Vår Energi ASA delivered Q4 2025 production of 397,000 barrels of oil equivalent per day — a 43% increase on the same quarter in 2024 — confirming its position as one of Norway’s largest upstream operators. For the full Vår Energi company profile, including 2026 production targets and strategic outlook, read on.
Company Overview
Vår Energi was formed in 2018 through the merger of Eni Norge and Point Resources. Headquartered in Sandnes, Norway, the company operates exclusively on the Norwegian Continental Shelf (NCS) and is listed on the Oslo Stock Exchange under the ticker VAR. Eni S.p.A. holds a majority stake; the company is led by CEO Nick Walker.
With 41 producing oil fields and a unit production cost of approximately $10 per boe, Vår Energi sits among the most capital-efficient operators on the NCS. Its portfolio spans the North Sea, Norwegian Sea, and Barents Sea.
The company is one of three Norwegian upstream operators profiled in our round-up of the top 10 upstream oil and gas companies in 2026.
Key Assets and Operational Hubs
The Goliat field in the Barents Sea hosts the world’s northernmost offshore oil production facility, operated via the Goliat FPSO. The Johan Castberg field — also in the Barents Sea — achieved first oil in 2025, representing one of Norway’s largest recent upstream start-ups. Both fields underpin Vår Energi’s Arctic-facing production base.
In the North Sea, the Balder field saw the Jotun FPSO come onstream as part of Balder Phase V in 2025. Nine growth projects in total started up during the year, driving the step-change in production volumes. Together, these hubs give Vår Energi a diversified geographic footprint across the three main producing regions of the NCS.
Revenue is weighted toward crude oil at 61.8% of 2024 income, with natural gas accounting for 32.9% and LNG contributing 5.1%.
2026 Projects and Production Targets
Vår Energi has guided full-year 2026 production of 390,000–410,000 boe/d, with a longer-term target raised to above 400,000 kboepd. The company has 13 projects currently in execution, targeting 210 mmboe net 2P reserves. A further ~30 early-phase projects are in pipeline, targeting approximately 550 mmboe net 2C resources.
The 2026 exploration programme comprises 12 wells targeting ~75 mmboe net risked prospective resources. Capital expenditure for 2026 is guided at $2.5–$2.7 billion, with average annual capex of $2.5 billion forecast through 2027–2032. At full production across all assets, Vår Energi estimates output potential of 440,000–460,000 boe/d. Project economics are underpinned by a breakeven cost of ~$30/boe and an IRR above 30%.
For broader context on Norwegian upstream activity in 2025, see our coverage of Vår Energi’s offshore portfolio expansion.
Financial Performance and Shareholder Returns
Q4 2025 total income reached $2.2 billion, up 32% year-on-year. Net income for the quarter was $25 million, compared to a net loss of $175 million in Q4 2024. The turnaround reflects both higher production volumes and disciplined cost management, with unit production cost maintained at approximately $10/boe.
Shareholder distributions for full-year 2025 totalled $1.2 billion. The company’s Capital Markets Update, delivered 10 February 2026, outlined production doubling over two years as the defining metric of the period. Full financial details are published on varenergi.no.
Sustainability and Carbon Strategy
Vår Energi has set a target of carbon neutrality in net operational emissions by 2030. The company’s electrification programme on the NCS is central to that target, reducing direct emissions from platform operations. Progress against this target is reported annually in the company’s sustainability disclosures.
The 2030 carbon neutrality goal aligns with Norwegian regulatory expectations for offshore operators and positions Vår Energi within the broader energy transition context covered in our 2026 oil and gas storage trends outlook.
Vår Energi Company Snapshot
| Headquarters | Sandnes, Norway |
|---|---|
| Founded | 2018 (merger of Eni Norge and Point Resources) |
| CEO | Nick Walker |
| Majority Owner | Eni S.p.A. |
| Stock Listing | Oslo Stock Exchange (VAR) |
| NCS Fields | 41 producing oil fields (end 2024) |
| 2026 Production Guidance | 390,000–410,000 boe/d |
| Capex 2026 | $2.5–$2.7 billion |
| Unit Production Cost | ~$10/boe |
| Carbon Target | Net operational emissions neutral by 2030 |
| Website | varenergi.no |
What is Vår Energi’s production guidance for 2026?
Vår Energi has guided full-year 2026 production of 390,000–410,000 barrels of oil equivalent per day, with a longer-term target raised to above 400,000 kboepd. At full production across all assets, the company estimates potential output of 440,000–460,000 boe/d.
Who owns Vår Energi?
Vår Energi ASA is majority-owned by Eni S.p.A., the Italian energy company. It is listed on the Oslo Stock Exchange under the ticker VAR and is headquartered in Sandnes, Norway.
Where does Vår Energi operate?
Vår Energi operates exclusively on the Norwegian Continental Shelf, with assets spanning the North Sea, Norwegian Sea, and Barents Sea. Key fields include Goliat, Johan Castberg, and Balder. The company operated 41 producing oil fields as of end 2024.
What major projects did Vår Energi complete in 2025?
Nine growth projects started up in 2025, including the Johan Castberg field in the Barents Sea and the Balder Jotun FPSO (Balder Phase V) in the North Sea. These completions drove a year-on-year production increase of 43% in Q4 2025, reaching 397,000 boe/d.
What is Vår Energi’s carbon neutrality target?
Vår Energi targets carbon neutrality in net operational emissions by 2030. The programme is centred on electrification of NCS platform operations to reduce direct emissions.