Development plan for Fram Sør submitted

26 Jun 2025 11:04 CEST

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

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