Vår Energi has been awarded the Polaris CO2 storage license in the Barents Sea, together with its partners Equinor (operator) and Horisont Energi.

The Polaris CO2 storage reservoir is located in the Barents Sea, about 100 km off the coast of Finnmark. It represents a key component of the Barents Blue project, which Vår Energi is further developing towards a concept selection in collaboration with Equinor and Horisont Energi.

The Barents Blue project partnership plans to utilize the Polaris reservoir to permanently store CO₂ captured from the Barents Blue facility in the Hammerfest region. Barents Blue will enable the production of carbon neutral ammonia reforming natural gas from the Barents Sea to clean, blue ammonia, using carbon capture and storage.

"We are aiming to become a net zero producer, scope 1 and 2, by 2030, and the Barents Blue and Polaris could become an important step towards being carbon neutral. As an owner of major resources in the Barents Sea, we are committed to effective resource management and value creation in the region", explains Bjørn Thore Ribesen, VP Field Development and Projects.

Vår Energi entered into the Barents Blue partnership with Equinor and Horisont Energi to explore the possibilities for producing blue ammonia from natural gas, with CO2 capture and storage in Hammerfest, in September 2021. This was followed by a cooperation agreement with the partnership for the development of the Polaris CO2 storage concept signed in the same year.

The license was awarded to the Polaris project partnership by the Norwegian Ministry of Petroleum and Energy, as part of the announcement of CO2 storages on the Norwegian Continental Shelf on April 5.

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 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 and a net-zero producer (Scope 1 and 2) by 2030.

Vår Energi has more than 900 employees and equity stakes in 36 fields producing net 247,000 boe per day in the third quarter of 2021. Headquartered outside Stavanger, Norway, we are owned by the energy company Eni (69.85%) and the energy-focused private equity investor HitecVision (30.15%).