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"value": "Note 1 Corporate informationThe financial statements of V\u00e5r Energi ASA for the twelve months period ended 31 December 2022 were authorised for issue in accordance with a Board resolution on 29 March 2023. V\u00e5r Energi ASA is a public limited liability company incorporated and domi-ciled in Norway and the Company\u2019s shares are listed on Oslo Stock Exchange. The head office is located at Vestre Svanholmen 1, 4313 Sandnes, Norway. V\u00e5r Energi is an independent exploration and production (E&P) company with a diverse portfolio of production, development and exploration assets on the Norwegian Continental Shelf (NCS).V\u00e5r Energi ASA has two subsidiaries per 31 December 2022 which are not consolidated into group accounts for 2022 due to materiality considerations.Restructuring of subsidiaries directly or indirectly owned by V\u00e5r Energi ASA took place during 4Q 2022. Dividends were paid to V\u00e5r Energi ASA which reduced investments in subsidiaries to zero. There are no business activities in the two remaining subsidiaries as of 31 December 2022. The balance sheets of the subsidiaries hold tax positions of USD 31 225 thousand which are offset by receivables towards V\u00e5r Energi ASA.Below table show the group structure per 31 December 2022.Shares in subsidiariesVoting/Ownership Name Business location2022V\u00e5r Energi Marine AS Sandnes, Norway 100%PR Jotun DA Sandnes, Norway 5%Shares in subsidiaries indirectly ownedVoting/Ownership Name Business location 2022PR Jotun DA Sandnes, Norway 95%Note 2 Summary of IFRS accounting principles2. Significant accounting policies 2.1 Basis of preparationThe financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by The European Union (EU).The financial statements have been prepared on a historical cost basis, except for certain financial instruments that have been measured at fair value. The financial statements have been prepared based on the assumption of going concern.All figures in the financial statements are presented in USD and all values are rounded to the nearest thousand (000), except when otherwise indicated. V\u00e5r Energi\u2019s functional currency is NOK, but the Company has chosen to present its financial statements in USD, primarily as this is the common presentation currency among upstream oil & gas companies.Transactions in foreign currencies are recorded at the exchange rate on the transaction date. Monetary items are valued at year-end exchange rates and the corresponding currency loss/gain is recognised in profit or loss.For presentation purposes, balance sheet items are translated from func-tional currency to presentation currency by using spot rates of exchange at the balance sheet date. Items within profit & loss and other comprehensive income are translated from functional currency to presentation currency by using quarterly average exchange rates, or rates at the dates of the transac-tions if significantly different. For share capital and share premium historical exchange rates are used. I.e. these equity items are not re-translated and the cumulative translation adjustment (CTA) only include the cumulative differ-ences between opening and closing rates on total net assets, and average to closing rates on retained earnings and other performance statement items, such as revaluation gains or cash flow hedging reserves.Comparative information has been provided for the previous period.2.2 Summary of significant accounting policiesRevenue and over- and underlift balancesRevenue from the sale of liquids or gas is recognised at the point in time when V\u00e5r Energi\u2019s contractual performance obligations have been fulfilled and control is transferred to the customer. This will generally be at the time of delivery which is also when title passes to the customer. Revenues are recog-nised on the basis of volumes lifted and sold to customers during the period (sales method). To the extent the Company has lifted and sold more than its entitled share of production based on the ownership interest, an accrual is recognised at cost. To the extent the Company has lifted and sold less than its entitled share of production, costs are deferred for the underliftInterests in joint arrangementsV\u00e5r Energi has interests in licences on the Norwegian Continental Shelf. IFRS defines a joint arrangement as an arrangement over which two or more parties have joint control. Joint control is the contractually agreed sharing of control which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control.Under IFRS 11 Joint Arrangements, a joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. V\u00e5r Energi recognises investments in joint operations (oil and gas production licences) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the Company\u2019s financial statements. For those licences that are not deemed to be joint arrangements pursuant to the definition in IFRS 11 as there is no joint control (\u201cundivided interests\u201d), the Company recognises its share of related expenses, assets, liabilities and cash flows in the same way as under IFRS 11. The terms \u201cjoint operations\u201d and \u201cundi-vided interests\u201d are used interchangeably throughout the financial statements. Income taxesIncome taxes include current taxes payable or refundable, adjustments of prior years\u2019 taxes payable and deferred taxes. The deferred taxes are calculated using the full liability method, under which tax on temporary differences between the carrying amounts of assets and liabilities and their tax bases are recognised. Deferred tax assets are recognised to the extent it is probable that the asset will be realised. An \u201cuncertain tax treatment\u201d is a tax treatment relat-ing to which there is uncertainty whether the relevant tax authority will accept the tax treatment under the local tax law. Uncertain tax positions are recog-nised and presented as assets or liabilities depending on whether an outflow or inflow of economic resources embodying economic benefits has become probable. Taxes relating to items recognised in OCI are recognised in OCI. Exploration costsExploration drilling costs are treated in accordance with the successful efforts method; each well making the basis for the evaluation. Costs related to explo-ration wells in progress and exploration wells with finds are capitalised until the evaluation of the well has been completed. Such capitalised costs may remain capitalised for more than one year. The main criteria for keeping exploration costs capitalised are that there is a plan for future activity in the licence area and a development decision is expected in the near future. To the extent that no resources are discovered, or recovery of the resources is considered com-mercially unviable, the capitalised exploration expenditures are charged to the profit or loss. Other exploration costs, including seismic studies, are expensed as incurred. Development expendituresThe development phase commences when the licence partners have decided field evaluation. Direct and indirect expenditures and financing costs related to development projects are capitalised. Property, plant and equipmentProperty, plant and equipment (PPE) are measured at depreciated cost adjusted for impairments. Capital spare parts are defined as critical, often tailormade long-lead items purchased in connection with development of a field and are recognised as PPE. Upon disposal or retirement, the difference between any proceeds and the carrying amount is recognised as gains or losses.Maintenance is expensed as incurred, whereas costs for improving and upgrad-ing production facilities are added to the acquisition cost and depreciated with the related asset.DepreciationOffshore installations are depreciated in accordance with the unit-of- production method based on proven reserves (the ratio between annual production quantity and the reserves, whereupon the reserves are updated quarterly). Onshore assets are depreciated over the estimated useful life, according to the straight-line method, 3-15 years. ImpairmentTangible fixed assets are assessed for potential impairment when events or changes in circumstances indicate that the book value of the assets is higher than their recoverable amounts. The unit of account for assessment of impair-ment is the lowest level for which independent cash inflows are possible to identify. For oil and gas assets, this is typically the field or licence level, but can also be at a hub level. Impairment is recognised when the carrying amount of the cash generating unit (CGU), including any allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. When estimating value in use and fair value less costs of disposal, expected future cash flows are discounted to the net present value applying a discount rate after tax that reflects the current market valuation of the time value of money and risks specific to the asset or CGU. The discount rate is derived from a weighted average cost of capital (WACC) determination. For the purpose of impairment testing the lifetime of the field is normally determined to be the time when the operating cash flows from the field becomes negative. A previously recognised impair-ment can only be reversed if changes to the estimates used for the calculation of the recoverable amount have been observed. Reversals are recognised in profit or loss. After a reversal, the depreciation amount is adjusted on a pro-spective basis in order to distribute the asset\u2019s revised book value, minus any residual value, on a systematic basis over the asset\u2019s expected remaining life.InventoriesConsumable spare parts and drilling stock are measured at weighted average cost. Physical stock of crude oil is measured at production cost. Asset retirement obligationsV\u00e5r Energi recognises an asset retirement obligation (ARO) to the extent it has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the obligation amount can be made. The obligation generally arises when the asset is installed at the field location. V\u00e5r Energi recognises its share of the estimated AROs based on its working interest in the various fields both for V\u00e5r Energi operated fields and partner operated fields. When the liability is initially recognised, the present value of the estimated costs is capitalised by increasing the carrying amount of the related tangible oil and gas asset and depreciated over the useful life of the asset (generally by the application of the unit-of-production method). The discount rate used to discount the liability is based on a risk free interest rate that reflects current market assessments and the risks specific to the liability, and does not include the Company\u2019s credit risk. The periodic unwind-ing of the discount is recognised in profit or loss as financial items. The term of the discount rates used is aligned with the estimated timing of the removal, plugging and decommissioning activities at the fields. Changes in the estimated timing or cost of decommissioning are dealt with prospectively by recording an adjustment to the provision and a corresponding adjustment to assets. Upon retirement of the Gassled pipelines, the costs of ARO will be recharged to the users (shippers) of the pipelines based on shipped volumes. As a shipper V\u00e5r Energi has incurred such liabilities. These liabilities have also been recog-nised as the net present value of estimated future retirement costs on the basis of accumulated shipped volumes in Other non-current liabilities. Pension liabilityV\u00e5r Energi has a defined contribution pension plan that satisfies the statutory requirements in the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). Contributions are paid to pension insurance plans and charged to profit or loss in the period to which the contributions relate. Once the contributions have been paid, there are no further payment obligations.Leasing commitmentsAt the inception of a contract, V\u00e5r Energi assesses whether the contract is, or contains, a lease. The lease liability is recognised at the commencement date and measured at the present value of the remaining lease payments, discounted using the Company\u2019s incremental borrowing rate at the commencement date. The borrowing rate is derived from the terms of the Company\u2019s existing credit facilities. RoU assets are depreciated over the lease term. V\u00e5r Energi applies the exemption for short term leases (12 months or less) and low value leases. As such, related lease payments are not recognised in the balance sheet but expensed or capitalised in line with the accounting treat-ment for other non-lease expenses. The inclusion of non-lease components may vary across different lease categories, but for the most material classes of assets (rigs and supply vessels), the Company has excluded the non-lease components when measuring the lease liability. V\u00e5r Energi, as operator of an unincorporated joint operation, from time to time, enters into a lease contract as the sole signatory and recognises on the balance sheet: (i) the entire lease liability if, based on the contractual provisions and any other relevant facts and circumstances, it has primary responsibility for the liability towards the third party supplier; and (ii) the entire right-of-use asset, unless, the terms and conditions of the joint operation and other arrangements are separately negotiated with the non-operators and effectively extinguish V\u00e5r Energi\u2019s primary obligation for the lease with the third-party supplier. If a lease contract is signed by all the partners, V\u00e5r Energi recognises its share of the right-of-use asset and lease liability on the balance sheet based on its working interest. If V\u00e5r Energi does not have primary responsibility for the lease liability, it does not recognise any right-of-use asset and lease liability related to the lease contract. Whether a contract is entered into on behalf of the licence is subject to a contract specific assessment. Other lease contracts, such as offices and supply vessels not linked to specific fields, are recognised on a gross basis even when the related cashflows are charged to the licence partners. For such contracts, the partner\u2019s share of the costs recovered by the Company are presented as other income. Operators on licences in which V\u00e5r Energi is a partner may enter into lease contracts in their own name at the initial signing, and subsequently formally sublease the related asset to operated licences. In such cases, the sublease will be the basis for determining both the right of use, commencement, and the duration of the lease (and the application of the short-term lease exemption). Financial assets and liabilitiesV\u00e5r Energi\u2019s financial assets and liabilities comprise non-listed equity instru-ments, derivative financial instruments (assets and liabilities), receivables, cash and cash equivalents, payables, other current and non-current liabilities. The classification of financial assets and liabilities at initial recognition depends on the financial instrument\u2019s contractual cash flow characteristics and the Company\u2019s business model for managing them.V\u00e5r Energi classifies its financial instruments in the following categories:\u2022 Financial assets and liabilities at amortised cost\u2022 Derivative financial assets and liabilities designated as accounting hedge instruments (cash flow hedges) for which the effective portion is recognised at fair value through other comprehensive income\u2022 Financial assets at fair value through profit and lossV\u00e5r Energi measures financial assets at amortised cost if both of the following conditions are met:\u2022 The financial instrument is held within a business model with the objective to hold the instruments in order to collect contractual cash flows and the contractual terms of the financial instrument give rise on specified dates to or requires cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment testing. Gains and losses are recognised in profit or loss when the instrument is derecognised, modified or impaired. The Company\u2019s financial instruments at amortised cost includes trade receiv-ables and other short-term deposits, trade payables and other current and non-current liabilities. Receivables are initially recognised at fair value less estimated credit losses (impairment losses). Accounts receivables that do not contain a significant financing component are measured at the transac-tion price determined under IFRS 15.Derivative financial instrumentsV\u00e5r Energi uses derivative financial instruments, such as Brent Crude put options, to hedge its commodity price risks on future oil production volumes (cash flow hedges). Such derivative financial instruments are initially recog-nised at fair value on the date on which a derivative contract is entered into and subsequently re-measured at fair value. The put options are measured using market inputs such as observable forward curves, interest rates and time to maturity. Implied volatilities from market observable option prices are used when the price of the option is modelled. The Company has designated these put options as cash flow hedges relating to expected future production and sales of crude oil, and applied hedge accounting. The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income (OCI) and the hedge reserve in equity, while any ineffective portion is recognised immediately in profit or loss. Amounts accumulated in the hedge reserve is reclassified to profit or loss when the hedged transaction affects profit or loss.Option premiums paid (time value at date of purchase) are treated as cost of hedging and presented in operating expenses when the hedged transaction affects profit or loss, while the intrinsic value (\u201cin-the-money value\u201d) on put options exercised are presented in gains on cash flow hedges in petroleum revenues. As option premiums are paid at exercise or expiry they are presented as current liabilities in the balance sheet. Contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, are accounted for as financial instru-ments. