Vår Energi Spending US$15 billion in Norwegian North Sea

Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)

Summary

Oil and gas developer Vår Energi (Stavanger, Norway) plans to spend roughly US$15 billion in the coming years on 20 projects in the Norwegian North Sea and Barents Sea. The investment will add 350,000-400,000 barrels of oil equivalent a day (BOE/d) through 2030 and beyond.

Vår Energi Outlines Big Plans

Leading independent oil and gas developer, Vår Energi (Stavanger, Norway), plans to spend roughly US$15 billion in the coming years on 20 projects in the Norwegian North Sea and Barents Sea. 

The company said that the investment will add 350,000-400,000 barrels of oil equivalent per day (BOE/d) through 2030 and beyond. They are all tieback projects into existing infrastructure, designed to maximize production from shrinking fields while keeping costs down. Nick Walker, chief executive officer of Vår Energi, said: "Sanctioning 10 projects this year, up from eight targeted at the start of the year, shows the pace at which we are delivering. We are moving from resources to reserves faster, creating significant value for our shareholders and underpinning our ability to sustain production at 350,000 to 400,000 BOE/d towards 2030 and beyond. We have delivered transformational growth this year, the company is de-risked and we have never been in a stronger position. Adding these projects with low-risk, high-returns and short pay-back time, we are strengthening the outlook for delivering long term value." 

A Solid 2025

Nine of the 10 projects are completed and are expected to deliver 180,000 BOE/d "at peak" and have developed 390 million BOE of net proved plus probable (2P) reserves - of which 160 million BOE will go to Vår Energi. The projects have an average portfolio rate of return of above 30% and a breakeven price of around US$30 per barrel, the company stated. Vår Energi said its total production has grown from an average of 280,000 BOE/d in 2024 to around 430,000 BOE/d today. Walker said: "Delivering all nine projects as promised this year is a major achievement for Vår Energi." Industrial Info is tracking 57 Vår Energi projects worth US$2.8 billion in investment. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the reports. 

Turbulent Times in the U.K. North Sea

In contrast, the U.K.'s North Sea oil and gas sector continues to suffer and the end of 2025 saw a number of transformational mergers as resources dwindle. Earlier this month, Industrial Info reported that French energy major TotalEnergies SE (Courbevoie, France) had agreed to merge its U.K. North Sea oil and gas business with Neo Next Energy (Aberdeen, Scotland) to create Neo Next+, the largest operator in the region from next year. It comes just weeks after rivals Shell plc (London, England) and Equinor (Stavanger) launched Adura (Aberdeen, U.K.), the new company created from their merged U.K. North Sea offshore oil and gas assets. For mor information, see December 24, 2025, article - TotalEnergies Creates Largest North Sea Player in U.K. and December 9, 2025, article - Shell, Equinor Launch Adura as Biggest Player in U.K. North Sea.

In related news, Vår Energi and partners, including the Nordic subsidiary of ConocoPhillips (Houston, Texas), are moving ahead with the Previously Produced Fields (PPF) Project in the Greater Ekofisk Area, with a total investment of US$1.8 billion. It will comprise a joint redevelopment of the three previously active fields, Albuskjell and Vest Ekofisk in licenses PL018B/F and Tommeliten Gamma in licenses PL044/D. Recoverable gas condensate resources are put at 90 to 120 million BOE. 

Key Takeaways

• Vår Energi (Stavanger, Norway), plans to spend roughly US$15 billion in the coming years on 20 projects in the Norwegian North Sea and Barents Sea. 
• They will add 350,000-400,000 barrels of oil equivalent a day (BOE/d) through 2030.
• Industrial Info is tracking 57 Vår Energi projects worth US$2.8 billion in investment.

About Industrial Info Resources

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).