Vår Energi awarded 12 new NCS licenses

10 Jan 2023 15:30 CET

Vår Energi is awarded 12 new production licenses on the Norwegian Continental
Shelf (NCS), of which five as operator, in the 2022 Awards in Predefined Areas
(APA) covering mature areas.

The results were announced today by the Ministry of Petroleum and Energy. Vår
Energi is offered licenses in both the North Sea, the Norwegian Sea and the
Barents Sea - most of them in areas close to existing infrastructure.

Rune Oldervoll, Vår Energi EVP Exploration & Production is pleased with the
results: "We are offered licenses that strengthen our position in important
areas. The licenses support our long-term growth strategy and give us continuity
in our work to develop opportunities and create value."

Vår Energi CEO Torger Rød underlines the importance of the APA rounds:
"Continuous access to new exploration area is the foundation for value creation
and further development of the Norwegian Continental Shelf. Stable frame
conditions enable efficient exploration and field development. It creates
activity for the Norwegian supplier industry as well as ripple effects for our
local societies."

Vår Energi is offered following licenses:

The North Sea: PL 554E, PL 1185, PL 1179, PL 1173 (op)

Norwegian Sea: PL 1194, PL 1192 (op), Pl 1188, PL 134E, PL1189, PL 1002C (op)

Barents Sea: PL 1196 (op), PL 1197 (op)

(op) = operator

Vår Energi NCS portfolio (https://varenergi.no/en/our-business/).

More on the APA round (Norwegian Petroleum
Directorate) (https://www.npd.no/en/facts/news/general-news/2023/apa-2022-25
-companies-offered-ownership-interests/)

Contact

Jan Eirik Heigre Gjerdevik
Communication Advisor
+47 913 25 511

jan.eirik.gjerdevik@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 and a net-zero
producer (Scope 1 and 2) by 2030.

Vår Energi has more than 900 employees and equity stakes in 36 fields producing
net 246,000 boe per day in 2021. We have our headquarters outside Stavanger,
Norway, with offices in Oslo and Hammerfest. To learn more, please visit
varenergi.no.

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