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the Company\u2019s expected purchase, sale or usage requirements, also referred to as own-use contracts, are not accounted for as financial instruments. Such sales and purchases of physical commodity volumes are reflected in profit or loss as Petroleum revenues and Other operating expenses, respectively. This is applicable to a number of contracts for the sale of natural gas, which are recognised upon delivery of the volumes.Cash flow statementThe statement of cash flows has been prepared in accordance with the indi-rect method. Cash consist of cash, bank deposits and short-term deposits in affiliated banks. Sale and swaps of assetsSale of assets on the Norwegian continental shelf are carried out on an after-tax basis according to the petroleum tax act \u00a7 10. When entering into agreements regarding the purchase/ swap of assets, the parties agree on an effective date for the takeover of the net cash flow (usually 1 January in the calendar year, which is also normally the effective date for tax purposes).In the period between the effective date and the completion date, the seller will include revenues and expenditures relating to its sold share of the licence in its financial statements. In accordance with the purchase agreement, there is a settlement with the seller of the net cash flows from the asset in the period from the effective date to the completion date (pro & contra settlement). The pro & contra settlement will result in an adjustment to the seller\u2019s losses/gains and to the cost of the assets for the purchaser, in that the settlement (after a tax reduction) is deemed to be part of the consideration in the transaction. Revenues and expenses from the relevant licence are included in the purchas-er\u2019s profit or loss from the acquisition date. For tax purposes, the purchaser will include the net cash flow (pro & contra) and any other income and costs as from the effective date. When acquiring licences that are defined as asset acquisitions, no provision is made for deferred tax in accordance with the initial recognition exemption. A gain or loss related to an after-tax-based sale of assets includes the release of tax liabilities previously recognised related to the assets. The resulting after-tax gain or loss is recognised in full in Other income in profit or loss.Important accounting judgments, estimates and assumptionsThe preparation of financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that have an effect on the application of accounting principles and the reported assets, lia-bilities, income and expenses. The main significant judgements management has made regarding the application of accounting principles are the following:Identifying a lease within joint operating arrangementsWhen applying IFRS 16 Leases in situations where the asset is being used in a joint arrangement or in relation to an undivided interest, significant judge-ment is required in determining what party is the primary obligor, whether the arrangement constitutes or contains a lease, commencement date, lease term and whether there is a sublease arrangement. Oil and gas reservesOil and gas reserves are estimated by the Company\u2019s experts in accord-ance with industry standards. The estimates are based on V\u00e5r Energi\u2019s own assessment of internal information and information received from operators. Reserves are certified by an external party, which also issues an independent reserves report. Oil and gas reserves consist of the estimated quantities of crude oil, natural gas and condensates shown by geological and technical data to be recoverable with reasonable certainty from known reservoirs under exist-ing economic and operational conditions, i.e. on the date that the estimates are prepared. Current market prices are used when establishing the estimates.Reserves and production volumes are used to calculate the depreciation of oil and gas fields by applying the unit-of-production method. Reserve estimates are also used as basis for impairment testing of licence-related assets and goodwill. Changes in petroleum prices and cost estimates may change reserve estimates and accordingly economic cut-off, which may impact the timing of assumed decommissioning and removal activities. Changes to reserve estimates can also result from updated production and reservoir information. Future changes to oil and gas reserves can have a material effect on depre-ciation, life of field, impairment of licence-related assets and goodwill, and operating results.Successful Effort Method - exploration and exploration potentialExpenses relating to the drilling of exploration wells and exploration poten-tial (presented in other intangible assets) are temporarily recognised on the balance sheet as capitalised exploration expenditures and other intangible assets, pending an evaluation of potential oil and gas discoveries. If resources are not discovered, or if recovery of the resources is considered technically or commercially unviable, the costs of exploration wells and exploration potential are expensed. Judgments as to whether these assets should remain capitalised or be expensed at the reporting date may materially affect the operating result for the period.Fair value measurementThe fair values of non-financial assets and liabilities are required to be deter-mined, for example in a business combination, to determine the allocation of purchase price in an asset deal or when the recoverable amount of an asset or CGU is based on fair value less costs to sell. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transac-tion between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market partici-pants would use when pricing the asset or liability. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. V\u00e5r Energi uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. The fair value of oil fields in the production and development phase is generally based on dis-counted cash flow models, where the determination of inputs to the models may require significant judgement, as described in the section below regarding impairment.Impairment/reversal of impairmentChanges in the expected future value/cash flows of CGUs results in impair-ment if the estimated recoverable amount is lower than the book value (including any allocated goodwill) or the reversal of previously recognised impairments if the recoverable value is higher than the book value (impair-ment of goodwill is not reversed). Estimation of recoverable amounts involves the use of judgement and assumptions, including the modelling of future cash flows to estimate the CGUs value in use or fair value less costs of disposal.Impairment assessments require long-term assumptions concerning a number of often volatile economic factors, including future oil prices, oil production, currency exchange rates and discount rates. Such assumptions require the estimation of relevant factors such as long-term prices, the levels of capex and opex, production estimates, decommissioning costs and impact from climate changes. These evaluations are also necessary to determine a CGU\u2019s fair value unless information can be obtained from an actual observable market trans-action. See individual notes on Property, plant and equipment and intangible assets, including goodwill and note on Impairment for details of impairments.Asset retirement obligationsThere is significant uncertainty in the estimate of ARO. These estimates are based on currently applicable laws and regulations, and existing technologies. Many decommissioning activities will take place decades into the future, and the technology and related costs are expected