Vår Energi ASA (OSE: VAR, "Vår Energi") has extended the long-term agreement for delivery of up to a total of five billion cubic meters (bcm) natural gas to Eni S.p.A. (Eni) over a 12-year period. The agreement adds to the recently announced gas sales contract with VNG.

Vår Energi’s CEO, Nick Walker, comments:

“We are very pleased with having secured an extension of a second long-term gas sales agreement with a major European energy company. The agreement with Eni, being confirmed shortly after a similar signing with VNG, is yet another strong testimony of Vår Energi’s commitment to being a stable and reliable energy supplier to key European markets. The deal entails doubling our committed delivery of natural gas to a total of 10 bcm over the 12-year period to two of our long-standing partners. This will ensure access to energy for households, communities and businesses across the continent until the mid 2030’s.

Vår Energi has been a key supplier of natural gas over the last three decades and we are pleased to strengthen the partnership with both long-term gas buyers.

The agreement demonstrates Europe's trust and dependency of Norway as a key energy provider in a testing time for the continent. As Norway’s second largest exporter of natural gas, Vår Energi will continue to explore for further petroleum resources across the Norwegian Continental Shelf. Continued access to new exploration acreage, long term, stable framework conditions and political support are key elements in our ability to meet the obligations to our European customers and to ensure value creation in Norway”

Under the terms of the agreement, Vår Energi will deliver up to five bcm of gas over the time period 2024-2036. The volumes will be delivered at the gas terminals in Emden and Dornum in Germany and will be priced at market terms.

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 value driven 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 with a tangible plan to reduce emissions from our operations by 50% within 2030. Vår Energi has around 1400 employees and equity stakes in 47 fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø.

About Eni

Eni (NYSE: E) is an integrated energy company employing more than 34.000 people in 69 countries in the world. Eni engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.