Equinor, Aker BP and Vår Energi join forces to search for Norway's next major discoveries

Sandnes, Norway, 24 August: Equinor, Aker BP and Vår Energi are establishing a strategic exploration collaboration to pursue some of the largest remaining opportunities on the Norwegian continental shelf (NCS). The aim is to increase the chances of major discoveries that can support new standalone field developments and long-term value creation.

The companies have agreed to combine expertise, data, technology and exploration capacity to pursue selected high impact exploration opportunities. Over the next four to five years, the companies plan to mature and test a portfolio of approximately 20-25 exploration opportunities, with an ambition to drill around five high-impact exploration wells annually.

In recent years, most discoveries have been made close to existing infrastructure. Developing these resources through subsea tiebacks is important for maintaining production from existing fields and facilities. Near-field exploration will remain crucial, but larger discoveries will also be needed to provide the resource base for new standalone field developments.

The companies see continued potential for such discoveries. However, some of the largest remaining opportunities come with higher geological uncertainty, greater complexity and larger investment requirements. This has made it increasingly challenging to establish partnerships around high-impact prospects. By sharing risk and combining capabilities, the companies can pursue and test more of these opportunities than they would individually.

Major new discoveries could support future energy supplies and value creation, while helping sustain activity and expertise in the Norwegian supplier industry. They could also contribute to maintaining reliable energy supplies from the NCS to Europe as production is expected to decline after 2035 without new discoveries and developments.

Vår Energi CEO Nick Walker said:

"The NCS?remains?highly attractive. Exploration is a cornerstone of Vår Energi's growth strategy and a driver of long-term value creation. This collaboration is a transformative step for the future exploration of high-impact opportunities on the NCS. It has the potential to unlock access to material new discoveries that can support long-term production, create value for our stakeholders and contribute to maintaining Norway's position as a secure and responsible supplier of energy to Europe."

About the collaboration

· Equinor, Aker BP and Vår Energi are establishing a strategic collaboration targeting selected high impact exploration opportunities on the NCS.

· The companies will share risk and combine expertise, data, technology and exploration capacity.

· The collaboration will target approximately 20-25 exploration opportunities over the next four to five years, with an ambition to drill around five exploration wells annually.

· The aim is to increase the chances of major discoveries that can ensure high energy production longer support new field developments and long -term value creation.

Contact

Investor relations Ida Marie Fjellheim, VP Investor relations +47 905 09 291 ida.fjellheim@varenergi.no

Media Andreas Wulff, VP Public Affairs +47 926 16 759 andreas.wulff@varenergi.no (ida.fjellheim@varenergi.no)

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

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