to evolve over time. The estimates include costs based on expected removal concepts using existing technology and estimated costs of maritime operations, hiring of lifting vessels and drilling rigs. As a result, there may be significant adjustments to the esti-mates of ARO and associated assets that can affect future financial results.Income taxesIncome taxes are significant amounts in V\u00e5r Energi\u2019s financial statements. There may be uncertainties related to interpretation of applicable tax laws and regulations regarding amounts in V\u00e5r Energi\u2019s filed tax returns. In cases of uncertain tax treatments, it may take a long time to complete the discussions with the tax authorities or to reach resolutions of the appropriate tax positions. The carrying values of income tax related assets and liabilities are based on V\u00e5r Energi\u2019s interpretations of applicable laws, regulations and relevant court decisions. The quality of these estimates, including the most likely outcomes of uncertain tax treatments, is highly dependent upon proper application of very complex sets of rules and the recognition of changes in applicable rules.Standards and amendments issued but not yet effectiveCertain new accounting standards and amendments to standards are issued, but not yet effective as of 31 December 2022. These standards and amendments are not expected to have a material impact on the Company in the current or future reporting periods.Note 3 Summary of restatementsRestatements in 2022 include change in presentation of payment of borrowing costs in the statement of cash flows, change in accounting principles for overlift/underlift from Q4 2022 and correction of NGL overlift/underlift. Restatement of interest paid in cash flow statementV\u00e5r Energi decided during Q2 2022 to change its accounting principles related to presentation of interest payments in the cash flows statement. Interest payments are restated to be shown as financing activities in the statement of cash flows. In prior reporting periods, these cash flows were presented as operational activities. The reason behind the change is that interest payments are directly linked to V\u00e5r Energi\u2019s financing activities and the change is in line with peers and upcom-ing changes in IAS 1. Comparative figures have been restated accordingly and the impact on relevant previous periods is included in the table below.Restating impact on Statement of Cash FlowNet cash flows from operating activities USD 1000 2021Before restatement 4 438 371Impact of restatement 141 532After restatement 4 579 902Net cash from financing activities USD 1000Before restatement (1 834 686)Impact of restatement (141 532)After restatement (1 976 218)Restatement of overlift/underlift of NGL lifted at the K\u00e5rst\u00f8 terminalV\u00e5r Energi has corrected calculation of overlift/underlift of NGL lifted at the K\u00e5rst\u00f8 terminal due to data quality issues in allocation of liftings at field level. Overlift/underlift of NGL from the fields that are lifted at the K\u00e5rst\u00f8 terminal is recognised at the net position of the company\u2019s total portfolio. This was previously calculated at field level. Restatement of overlift/underlift due to change in accounting principlesV\u00e5r Energi has elected to change its accounting policy for measurement of overlift to measure both overlift/underlift at cost as we believe this will provide more relevant information about financial performance and financial position of the Company. In addition, this change will also make V\u00e5r Energi more comparable to peer companies on the NCS. In prior reporting periods, the overlift was recognised for the fair value / sale price while the underlift was measured at the lower of production cost and sale price.Comparative figures have been restated accordingly and the impact on relevant comparison periods is included in the table below.Restating impact on Balance Sheet Statement USD 1000 Note 01 Jan 2021 31 Dec 2021Underlift before restatement 142 257 189 105Impact of restatement (67 948) (78 888)Underlift after restatement 20 74 309 110 217Overlift before restatement 166 175 317 605Impact of restatement (121 034) (276 428)Overlift after restatement 27 45 142 41 177Equity before restatement 1 854 877 1 472 369Impact of restatement 11 679 43 459Equity after restatement 1 866 556 1 515 828Deferred tax before restatement 7 342 952 7 799 594Impact of restatement 41 407 154 082Deferred tax after restatement 12 7 384 359 7 953 676Restating impact on Statement of Comprehensive Income USD 1000 Note 2021Adjustment of (over)/under lift before restatement (116 947)Impact of restatement 148 960Adjustment of (over)/under lift after restatement 6 32 013Income tax (expense) / income before restatement (1 876 143)Impact of restatement (116 188)Income tax (expense) / income after restatement 12 (1 992 331)Earnings per share before restatement 0.25Impact of restatement 0.01Earnings per share after restatement 0.26Impact of restatement include both NGL correction and change in accounting policy for measurement of overlift.Difference between impact in P&L vs. change in equity is related to translation effects.Note 4 Segment informationV\u00e5r Energi operates within the geographical area Norway and the business is entirely related to exploration for and production of petroleum in Norway. V\u00e5r Energi\u2019s activities are considered to have a homogeneous risk and return profile before tax. V\u00e5r Energi operates within a single operating segment which matches the internal reporting to the executive management. Note 5 IncomePetroleum revenues USD 1000 EU/UK Norway 2022 2021Revenue from crude oil sales 4 669 095 4 669 095 3 448 157Revenue from gas sales 4 423 340 308 942 4 732 282 2 227 332Revenue from NGL sales 365 029 14 137 379 166 367 885Total petroleum revenues 9 457 464 323 079 9 780 543 6 043 375Sales of crude (boe 1000) (unaudited) 45 923 49 006Sales of gas (boe 1000) (unaudited) 27 115 28 011Sales of NGL (boe 1000) (unaudited) 5 796 8 180Other operating income (USD 1000) 2022 2021Gain/(loss) from sale of assets 300 2 232Partner share of lease cost 13 529 8 001ExxonMobil settlement 10 882 -Other operating income 22 377 19 124Total other operating income 47 088 29 357Increase of other operating income mainly reflect final settlement with ExxonMobil related to the 2019 business combination. Note 6 Production costsRestated USD 1000 20222021Cost of operations 701 441 688 120Transportation and processing 213 551 243 150Environmental taxes 122 988 101 658Insurance premium 48 786 46 466Production cost based on produced volumes 1 086 766 1 079 394Back-up cost shuttle tankers 19 245 33 148Changes in overlift/underlift 3 (2 411) (32 013)Premium expense for crude put options 21 39 540 60 492Production cost based on sold volumes 1 143 139 1 141 021Total produced volumes (boe 1000) (unaudited) 80 319 89 732Production cost per boe produced (USD/boe) (unaudited) 13.5 12.0The changes in overlift/underlift are due to timing of liftings vs. production.Note 7 Staff costs and remunerationUSD 1000 2022 2021Salary expenses 152 286 195 324Social security tax (incl. pension and social charges for foreign personnel) 29 766 25 262Pension cost, defined contribution scheme 14 298 14 976Other personnel expenses 8 216 4 945Total 204 567 240 508Average number of employees 960 921The share charged to partners in operated joint ventures amounted to USD 34 176 thousand (USD 41 306 thousand in 2021).V\u00e5r Energi has a defined contribution pension plan that satisfies the statutory requirements in the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). Contributions are paid to pension insurance plans and charged to the profit or loss in the period to which the contributions relate. Once the contributions have been paid, there are no further payment obligations.Employee share savings planV\u00e5r Energi ASA\u2019s share saving program gives employees the opportunity to buy shares in V\u00e5r Energi ASA for 5% of the base salary. If the shares are retained for two full calendar years with continuous employment after the end of the saving year, the employees will be awarded a bonus share for each share they have purchased. This will be settled by V\u00e5r Energi ASA buying shares in the market. The award is treated as equity settled. In 2022 employees subscribed for USD 4 195 thousand when V\u00e5r Energi was listed on the Oslo Stock Exchange 16 February 2022, and USD 2 908 thousand as a part of the share saving plan.Key management personnel compensation 2022 *USD 1000, except total number of Annual Payment in Long-term Total number