The iconic Viking nation of Norway has seen Vår Energi advancing several already-approved energy projects across the nation’s upstream market recently. Despite some pushback from environmental groups and activists, the upstream oil and gas market still dominates the global energy market. Norway is one of the European nations that has been developing several projects to increase output capacity from the traditional oil and gas market, and will now become a regional leader in the sector through Vår Energi’s slate of projects.
Vår Energi’s investments in the Norwegian upstream market are astronomical
The company already leads the region in oil and gas production, and has recently been advancing several projects in Norway that will add a tremendous amount of energy output to a nation that still relies heavily on gas and oil. Norway’s cold weather does not allow for solar and wind projects on a massive scale, although that has not stopped Norway from trying to advance the sector.
Vår Energi has now revealed its latest investment plan for the Norwegian energy sector, totalling an astronomical $15 billion. The investment forms part of several tie-back projects in Norway, as the government has noted its ambition to maintain oil and gas levels at 350,000 barrels of oil equivalent per day by the end of the decade.
Vår Energi is Norway’s top independent energy company and has sanctioned 10 new projects in the Viking nation. The new projects form part of a broader strategy undertaken by the company to develop 30 new upstream projects in Norway by the end of 2030.
“Sanctioning ten projects this year, up from eight targeted at the start of the year, shows the pace at which we are delivering. We are moving from resources to reserves faster, creating significant value for our shareholders and underpinning our ability to sustain production at 350 to 400 kboepd towards 2030 and beyond.” – Nick Walker, CEO of Vår Energi
Vår Energi’s efficiency and expertise have been on full display this year
As Vår Energi has noted its astonishing growth across the Norwegian energy market, bringing nine out of nine growth projects online this year alone, the company is not resting and is developing ten new energy projects in Norway, with plans to add an additional 20 over the coming years by 2030.
According to several executives from Vår Energi, the new developments are all tie-backs to existing infrastructure, dramatically reducing initial set-up costs and necessary spending on new infrastructure. This reflects the current trend emerging in Norway as several operators explore new projects that rely on existing infrastructure.
As some of the largest energy companies in the world report that new offshore oil and gas output is set to increase over the coming years, Norway is developing its upstream market to boost output capacity as demand for natural gas and oil increases.
” We have delivered transformational growth this year, the Company is de-risked and we have never been in a stronger position. Adding these projects with low-risk, high-returns and short pay-back time, we are strengthening the outlook for delivering long term value”. – Nick Walker, CEO of Vår Energi
Several upstream markets around the world are set to grow significantly next year
Norway is advancing its upstream market to reach new levels of output capacity in the new year through the planned 30 projects being developed by Vår Energi. Other nations that have largely been overlooked by the international energy industry are following suit and developing new wells and offshore oil and gas projects to meet increased levels of demand over the coming years, such as Suriname and its Caiman-1 exploration well. The market is in a constant state of evolution, led by demand for new energy projects across the global industry.
