Vår Energi ASA

Earnings Release • Sep 17, 2024

Vår Energi preparing for Johan Castberg start-up

Vår Energi preparing for Johan Castberg start-up

Vår Energi is one step closer to reaching its growth target as the production

vessel Johan Castberg successfully anchors at the field in the Barents Sea.

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The Equinor operated floating production and storage vessel (FPSO) Johan

Castberg is securely anchored on the field, and preparations for production

start-up in the fourth quarter 2024 are ongoing.

CEO in Vår Energi, Nick Walker, said:

"Vår Energi is one of the world's fastest growing E&P's, and a leading player in

the Barents Sea. With Johan Castberg in place at the field we are firmly on

track to achieving our production target of around 400 thousand barrels of oil

equivalent per day by end 2025.

Together with the licence partners we are working to further develop the area.

This includes, additional infill development wells, maturing five existing

discoveries to be tied back to Johan Castberg and plans for further exploration

activities in the coming years".

Vår Energi is stepping up activity in the Barents. Vice President Barents Sea in

Vår Energi, Vegard Bruaset said:

"Building on our unique experience as operator for the neighboring Goliat field,

we are set to capture new opportunities through exploration and development of

new discoveries in the area. We are accelerating our drilling activity and will

be participating in a total of 12 production and exploration wells in the

Barents Sea this year".

Johan Castberg, with a production capacity of 220 thousand barrels per day

reinforces the role of the Barents Sea as a major energy provider to Europe,

while creating value for all stakeholders, including major ripple effects in

northern Norway.

Johan Castberg is located 240 kilometres northwest of Hammerfest. The field has

a supply and helicopter base in Hammerfest.

Facts:

· Johan Castberg is a large oil field with estimated recoverable volumes of

between 450 and 650 million barrels.

· Johan Castberg is located in the Barents Sea, 100 kilometres northwest of

the Snøhvit field.

· Johan Castberg consists of the three discoveries Skrugard, Havis and Drivis,

which were made between 2011 and 2013

· The FPSO is 313 metres long, 55 metres wide and 120 metres high. Its design

storage capacity is 1.1 million barrels of oil.

· Licencees: Equinor Energy AS (operator) 50%, Vår Energi ASA 30% and Petoro

AS 20%.

Photo: Lars Morken/Equinor

Contacts

Media

Liv Jannie Omdal, VP Communications

+47 97667137

Liv.omdal@varenergi.no