Vår Energi ASA

Regulatory Filings • Oct 25, 2023

Goliat one step closer to a gas export solution

Goliat one step closer to a gas export solution

Sandnes, Norway, 25 October 2023: Vår Energi ASA (OSE: VAR) has together with

the Goliat licence partner approved concept selection (DG2) for gas export from

Goliat to the Snøhvit pipeline for further transport to Hammerfest LNG.

The license partners are further maturing the project towards a final investment

decision (FID), expected second half 2024.

The gas from Goliat has since the start-up in 2016 been re-injected into the

reservoir. To ensure optimal oil production in the future a solution for

evacuation of gas from the reservoir is needed. This will contribute to

extending the field lifetime.

"The Barents Sea is one of the key hub areas and value creators for Vår Energi.

The region represents a major part of our future growth strategy. We are

operator for Goliat and have ownership in more than half of all the active

licenses, a 30% share in Johan Castberg and a 12% share in Snøhvit to be

included in the portfolio following the integration of Neptune Energy Norge.

With this decision we are one step closer to increasing the recovery from

Goliat" explains Torger Rød, COO in Vår Energi.

The Goliat gas project is also an important step in finding a wider area

solution for increased gas export capacity from the Barents Sea, currently being

evaluated by Gassco. Additional gas infrastructure with capacity to develop and

create value from existing and future discoveries is a key enabler for further

development of the Barents Sea. Vår Energi supports Gassco in the maturation of

an area solution for gas export, while in collaboration with other operators

continue to explore for further resources needed to substantiate increased

overall gas export capacity. The project will also contribute to positioning

Goliat as an area hub for oil and gas resources from discoveries and prospects

nearby.

"The Goliat gas export project is an important step to fulfil the Goliat PDO

requirements set by the Parliament. It will contribute to making Goliat more

attractive as a regional oil and gas hub for both Vår Energi and our partner

operated licences and to contribute to long term local ripple effects, and

secure employment and activity", Rød ends.

The Goliat, operated by Vår Energi (65%) with Equinor as partner (35%), is an

oil and gas field in the Barents Sea, located ca 80 km north west of Hammerfest.

Contact:

Investor Relations

Ida Marie Fjellheim, Head of IR

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Andreas Wulff, Communication Manager

+47 92616759

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 50% within 2030.

Vår Energi has around 1000 employees and equity stakes in 39 fields and the

company produced net 209 kboepd in the first nine months of 2023. We have our

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

learn more, please visit varenergi.no.