Johan Castberg producing at plateau

20 Jun 2025 08:04 CEST

Sandnes, Norway, 20 June 2025: Production from the Equinor operated Johan
Castberg field in the Barents Sea is now at plateau levels. The field
contributes with 66 thousand barrels of oil per day (kbopd) net to Vår Energi at
plateau and is an important catalyst for the Company to deliver on its growth
target of reaching more than 400 thousand barrels of oil equivalent per day
(kboepd) in the fourth quarter this year.

COO in Vår Energi, Torger Rød, said:

"We are pleased to see Johan Castberg producing at stable plateau levels, after
a safe and successful start-up by Equinor in March this year. For Vår Energi,
this is an important milestone towards delivering on the Company's growth target
of producing more than 400 kboepd in the fourth quarter of this year, while
further strengthening our position as a leading player in the Barents Sea. The
field will be producing for more than 30 years, contributing to significant
growth and value creation in the years to come with a pay-back time of less than
2 years¹."

The Johan Castberg FPSO has a gross capacity of 220 kbopd, and the field holds
gross recoverable reserves of between 450 and 650 million barrels of oil. 17
wells are now completed, bringing the field to plateau production. A total of 30
development wells will be drilled at the Johan Castberg field, and drilling
operations are expected to continue towards the end of 2026.

Equinor Energy AS is the operator (46.3%) with partners Vår Energi ASA 30% and
Petoro AS 23.7%.

1. From production start-up

Contact

Investor relations
Ida Fjellheim, VP Investor relations
+47 905 09 291
ida.fjellheim@­­varenergi.no

Media relations
Liv Jannie Omdal, VP Communication
+47 976 67 137
liv.omdal@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.

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.

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