Vår Energi ASA

Environmental & Social Information • May 27, 2024

Vår Energi intensifies efforts to cut emissions

Vår Energi intensifies efforts to cut emissions

Vår Energi joins UN led initiative to improve accuracy and transparency of

methane emissions reporting.

The company has signed an agreement with OGMP (Oil and Gas Methane Partnership),

an initiative of the United Nations Environment Programme (UNEP) in which nearly

140 oil and gas companies work with organisations such as the European Union

(EU) and the World Bank to improve accuracy and transparency of methane

emissions reporting.

Vår Energi is already recognised for its ESG leadership, including being a "Top

Ranked Company" by Sustainalytics and inclusion in the Oslo Stock Exchange (OBX)

ESG index.

Through its membership in OGMP, Vår Energi joins with other major oil and gas

companies in the work to detect and reduce emissions of methane in accordance

with best practices.

EVP Safety & Sustainability in Vår Energi, Ellen Waldeland Hoddell explains:

"We are accelerating our decarbonisation plan to maintain relevance and

investability long term. This includes targeting methane emissions in 2024 to be

"near zero". For the first quarter of 2024 the methane emission intensity for

Vår Energi was 0.02% of exported gas from operated assets, which is far below

the industry target of 0.2% by 2025.

Nevertheless, further reduction is a key part of the roadmap we use as a guide

in the effort to cut greenhouse gas emissions. Vår Energi is already linked to

the global initiative Oil and Gas Climate Initiative (OGCI), aiming for Zero

Methane Emissions. Now we're taking yet another important step, joining with the

UNEP, EU and other major oil and gas companies in the work to achieve additional

emission reductions."

OGMP is a recognised global standard for methane measurement, reporting and

setting objectives. Through its membership, Vår Energi secures guidance in both

strategic and operative work to cut methane emissions.

The membership in OGMP will also prepare Vår Energi for methane-related

requirements that are expected to be introduced via the EU's methane strategy.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 905 09 291

ida.fjellheim@varenergi.no

Media

Andreas Wulff, VP Communications

+47 926 16 759

andreas.wulff@varenergi.no

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the

Norwegian continental shelf (NCS). We are committed to deliver a better future

through responsible value driven growth based on over 50 years of NCS

operations, a robust and diversified asset portfolio with ongoing development

projects, and a strong exploration track record. Our ambition is to be the

safest operator on the NCS, the partner of choice, an ESG leader with a tangible

plan to reduce emissions from our operations by more than 50% within 2030. Vår

Energi has around 1 300 employees and equity stakes in 47 fields. We have our

headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and

Florø. To learn more, please visit varenergi.no