Owing shares and owing interest Position SalaryVariable Pay** Otherkind Pension costsincentive planof sharesinterest 1Torger R\u00f8d Chief Executive Officer 682 333 338 2 101 203 107 784 -Rune Oldervoll EVP Exploration & Production 303 65 - 9 42 73 46 544 -EVP Project Development & Supply 2Atle Reinseth 81 21 68 1 20 - - -Chain Management 3Ingrid S\u00f8lvberg EVP Technology, Drilling & Subsurface - - - - - - - -Ove Andr\u00e8 \u00c5rdal SVP Commercial 252 74 - 8 80 62 23 792 - 4Tone Rognstad SVP People & Communication 223 76 130 2 36 63 29 434 -Aksel Luhr General Counsel 238 68 - 2 33 58 28 252 - 5Ellen W. Hoddell SVP Safety & Sustainability 34 46 - 1 8 51 11 947 - 6Stefano Pujatti Chief Financial Officer 453 73 - 40 - - -Ove Mikal Helle SVP Internal Audit 242 57 - 9 34 58 15 699 -Tor Tangvald VP internal Audit 261 70 - 2 102 - - - 7Charlotte Ved\u00f8 VP Corporate Services 201 43 - 8 54 - - - 8Alessandro Barberis VP Exploration 270 28 - 36 - - - - 9\u00d8rjan Jentoft VP Partner Operated Assets 272 57 - 8 17 - - - 10Bj\u00f8rn Thore Ribesen VP Field Development & Projects 288 61 - 8 18 - - - 11Annethe Gjerde VP Contract & Procurement 202 50 - 2 17 - - -Total compensation 4 000 1 121 537 139 562 568 263 45216 Other: as per prospectus - bonus paid by successful IPO 2022 Expatriated from ENI SPA27 Employed since October 2022. Other: as per contract - compensation for documented loss Left the Executive Management group October 2022, compensation prorated for 20228of bonus with previous employer Expatriated from ENI SPA. Left the Executive Management group October 202239 Employed since December 2022 Left the Executive Management group October 2022, compensation prorated for 2022410 Employed 01.01.2022. Other: as per contract - compensation for documented loss of bonus Left the Executive Management group October 2022, compensation prorated for 202211with previous employer Left the Executive Management group October 2022, compensation prorated for 20225 Appointed in November 2022* Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rate** Numbers represent actual bonus earned in 2022Key management personnel compensation 2021 *USD 1000, except total number of shares and Annual Variable Long-term Total number owing interest Position SalaryPay** Other Payment in kind Pension costsincentive planof shares Owing interest 1Torger R\u00f8d Chief Executive Officer 369 343 - 1 66 - - - 2Kristin Kragseth Chief Executive Officer 425 - - 3 41 - - - 3Stefano Pujatti Chief Financial Officer 406 81 - - - - - -Rune Oldervoll Vice President Operations 333 116 - 8 45 - - -Ove Andr\u00e9 \u00c5rdal Vice President Commercial 275 110 - 7 85 - - - 4Alessandro Barberis Vice President Exploration 127 31 - - - - - - 5Denis Palermo Vice President Exploration 205 - - - - - - -\u00d8rjan Jentoft Vice President Partner Operated Assets 338 127 - 8 49 - - -Annethe Gjerde Vice President Contracts & Procurement 257 93 - 2 36 - - -Bj\u00f8rn Thore Ribesen Vice President Field Development & Projects 394 124 - 8 52 - - -Aksel Luhr General Counsel 262 92 - 2 36 - - -Charlotte Ved\u00f8 Vice President Corporate Services 261 93 - 9 85 - - -Ove M. Helle Vice President Safety & Sustainability 265 93 - 2 36 - - -Tor B. Tangvald Vice President Internal Audit 290 101 - 2 111 - - -Total compensation 4 208 1 404 - 51 643 - - -1 Employed since June 2021.2 Employed until end of May 20213 Paid by Eni S.p.A. Inpat on shadow payroll \u2013 figures are based on contract. Amount is gross paid. Pension is handled by Eni S.p.A.4 Seconded from Eni S.p.A to V\u00e5r Energi since September 2021.5 Employed until end of October 2021, figures are based on contract. Amount is gross paid. Pension is handled by EIRL (Eni International Resources Ltd)* Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rate.** Numbers represent actual bonus earned in 2021.*Board of Directors remuneration 2022 Safety & Board of Sustainability Remuneration USD 1000 PositionDirectors Audit CommitteeCommitteeCommittee SumThorhild Widvey Chair Board of Directors, Chair Safety & Sustainability Com. 96 - - 7 1031Liv Monica Bargem Stubholt Deputy Chair Board of Directors, Chair Audit Committee 45 23 - - 682Francesco Gattei Board of Directors - Elected by Eni - - - - -2Gudio Brusco Board of Directors - Elected by Eni - - - - -2Clara Andreoletti Board of Directors - Elected by Eni - - - - -2Marica Calabrese Board of Directors - Elected by Eni - - - - -Ove Gusevik Board of Directors member 45 14 - - 59Fabio Ignazio Romeo Board of Directors member 45 - 14 - 59Jan Inge Nesheim Board of Directors - Employee representative 26 - 4 - 30Martha Skj\u00e6veland Board of Directors - Employee representative 26 - - 4 30Bj\u00f8rn Nysted Board of Directors - Employee representative 26 4 - - 30Hege Susanne Bl\u00e5sternes Board of Directors - Employee representative 26 - 4 - 30Total compensation 336 40 21 10 4081 Paid to Advokatfirmaet Selmer AS2 Directors elected by Eni shall not receive any remuneration* Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rateIn 2021 none of the members of the Board of Directors, including the chair received any remuneration from V\u00e5r Energi for their responsibility as a Director.V\u00e5r Energi has made arrangements to provide subsidised loans to local employ-ees. No other loans, guarantees or other commitments have been granted to any member of the Board or to any member of the Management.The CEO and other members of Executive Management have a termination period of 6 months. Upon termination of employment initiated by the Company, the CEO is entitled to a severance pay of 12 months. Other members of Executive Management are normally entitled to six months\u2019 severance pay. No other employee has entered into employment agreements which provide for any special benefits upon termination. None of the Board members has a service contract and none will be entitled to any benefits upon termination.V\u00e5r Energi has a bonus scheme for all employees calculated according to achieved objectives. In addition to bonus based on the general element, Management can receive an additional bonus if certain KPI targets are met (the KPI element) and on individual performance (the individual element). The Management takes part in the general pension plan as described in this note. In addition, V\u00e5r Energi has, on an administrative basis, established an arrange-ment granting a 15% deposit of salary above 12G. \u201cG\u201d is the bacic amount in the National Insurance Scheme. As of 1 May 2022 1G was USD 11.91 thousand.Guidelines and adherence to the guidelines for management compensationThe Board makes guidelines for executive remuneration, including the CEO\u2019s remuneration and other terms and conditions of employment. These guide-lines set out the main principles applied in determining the salary and other remuneration of executive personnel and are addressed as a separate item at the General Meeting.In 2022, the Company`s remuneration policy has been in accordance with the guidelines of remuneration decided by the Annual General Meeting 4 May 2022. Note 8 Auditor\u2019s feeUSD 1000 2022 2021Statutory audit 545 445Other attestations and quarterly reviews 1 051 4341Other services 104 70Reinvoiced to Eni S.p.A. (68) -Total fee 1 631 9491 Services other than audit in 2022 provided by the auditors mainly related to non-financial process improvement activities. In 2021 services other than audit provided by the auditors mainly related to project support and assistance to offshore operations department and non-financial process improvement activities.Note 9 Other operating expensesUSD 1000 Note 2022 2021R&D expenses 31 535 32 183Pre-production costs 24 761 20 612Guarantee fee decommissioning obligation 28 22 190 22 138Administration expenses 8 26 331 26 499Other expenses 32 905 9 051Total other operating expenses 137 721 110 483Other expenses include disposal of the Brasse licences in 4Q 2022. Note 10 Exploration expenses USD 1000 Note 2022 2021Seismic 4 741 2 989Area Fee 7 861 9 762Dry well expenses 13 30 600 5 887Other exploration expenses 28 861 38 501Total exploration expenses 72 063 57 138Dry well expenses in 2022 are mainly related to the wells PL901 7122/6-3 S R\u00f8dhette, PL209 6305/5-C-3 H Ormen Lange Deep, the 34/4-18 S Statfjord Kile Well and the PL124 6507/8-11 Othello North.Note 11 Financial itemsUSD 1000 Note 2022 2021Other financial income 10 011 14 043Interests on debts and borrowings 17 (129 782) (143 462)Interest on lease debt (9 312) (7 819)Capitalised interest cost, development projects 130 974 49 034Amortisation of fees and expenses (17 801) (73 495)Accretion expenses (asset