Vår Energi ASA

Earnings Release • Jun 26, 2025

Development plan for Fram Sør submitted

Development plan for Fram Sør submitted

Sandnes, Norway, 26 June 2025: Vår Energi and its partners in the Fram licence,

Equinor and INPEX Idemitsu, have submitted the plan for development and

operation (PDO) for the Fram Sør project in the North Sea. Production is

scheduled to start at the end of 2029.

The Fram partners will invest more than NOK 21 billion (USD 2.2 billion) in the

subsea project, operated by Equinor. Recoverable reserves are estimated at 116

million barrels of oil equivalent (mmboe) gross, of which 75% is oil and 25%

gas.

"Fram is a prosperous area on the Norwegian Continental Shelf (NCS), providing

multiple opportunities for continued value creation. At peak production, the

Fram Sør subsea development will contribute with about 20 thousand barrels of

oil equivalent per day (kboepd) net to Vår Energi," said Vår Energi's COO Torger

Rød.

The Fram Sør project (in licences PL090/090I/090E) is a combined development of

several discoveries, including Echino South and Blasto, that will export oil and

gas via the Troll C platform.  The development will bring highly valuable

barrels on stream by connecting new infrastructure to existing facilities. Fram

Sør has strong economics and fulfils Vår Energi's investment criteria for new

developments.

Building on recent discoveries, Mulder and Rhombi, a series of follow-on

exploration targets are set to be drilled in the coming years, unlocking

potential further upside. Vår Energi estimate that the prospective unrisked

resources in the area is more than 200 mmboe gross.

Rød added:

"This is yet another great example of industry collaboration on the NCS,

optimising value creation through clever use of existing infrastructure. Fram

Sør is an important contributor in Vår Energi delivering 350-400 kboepd  towards

2030 and beyond."

The PDO was submitted to the Minister of Energy in Norway, Terje Aasland.

Fram partners: Equinor Energy AS (operator and 45%), Vår Energi ASA (40%) and

INPEX Idemitsu Norge AS (15%).

About Vår Energi

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

Norwegian continental shelf. 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.

Safe and responsible operations are at the core of our strategy. Our ambition is

to be the safest operator on the NCS, and to become carbon neutral in our net

equity operational emissions by 2030.

Vår Energi has around 1400 employees and equity stakes in 42 producing fields.

We have our headquarters outside Stavanger, Norway, with offices in Oslo,

Hammerfest and Florø. To learn more, please visit varenergi.no.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal

VP Communication

+47 976 67 137

liv.omdal@varenergi.no