Vår Energi Norway sanctioned four new offshore developments in 2025 and moved six more toward final investment decision (FID), building a ten-project portfolio with an average breakeven below $35 per barrel of oil equivalent. The Norwegian independent is targeting sustained production of 350,000–400,000 boepd through 2030 and beyond.
Ten Projects, Sub-$35 Breakeven
Four developments entered execution phase in 2025: Fram Sør, Balder Phase VI, Gudrun Low Pressure Production, and Snorre Gas Export. Six further projects were targeting FID before year-end 2025:
| Project | Status |
|---|---|
| Johan Castberg Isflak | FID targeted 2025 |
| Johan Castberg Improved Oil Recovery | FID targeted 2025 |
| Mikkel Flow Conditioning | FID targeted 2025 |
| Balder Next | FID targeted 2025 |
| Eldfisk North Extension | FID targeted 2025 |
| Ekofisk Previously Producing Fields | FID targeted 2025 |
The Ekofisk entry followed Vår Energi’s $147 million acquisition of TotalEnergies’ interest in the field, consolidating its position in one of Norway’s most mature producing hubs. Chief Executive Nick Walker stated the company has 30 identified developments backed by discovered resources and is progressing them toward sanction “at pace.”
Barents Sea: Goliat Ridge at the Centre of Vår Energi Norway Exploration
Vår Energi’s 2025 exploration programme delivered five commercial discoveries from 15 wells. High-impact targets including Rondeslottet, Hoffmann, and Deimos did not result in commercial finds, but the Goliat Ridge area emerged as the company’s most significant near-term opportunity.
Vår estimates the Goliat Ridge holds more than 200 million barrels of oil equivalent in discovered and prospective resources — larger than the original Goliat field. The ridge’s proximity to the existing Goliat FPSO supports a potential fast-track, low-emission development if appraisal drilling confirms resource scale. The Zagato North appraisal well and the Goliat North prospect were drilled sequentially as part of the 2025 programme.
“The Goliat Ridge wells are particularly exciting — they could unlock significant value,” Walker said.
Vikingskipet and Prince Updip: Next High-Impact Targets
Vår Energi planned to drill the Vikingskipet prospect in the Barents Sea in late 2025 or early 2026 — described internally as a large, high-impact well. The company is also pursuing the Prince Updip prospect in the Ringhorne field area, which carries potential for rapid tie-in to existing production infrastructure if successful.
Both prospects sit within Vår Energi Norway’s broader Barents Sea exploration strategy, where the company has built one of the largest acreage positions among Norwegian independents.
Financial Performance
For the three months to September 2025, Vår Energi reported net profit of $152 million — down 15% year-on-year — while total revenue rose 14% to $2.14 billion. The divergence between revenue growth and margin compression reflected the commodity price environment during the quarter rather than any operational deterioration.
Vår Energi is listed on the Oslo Stock Exchange and is majority-owned by Eni, which holds approximately 63% of the company’s shares. For a full company overview, see the Vår Energi company profile on OGSN.
Norway’s broader upstream production context is covered in the Top 10 Upstream Oil and Gas Companies 2026. Data on Norwegian continental shelf gas volumes and export infrastructure is published by Norsk Petroleum, the Norwegian government’s upstream data resource.
What is Vår Energi’s production target for Norway through 2030?
Vår Energi is targeting sustained production of 350,000 to 400,000 barrels of oil equivalent per day (boepd) through 2030 and beyond, supported by ten sanctioned developments with an average breakeven below $35 per barrel.
Which Vår Energi Norway projects entered execution phase in 2025?
Four projects moved into execution in 2025: Fram Sør, Balder Phase VI, Gudrun Low Pressure Production, and Snorre Gas Export.
What is the Goliat Ridge and why does Vår Energi consider it significant?
The Goliat Ridge in the Barents Sea is estimated to hold more than 200 million barrels of oil equivalent in discovered and prospective resources. Its proximity to the existing Goliat FPSO makes a fast-track development feasible if appraisal drilling confirms the resource scale.
Who owns Vår Energi?
Vår Energi is listed on the Oslo Stock Exchange. Italian major Eni holds approximately 63% of the company’s shares, making it the majority owner.
What is the Vikingskipet prospect?
Vikingskipet is a large, high-impact exploration well in the Barents Sea that Vår Energi planned to drill in late 2025 or early 2026. It is one of the company’s highest-profile remaining exploration targets on the Norwegian continental shelf.