New CEO takes the reins at Vår Energi

Norwegian oil and gas player Vår Energi has welcomed a new Chief Executive Officer (CEO) to spearhead its strategy execution, market engagement, and stakeholder management, following the recent acquisition of Neptune Energy Norge. As the firm is currently the third largest operator on the Norwegian Continental Shelf (NCS), the acquisition is expected to further scale, diversify and strengthen its growth and value creation.

In response to these new opportunities, the company’s board has decided to make certain adjustments to the management group and bring on more resources. As a result, Nick Walker has joined Vår Energi as the new CEO while the previous CEO, Torger Rød, transferred to the COO role.

Thorhild Widvey, Vår Energi’s Chair of the Board, commented: “Torger Rød has led the company through a transformative phase and has achieved strong operational and financial results, including a very successful IPO, the mentioned Neptune acquisition, strengthening of the organisation, while also delivering on strategic ambitions. He will now deploy his deep operational competencies and understanding of the organisation in the role as COO to continue driving improvement, integration and transformation of the company.”

Walker, who most recently held the position as CEO of Lundin Energy until mid-2022 when it was acquired by Aker BP, previously worked with BP, Talisman Energy, Africa Oil, and Vedanta – Cairn Oil & Gas. With over 30 years of international experience in technical, commercial, and executive leadership roles, he will lead Vår Energi as the company executes its plan for growing production to above 350,000 barrels per day by end-2025, with additional upside from taking over Neptune Energy Norway.

Nick Walker, Vår Energi’s CEO, remarked: “I am both excited and humbled. Excited by the opportunity to lead one of the world’s fastest-growing oil and gas companies with 1,000 highly skilled employees, which will be joined by a further 300 colleagues from Neptune Energy Norway next year. Humbled by Vår Energi’s over 50 years of NCS track record and focus on responsible value-driven growth as a provider of energy to millions of Europeans.

“Vår Energi is committed to safe and reliable operations and has a clear decarbonisation strategy based on electrification of offshore assets combined with technological development and investments in low-emission solutions. I’m looking forward to getting to know all our employees in Stavanger, Hammerfest, Oslo and offshore. Together we can take Vår Energi to the next level, realising the vision of delivering a better future.”

Vår Energi is also pursuing decarbonisation with offshore wind, as demonstrated by a collaboration with a consortium consisting of Odfjell Oceanwind and Source Galileo to explore opportunities for floating offshore wind through a pilot project at a field located in the Barents Sea.

Meanwhile, the company handed out a five-year deal to Halliburton, covering drilling services related to exploration and production drilling across its portfolio on the NCS. The firm’s drilling activities are focused around four strategic hubs in the Balder/Grane area, the North Sea, the Norwegian Sea, and the Barents Sea.

A few days ago, Vår Energi hired a sixth-generation semi-submersible rig from COSL Drilling Europe for drilling operations in the Barents Sea with the aim of ramping up the search for more hydrocarbons offshore Norway.