Vaar Energi has outlined an ambitious plan to sanction up to eight new field development projects in 2026, targeting approximately 140 million barrels of oil equivalent in net production. These projects are selected from a list of twelve being matured across Norway's continental shelf.

Planned Projects by Region

In the Barents Sea, the potential projects are Goliat Gas Export and Snofonn/Skavl in the Johan Castberg area. In the Norwegian Sea, contenders include Heidrun Extension, Tyrihans North, and Asgard ULP. In the North Sea, the list comprises Beta/Dugong, Ofelia Cerisa, Garantiana, Balder Next, Ringhorne North, and the King development. All these future projects will be executed as subsea tie-backs to existing offshore platforms.

Execution Strategy: The Subsea Factory

A "subsea project factory" approach is central to delivering this portfolio. This model, first used on the Balder Phase 6 project sanctioned in late 2025, focuses on partnerships with leading service companies: OneSubsea, Ocean Installer, Subsea 7, Halliburton, and COSL. The approach is designed to be capital expenditure efficient, have a short cycle time, and offer a solid economy with a short payback period. This model is likely to be applied to the Balder Next and Goliat Ridge projects. However, some projects, like the Gjoa tie-backs where TechnipFMC will play a major role, will have a slightly different execution model due to legacy issues from Neptune Energy's previous operatorship.

Strong Financial and Operational Position

The company's outlook is considered de-risked following the completion of major projects. Vaar Energi achieved record high production of 397,000 barrels of oil equivalent per day in the fourth quarter of 2025, with full-year production averaging 332,000 boepd. Financially, the company ended 2025 with available liquidity of $3.5 billion and a leverage ratio of 0.8x. Reflecting this strong position, shareholder distributions for 2025 totaled $1.2 billion. The company is raising its long-term production target to more than 400,000 boepd, citing a strong position for long-term value creation and attractive returns.