Vår Energi joins UN led initiative to improve accuracy and transparency of methane emissions reporting.
The company has signed an agreement with OGMP (Oil and Gas Methane Partnership), an initiative of the United Nations Environment Programme (UNEP) in which nearly 140 oil and gas companies work with organisations such as the European Union (EU) and the World Bank to improve accuracy and transparency of methane emissions reporting.
Vår Energi is already recognised for its ESG leadership, including being a "Top Ranked Company" by Sustainalytics and inclusion in the Oslo Stock Exchange (OBX) ESG index.
Through its membership in OGMP, Vår Energi joins with other major oil and gas companies in the work to detect and reduce emissions of methane in accordance with best practices.
EVP Safety & Sustainability in Vår Energi, Ellen Waldeland Hoddell explains:
"We are accelerating our decarbonisation plan to maintain relevance and investability long term. This includes targeting methane emissions in 2024 to be "near zero". For the first quarter of 2024 the methane emission intensity for Vår Energi was 0.02% of exported gas from operated assets, which is far below the industry target of 0.2% by 2025.
Nevertheless, further reduction is a key part of the roadmap we use as a guide in the effort to cut greenhouse gas emissions. Vår Energi is already linked to the global initiative Oil and Gas Climate Initiative (OGCI), aiming for Zero Methane Emissions. Now we're taking yet another important step, joining with the UNEP, EU and other major oil and gas companies in the work to achieve additional emission reductions."
OGMP is a recognised global standard for methane measurement, reporting and setting objectives. Through its membership, Vår Energi secures guidance in both strategic and operative work to cut methane emissions.
The membership in OGMP will also prepare Vår Energi for methane-related requirements that are expected to be introduced via the EU's methane strategy.
Contact
Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 905 09 291
ida.fjellheim@varenergi.no
Media
Andreas Wulff, VP Communications
+47 926 16 759
andreas.wulff@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. Our ambition is to be the safest operator on the NCS, the partner of choice, an ESG leader with a tangible plan to reduce emissions from our operations by more than 50% within 2030. Vår Energi has around 1 300 employees and equity stakes in 47 fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø. To learn more, please visit varenergi.no