Sandnes, Norway, 25 June 2026: Vår Energi ASA (OSE: VAR, "Vår Energi") has taken final investment decision (FID) on the Gjøa Subsea Projects in the North Sea. Together with its partners, the Company has today submitted the Plan for Development and Operations (PDO) for the Ofelia and Gjøa Nord developments to the Ministry of Energy.
"The Gjøa Subsea Projects demonstrate how we continue to develop our core hubs through efficient tie-back developments, leveraging existing infrastructure and exploration success to create long term value. The project strengthens Gjøa as a long-term production hub and supports our target to produce more than 400 thousand barrels of oil equivalent per day long-term," says Torger Rød, COO of Vår Energi.
The Gjøa Subsea Projects, where Vår Energi is the operator, comprises development of the Ofelia, Gjøa Nord and Cerisa discoveries as a coordinated subsea development tied back to the Gjøa and Duva infrastructure. The project represents the next phase of developments in the Gjøa area and supports the Company's long-term production target. First production is expected from Cerisa in the third quarter of 2027, followed by start-up from Ofelia and Gjøa Nord in the second half of 2028. The project includes development of approximately 76 million barrels of oil equivalent gross and 27 million barrels of oil equivalent net Vår Energi1 in proved plus probable reserves. The project has strong economics, in line with the Company's requirements for project sanctions, with a breakeven below 35 USD per boe, and a rate of return well above 25%.
The Gjøa area is a core hub in Vår Energi's portfolio. The project contributes to extending the economic lifetime of the area from the early 2030s to around 2040, while strengthening the basis for further tie-back developments and near-field exploration. By increasing throughput for the Gjøa asset, the project is expected to reduce unit production costs, improve the economics of existing fields and support further resource development in the broader Gjøa area. Through the recent acquisition of Pandion's assets and swap with DNO on the Norwegian Continental Shelf, Vår Energi strengthened its position around the Gjøa infrastructure, increasing ownership across producing assets and key development projects, including the Gjøa Subsea Projects.
The Gjøa Subsea Projects are enabled by Vår Energi's project factory approach, combining standardised solutions, coordinated execution and utilisation of existing facilities to accelerate developments. The project will be executed through a coordinated drilling and installation campaign, leveraging existing supplier collaborations and partnerships, realising synergies and efficient execution.
Vår Energi is the operator of the Gjøa Subsea Projects, and holds a working interest of 40% in Ofelia1, 30% in Gjøa Nord1, and 30% in Cerisa, respectively.
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Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 90509291
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.