Vår Energi ASA: Vår Energi continues to grow the reserves and resource base in 2025
Sandnes, Norway, 27 January 2026: Vår Energi ASA (OSE: VAR, "the Company") releases the Company's Annual Statement of Reserves for 2025, reporting proved and probable (2P) reserves, plus contingent resources (2C) of approximately 2.2 billion barrels of oil equivalent (boe).
"2025 was a transformational year for Vår Energi. While having delivered significant production growth, we are pleased to also continue to increase our reserves and resource base. Total reserves plus resources stand at 2.2 billion boe, with a 2P reserve replacement ratio¹ of 185% for the year and 174% on a 3 year average basis. The reserves and resource life2 stands at around 17 years, this represents a strong foundation for delivering higher production and value for longer, and we are working at pace to deliver a pipeline of attractive projects to realise this opportunity." says CEO, Nick Walker.
In 2025, Vår Energi commenced production from nine new projects in accordance with plan, and sanctioned ten new development projects. The Company continues to deliver on initiatives to increase recovery from producing fields by drilling additional infill wells. The sanction of new development projects and life-time extensions of existing fields are the main reasons for the increased net reserves estimates. Total 2P reserves as of 31 December 2025 are 1,294 million boe (mmboe).
In addition, the significant volume of 2C resources represent a major part of Vår Energi's strategy to create future value. As of 31 December 2025, total 2C resources are 865 mmboe, a slight reduction from 2024 as projects are moved into execution. Exploration successes and technical revisions are positively contributing, as the Company is actively de-risking and progressing discovered resources into new development projects. On a combined 2P reserve and 2C resource basis, the resource replacement ratio³ is 136% for the year and 279% on a 3 year average basis.
The year-end 2025 2P reserves and 2C resources comply with the Petroleum Resources Management System (PRMS). International petroleum consultants DeGolyer and MacNaughton have carried out an independent assessment of Vår Energi's portfolio containing reserves according to PRMS as of 31 December 2025.
| Key figures | |
| Total 2P reserves | 1,294 mmboe |
| Total 2C resources | 865 mmboe |
| Total reserves + resources (2P + 2C) | 2,159 mmboe |
| 2P reserve replacement ratio (2025)¹ | 185 % |
| 2P reserve replacement ratio (3-year average) | 174 % |
| Resource replacement ratio (2P + 2C, 2025)³ | 136 % |
| Resource replacement ratio (2P + 2C, 3-year average) | 279 % |
| Reserve life | 10.4 years |
| Reserve and resource life² | 17.3 years |
- Ratio of reserves added through revisions and/or acquisitions to productions for the period
- Reserve and resource life is an estimate of the number of years that the reserves and resources will last based on 2025 production rates
- Ratio of reserves and resources added through revisions and/or acquisitions to productions for the period
About Vår Energi
Vår Energi is a leading independent upstream oil and gas company on the Norwegian continental shelf (NCS). To learn more, please visit varenergi.no.
Contact
Investor relations
Ida Marie Fjellheim
VP Investor Relations
+47 90509291
Media
Liv Jannie Omdal
VP Communications
+47976 67 137
liv.omdal@varenergi.no
This information is subject to the disclosure requirements pursuant to regulation EU 596/2014 Article 19 and Section 5-12 the Norwegian Securities Trading Act.