retirement obligation) 25 (94 243) (94 733)Other financial expenses (5 737) (13 056)Net financial income / (expenses) (115 889) (269 489)Unrealised exchange rate gain / (loss) (81 175) (558 940)Realised exchange rate gain / (loss) (315 864) 416 570Net exchange rate gain / (loss) (397 039) (142 371)Net financial items (512 929) (411 859)Increase of capitalised interest cost in 2022 is mainly due to increased interest rate after refinancing in November 2022 with USD 2 000 million in bond financing.V\u00e5r Energi\u2019s functional currency is NOK, whilst interest bearing loans and bonds are in USD. A down payment of USD 2 500 million on the bridge facility was completed in 2022 causing a realised exchange rate loss of USD 282 million. Note 12 Income TaxesRestated USD 1000 20222021Current period tax payable / (receivable) 3 851 161 1 147 119Prior period adjustments to current tax 20 828 15 917Current tax expense / (income) 3 871 989 1 163 036Deferred tax expense / (income) 1 047 499 829 295Tax expense / (income) in profit and loss 4 919 489 1 992 331Effective tax rate in % 84% 75%Tax expense / (income) in put option used for hedging (341) 1 965Tax expense / (income) in total comprehensive income 4 919 148 1 994 296The tax calculation in 2022 is based on the new cash flow based petroleum tax legislation, enacted by the Norwegian Parliament in June 2022 with effect from 01.01.22. The main feature of the new legislation is that investments from 1 January 2022 can be expensed when incurred for special petroleum tax purposes, replacing the 6 years depreciation. The uplift deduction will be discontinued for investment not covered by the temporary 2020 tax regime.Restated Reconciliation of tax expense Tax rate 20222021Marginal (78%) tax rate on profit / loss before tax 78.0% 4 567 829 2 064 416Tax effect of uplift 71.8% (211 687) (377 467)Impairment of goodwill 78.0% 184 022 158 3881Tax effects of items taxed at other than marginal (78%) tax rate 56.0% 314 393 136 7922Tax effects of new legislation on other items 50 885 -Other permanent differences, prior period adjustments and change in estimates of uncertain tax positions 78.0% 14 047 10 202Tax expense / (Income) 4 919 489 1 992 3311 The effects of items taxed at other than marginal (78%) tax rate are mainly impacted by fluctuation in currency exchange rate on the company\u2019s external borrowings and working capital.2 Tax effects in 2022 of USD 50.9 million related to an updated valuation allowance for lack of statutory tax deduction at effective rate 6.204% related to abandonment without anticipated tax shield.Temporary timing differences at end of period 2022 2021Tangible fixed assets 9 787 501 10 919 602Capitalised exploration cost 225 287 199 981Other intangible assets 93 515 104 520Abandonment obligation (3 274 814) (3 357 278)Financial instruments over OCI (21 339) (21 932)Other 141 719 137 112Basis for deferred ordinary taxes 6 951 868 7 982 004Uplift recognised as part of business combinations - (19 607)Additional depreciation for special tax 4 288 592 3 304 522Temporary differences not relevant for special tax (110 830) (199 716)Ordinary tax deductible for special tax (2 010 081) -Basis for deferred special taxes 9 119 549 11 067 205Ordinary tax 22.0% (1 529 411) (1 756 041)1Special tax 71.8% / 56.0% (6 547 836) (6 197 635)Valuation allowance for lack of statutory tax deduction at effective rate 6.2%r elated to abandonment (50 724) -Net deferred tax asset / (liability) as of closing balance (8 127 971) (7 953 676)Breakdown of tax effect on temporary differences 2022 2021Tangible fixed assets (10 353 775) (10 320 384)Capitalised exploration cost (175 733) (155 985)Other intangible assets (72 945) (81 526)Abandonment obligation 2 503 762 2 618 677 Lease liabilities 165 873 246 074 Financial instruments over OCI 4 695 4 825 Other Provisions (199 848) (265 357)Net deferred tax asset / (liability) as of closing balance (8 127 971) (7 953 676)1 In the new tax regime (enacted June 2022), the formal corporate tax rate is 22%, whereas the special tax rate is 71.8%. However, since the corpo-rate tax may be deducted in the special tax base, the effective corporate tax is only 6.204%. Thus, the overall combined tax rate remains stable at 78% (from 2022 increasing somewhat to 78.004%).Deferred tax asset / (liability) 20222021Deferred tax asset / (liability) at beginning of period (7 953 676) (7 384 359)Current period deferred tax income / (expense) (1 047 499) (829 295)Deferred taxes recognised directly in OCI or equity 341 (1 965)Currency translation effects 872 864 261 944Net deferred tax asset / (liability) as of closing balance (8 127 971) (7 953 676)Calculated tax (payable) / receivable 2022 2021Tax (payable) / receivable at beginning of period (801 432) 506 349Current period payable taxes (3 851 161) (1 147 119)Payable taxes related to business combinations - 969Net tax payment / (tax refund) 2 686 852 (164 439)Prior period adjustments and change in estimate of uncertain tax positions (20 828) (15 917)Currency translation effects 208 347 18 726Net tax (payable) / receivable as of closing balance (1 778 222) (801 432)Note 13 Intangible assetsOther Capitalised intangible exploration USD 1000 Note Goodwillassetswells TotalCost as at 1 January 2021 5 175 509 107 732 113 327 5 396 567Additions - 295 104 318 104 613Additions through business combination 2 208 - - 2 208Reclassification - - (4 593) (4 593)Disposals / expensed exploration wells - - (5 887) (5 887)Currency translation effects (168 327) (3 507) (7 185) (179 019)Cost as at 31 December 2021 5 009 390 104 520 199 981 5 313 891Depreciation and impairment as at 1 January 2021 (2 354 669) - -(2 354 669)Provision for impairment reversal / (loss) (203 061) - - (203 061)Currency translation effects 80 238 - - 80 238Depreciation and impairment as at 31 December 2021 (2 477 492) - -(2 477 492)Net book value as at 31 December 2021 2 531 897 104 520 199 981 2 836 399Cost as at 1 January 2022 5 009 390 104 520 199 981 5 313 891Additions - - 77 050 77 050Disposals / expensed exploration wells 10 - - (30 600) (30 600)Currency translation effects (527 451) (11 005) (21 145) (559 601)Cost as at 31 December 2022 4 481 939 93 515 225 287 4 800 740Depreciation and impairment as 1 January 2022 (2 477 492) - -(2 477 492)Impairment loss 16, 33 (235 913) - - (235 913)Currency translation effects 250 980 - - 250 980Depreciation and impairment as at 31 December 2022 (2 462 426) - -(2 462 426)Net book value as at 31 December 2022 2 019 512 93 515 225 287 2 338 314Other intangible assets include exploration potentials acquired through business combinations and measured according to the successful efforts method.Note 14 Tangible assetsWells and Other property, production Facilities under plant and USD 1000 Notefacilitiesconstructionequipment TotalCost as at 1 January 2021 15 045 348 3 778 102 23 011 18 846 461Additions 867 496 1 595 281 17 521 2 480 298Estimate change asset retirement cost 25 (922 730) - - (922 730)Reclassification 114 861 (105 327) - 9 534Disposals (21 837) - - (21 837)Currency translation effects (465 561) (154 627) (1 183) (621 370)Cost as at 31 December 2021 14 617 577 5 113 429 39 350 19 770 356Depreciation and impairment as at 1 January 2021 (3 245 385) - (7 100) (3 252 485)Depreciation (1 663 998) - (6 951) (1 670 948)Impairment reversal / (loss) 202 079 - - 202 079Currency translation effects 139 536 - 380 139 916Depreciation and impairment as at 31 December 2021 (4 567 768) - (13 671) (4 581 439)Net book value as at 31 December 2021 10 049 809 5 113 429 25 679 15 188 917Cost as at 1 January 2022 14 617 577 5 113 429 39 350 19 770 356Additions 665 016 1 832 590 18 491 2 516 097Estimate change asset retirement cost 25 266 380 - - 266 380Reclassification 143 700 (29 043) - 114 657Disposals - (32 021) - (32 021)Currency translation effects (1 582 375) (577 449) (4 253) (2 164 077)Cost as at 31 December 2022 14 110 298 6 307 507 53 587 20 471 393Depreciation and impairment as at 1 January 2022 (4 567 768) - (13 671) (4 581 439)Depreciation (1 408 863) (74) (9 180) (1 418 117)Impairment reversal / (loss) 16, 33 (422 008) - - (422 008)Currency translation effects 510 825 1 1 583 512 408Depreciation and impairment as at 31 December 2022 (5 887 814) (73) (21 268) (5 909 156)Net book value as at 31 December 2022 8 222 484 6 307 434 32 319 14 562 237Capitalised interests for facilities under construction were USD 130 974 thousand in 2022 and USD 49 034 thousand in 2021.Rate used for capitalisation of interests was 3.8% in 2022 and 2.7% in 2021.Effective from 1 January 2022, V\u00e5r Energi has changed reserves classification system