflects the information reported to executive management; its operating areas are not separately reported as operating segments.[8][14]
As an alternative operational breakdown, Q1 2026 production was approximately 406 kboepd: Balder Area 29%, Barents Sea 22%, North Sea 21%, and Norwegian Sea 29%. These are approximate shares of production, not formal segment contributions.[15]
By product, Q1 2026 petroleum revenue was approximately 70% crude oil, 28% gas and 3% NGL; rounded figures may not total 100%. This is a product-mix view rather than a reported business-segment breakdown.[16] [8][14][15][16]
Company history
Vår Energi’s history draws on Eni Norge’s Norwegian Continental Shelf operations, which date to 1965, and Point Resources, formed in 2016. In 2018, Eni Norge and Point Resources merged to form Vår Energi, owned by Eni and HitecVision; the merger was completed in December that year.[1][17][18]
In 2019, Vår Energi completed its acquisition of ExxonMobil’s Norwegian upstream assets. The company listed on the Oslo Stock Exchange in February 2022. In 2023 it agreed to acquire Neptune Energy Norge, completing the acquisition in January 2024.[19][20][21][22] [1][17][18][19][20][21][22]
Sources
- varenergi.no[1]
- varenergi.no[2]
- varenergi.no[3]
- VAR ENERGI — Full financial report (2025 Y)
- varenergi.no[6]
- VAR ENERGI — Partial financial report (2025 Y)[7]
- varenergi.no[9]
- varenergi.no[10]
- varenergi.no[11]
- VAR ENERGI — Partial financial report (2026 Q 1)[15][16]
- varenergi.no[17]
- varenergi.no[18]
- varenergi.no[19]
- www.euronext.com[20]
- varenergi.no[21]
- varenergi.no[22]
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