from U.S. Securities and Exchange Commission (SEC) to SPE-PRMS (Petroleum Resources Management System). The impacts in UOP-depreciation rates are limited with increased total proved reserves of 0.7%.Note 15 Right of use assetsRigs, helicopters and supply USD 1000 Officesvessels Warehouse TotalCost as at 1 January 2021 77 236 108 728 12 360 198 323Additions - 208 819 - 208 819Reclassification - (4 941) - (4 941)Currency translation effects (1 406) (8 423) 1 186 (8 643)Cost as at 31 December 2021 75 830 304 183 13 546 393 558Depreciation and impairment as at 1 January 2021 (8 806) (51 792) (3 880) (64 477)Depreciation (5 859) (25 531) (2 223) (33 613)Currency translation effects (1 042) 4 399 (393) 2 964Depreciation and impairment as at 31 December 2021 (15 707) (72 924) (6 496) (95 126)Net book value as at 31 December 2021 60 123 231 259 7 050 298 432Cost as at 1 January 2022 75 830 304 183 13 546 393 558Additions 4 081 2 596 - 6 677Reclassification - (73 006) - (73 006)Currency translation effects (13 178) (28 473) 1 610 (40 042)Cost as at 31 December 2022 66 732 205 300 15 155 287 188Depreciation and impairment as at 1 January 2022 (15 707) (72 924) (6 496) (95 126)Depreciation (4 091) (23 748) (2 010) (29 849)Provision for impairment reversal / (loss) - - - -Disposals - - - -Currency translation effects 2 115 10 486 609 13 211Depreciation and impairment as at 31 December 2022 (17 683) (86 186) (7 896) (111 765)Net book value as at 31 December 2022 49 049 119 114 7 259 175 423See note 29 for the lease liability.Note 16 ImpairmentImpairment testingImpairment tests of individual cash-generating units (CGUs) are performed quarterly when impairment triggers are iden-tified, and full impairment testing is performed annually. Impairment testing of fixed assets and related intangible assets, including technical and ordinary goodwill were performed as of 31 December 2022.Key assumptions applied for impairment testing purposes as of 31 December 2022 are based on V\u00e5r Energi\u2019s macroeco-nomic assumptions. Below is an overview of the key assumptions applied:PricesFuture price level is a key assumption and has significant impact on the net present value. The oil and gas prices are based on the forward curve for the next three-year period and from the fourth year the oil and gas prices are based on the com-pany\u2019s long-term price assumptions. V\u00e5r Energi\u2019s long term oil price assumption increased from 65 USD/BBL (real) per 31 December 2021 to 70 USD/BBL (real) per 31 December 2022 and long-term gas price assumption increased from 35.5 USD/BOE (real) per 31 December 2021 to 56.2 USD/BOE (real) per 31 December 2022.The nominal oil prices (USD/BBL) applied in the impairment tests are as follows:Year 31 Dec 2021 31 Dec 20222023 68.9 80.12024 68.1 75.52025 69.4 75.3The nominal gas prices (NOK/SM3) as applied in impairment tests are as follows:Year 31 Dec 2021 31 Dec 20222023 61.6 132.42024 40.6 106.02025 38.1 70.4Oil and gas reservesFuture cash flows are calculated based on expected production profiles and estimated proven, probable and risked possible reserves. Production (mmboe) per period as applied in the impairment test:Year 31 Dec 2021 31 Dec 20222023 - 2026 451 4352027 - 2031 325 3532032 - 2036 156 1632037 - 2041 83 832042 - 2054 59 62Future expenditureFuture capex, opex and abandonment cost are calculated based on the expected production profiles and the best estimate of the related cost.Discount rateThe discount rate is derived from the Company\u2019s weighted average cost of capital (\u201cWACC\u201d). The capital structure consid-ered in the WACC calculation is derived from the capital structures of an identified peer group and market participants with consideration given to optimal structures. The cost of equity is derived from the expected return from an investor of the Company. The cost of debt is based on the interest-bearing borrowings for a market participant specific to the assets acquired. The beta factors are evaluated annually based on publicly available market data about the identified peer group. The post tax nominal discount rate increased from 7.0% per 31 December 2021 to 8.0% per 31 December 2022.Currency ratesWhile there are inherent uncertainties in the assumptions, the foreign currency assumptions reflect management\u2019s best estimate of the foreign currency development over the life of the assets. The impairment testing per 31 December 2022 is using 9.50 NOK/USD for 2023 and 9.00 NOK/USD from 2024 onwards and 9.90 NOK/EUR for both short and long term. The currency rates used per 31 December 2021 were 8.50 NOK/USD and 9.90 NOK/EUR for both short and long term.InflationInflation rate on the functional currency NOK assumed per 31 December 2022 was 4.0% for 2023 and 2.0% from 2024 onwards. The long term inflation rate per 31 December 2021 was assumed to be 1.9%.Impairment testing of goodwillThe technical goodwill recognised in previous business combinations is allocated to each CGU for the purpose of impair-ment testing. Hence, technical goodwill is included in the impairment testing of the CGU, and the technical goodwill is written down before the asset. The carrying value of the CGU is the sum of tangible assets, intangible assets, technical goodwill and deferred taxes as of the assessment date. When deferred tax liabilities from the acquisitions decreases as a result of depreciation, more goodwill is exposed for impairment. This may lead to future impairment charges even though other assumptions remain stable as goodwill is not depreciated.The ordinary goodwill is tested for impairment on an operating segment level. If the net recoverable amount calculated as total of NPV less Net book value (NBV) for the offshore asset portfolio exceeds the carrying value of ordinary goodwill, no impairment is recorded.Impairment charge/reversalThe impairment testing for 2022 identified impairment to three CGUs; Balder Area (USD 640 million), Brage (USD 16 million) and Morvin (USD 2 million). The Balder impairment is mainly related to updated cost, schedule and production profile for the Balder X project.No impairment triggers for ordinary goodwill.Impairment allocatedCash generating unit Net carrying Recoverable Impairment/ Deferred tax (USD 1000)valueamountreversal (-) Goodwill PP&EimpactBalder Area 1 375 411 1 052 038 640 248 233 998 406 250 (316 875)Brage 4 075 608 15 758 - 15 758 (12 291)Morvin 13 209 11 293 1 916 1 916 - -Total 657 922 235 913 422 008 (329 166)Sensitivity analysisThe table below shows how the impairment or reversal of impairment of assets and technical goodwill would be affected by changes in the various assumptions, given that the remaining assumptions are constant. Change in impairment afterIncrease in Decrease in Assumption (USD 1000) ChangeassumptionassumptionOil and gas prices +/-25% (445 000) 3 407 000Production profile +/- 5% (64 000) 919 000Discount rate +/- 1% point 224 000 (190 000)The sensitivities are created for illustration purposes, based on a simplified method and assumes no changes in other input factors. Significant reductions are likely to result in changes in business plans, cut-offs as well as other factors used when esti-mating an asset\u2019s recoverable amount. Changes in such input factors would likely significantly reduce the actual impairment amount compared to the illustrative sensitivity above. The impact of the sensitivities is mainly related to the Balder Area.Climate related risksThe climate related risk assessment is generally described in the company\u2019s sustainability reporting and note 33 Climate Risk. Financial reporting and impairment testing includes a step up of CO2 tax/fees from current levels to approximately NOK 2 000 per ton in 2030. Scenarios from the International Energy Agency have been included in a sensitivity test as presented below. The price assumptions in those senarios have been provided by IEA at 2030 and 2050 in 2021 real terms. For the sensitivity calcula-tion, a linear development between spot price at year end 2022 and IEA price in 2030, as well as between 2030 and 2050 have been applied. The table below summarises how the impairment charge would increase (+) or decrease (-) using the oil and gas price assumptions in the following scenarios: Change in impairmentIEA Scenario (USD 1000) Net Zero Announced pledges Stated policiesBalder Area 2 265 000 (273 000) (420 000)Grane 110 000 - -Snorre 73 000 - -Other 2 000 (12 000) (18 000)Total 2 450 000 (285 000) (438 000)Scenario price ranges Oil USD/bbl Gas USD/mmbtuReal terms (USD 2021) 2030 2050 2030 2050Net Zero 35 24 4.6 3.8Announced Pledges 64 60 7.9 6.3Stated Policies 82 95 8.5 9.2Impairment testing in 2021The 2021 macro assumptions are shown in tables and text in this note. The 2021 impairments of USD 203 million were mainly related to revised baseline for sanctioned projects while the 2021 impairment reversals of USD 202 million were mainly related to higher price assumptions.The following impairments/reversals of impairments were recorded in 2021:Cash generating unit (USD 1000) Impairment goodwill Impairment reversalBalder Area 113 273 -Fenja 72 200 -Goliat - 137 410Tor - 39 790Other 17 588 24 879Total 203 061 202 079Note 17 Investment in shares and other non\u2011current assetsUSD 1000 Business Location Ownership 31 Dec 2022 31 Dec 2021Norpipe Oil AS Tananger, Norway 6.52% 155 173Tjeldbergodden Utvikling AS Kj\u00f8rsvikbugen, Norway 0.48% 61 68Ormen Lange Eiendom DA Tananger, Norway 6.34% 547 612Investment in shares 763 853Alve slot fee 532 1 809Total other non\u2011current assets 532 1 809The investments in shares are at historical cost. No adjustment to fair value due to the immaterial values. Other non-current assets mainly consists of slot fee prepayment, where Marulk is paying a fee to Alve for use of umbilical at Alve.Note 18 InventoriesUSD 1000 31 Dec 2022 31 Dec 2021Spare parts and drilling material 223 529 258 726Physical oil inventory 42 281 42 603Total inventory 265 811 301 329Note 19 Trade receivablesUSD 1000 Note 31 Dec 2022 31 Dec 2021Trade receivables - related parties 30 478 714 424 834Trade receivables - external parties 382 405 412 627Sale of trade receivables (64 802) (91 540)Total trade receivables 796 317 745 921V\u00e5r Energi has Credit Discount Agreements with several banks. Under the arrangements the ownership, including credit risk, of invoices for oil cargos sold are transferred to the respective banks, and the receivables to which the payments relate are derecognised from V\u00e5r Energi\u2019s balance sheet. Payments to the banks are made when V\u00e5r Energi receives payments from the customers. Trade receivables are presented net of payments received from the banks for the sold invoices, as V\u00e5r Energi has retained the right to receive payments from the customers and obligation to pay these cash flows to the banks without material delay, but only to the extent V\u00e5r Energi collects the payments from the customers. Note 20 Other current receivables and financial assetsRestatedUSD 1000 Note 31 Dec 202231 Dec 2021Underlift of hydrocarbons 3 101 889 110 217 Prepaid expenses 30 672 8 305 Brent crude put options - financial assets 21 14 805 17 407 Other 65 920 65 880 Total other current receivables and financial assets 213 286 201 809 Note 21 Financial instrumentsCapital managementFor the purpose of V\u00e5r Energi\u2019s capital management, capital includes equity attributable to the equity holders and current and non-current debt financing. The primary objective of the Company\u2019s capital management is to ensure that it maintains a solid balance sheet and investment grade credit rating in order to support its business and maximise shareholder valueThe Company manages its capital structure and makes adjustments in light of changes in economic conditions and planned activities in order to meet requirements of the financial covenants and support the Company\u2019s investment grade credit rating provided by Moody\u2019s and S&P. To maintain or adjust the capital structure, the Company may issue new or refinance existing debt using both bank loans or bonds, adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or sell assets. As part of the refinancing to an unsecured financing structure, obtaining external credit rating and the initial public offering, the Company\u2019s financial policies were reviewed and updated. In order to achieve this overall objective, the Company\u2019s capital management, amongst other things, aims to ensure that it meets financial covenants attached to its interest-bearing loans and borrowings that form part of its capital structure requirements. Breaches in the financial covenants would permit the bank to immediately call interest-bearing loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowings in the current or prior period. The Company monitors the leverage ratio using net interest bearing debt (NIBD) divided by rolling 12 months earnings before interest, tax, depreciation, amortisation and exploration expenses (EBITDAX). Net interest-bearing debt is defined as interest-bearing loans and borrowings less cash and short-term deposits.Please refer to note 24 for more details related to financial liabilities and borrowings.Risk ManagementV\u00e5r Energi recognises that effectively managing risks and opportunities is essential to the Company\u2019s long-term success and is a key enabler in achieving V\u00e5r Energi\u2019s strategic objectives. The Board of Directors is responsible for risk management as part of its role in providing strategic oversight and stewardship of the Company. This includes approving the annual budget and four-year business plan, evaluating risks to the delivery of the plan and agreeing financial and operational targets. Key strategic risks and opportunities are also reviewed quarterly by the Risk and Compliance Committee and on a regular basis by the Board.V\u00e5r Energi is subject to various controllable and uncontrollable risks associated with the nature of the oil and gas business operations. Companies operating in the oil and gas industry are exposed to a variety of operational, financial and external risks that may not be entirely possible to eliminate even with robust risk management routines and experiences.Operational risksThe Board of Directors recognises the risks associated with the Company\u2019s operational assets. The regulation of activities on the NCS provides a sound framework for handling these risks, and the Company takes an active and responsible approach as a partner. Future production of oil and gas is dependent on the Company\u2019s ability to find, or acquire, and develop reserves.Costs of development projects or exploration efforts are also uncertain. As a result of these risks, the Company may incur costs that could adversely affect the Company\u2019s financial position or its reputation as a player on the NCS. The Company intends to act as a sound, responsible and technically competent partner across the whole spectrum of activities in all its operations. V\u00e5r Energi works actively with our partners and has established mitigating actions to reduce the possibility of operational incidents occurring. Commodity price riskV\u00e5r Energi operates in the crude oil and natural gas market and fluctuations in hydrocarbon prices have a significant effect on the Company\u2019s revenues. Commodity price risk represent the Company\u2019s most important market risk. To manage this risk, V\u00e5r Energi protects cash flows from sale of crude oil through entering into commodity price hedging instruments and cash flows from sale of natural gas through entering into fixed price gas sales contracts. In order to reduce the risk related to oil price fluctuations, the Company has established an oil price hedging program for 2023 where 100% of planned after-tax volumes for oil have been hedged by acquiring monthly settled oil price put options. To align after-tax cash flows and adjust for different tax treatment of financial derivatives and the underlying oil production, 28% of the planned production volume is hedged. Approximately 19% of the Company\u2019s expected gas production in 2023 has been sold on fixed price terms as of 31 December 2022. An additional 5% of expected gas production for 2023 is sold at Gas Year Ahead basis where the price will be fixed by start of the Gas Year 2023, i.e. October 2023.Financial risksThe Company is exposed to market fluctuations in commodity prices, foreign exchange rates and interest rates. The main financial risks V\u00e5r Energi is exposed to are:\u2022 Fluctuation in foreign exchange rates due to currency mismatch between income and cost currencies, including tax payments\u2022 Fluctuation in interest rates leading to a fluctuation in finance costs\u2022 Funding and liquidity risk due to unavailability of funding, deposits or loss of income\u2022 Credit risk of customers and other counterpartiesCurrency riskV\u00e5r Energi is receiving proceeds in USD, EUR and GBP. The sale of crude oil is denominated in USD, whereas natural gas sales are mainly denominated in EUR with a minor part being denominated in GBP. Cash expenditures (OPEX, CAPEX, G&A and tax payments) are split between NOK, USD and EUR. Bonds and interest bearing loans are in USD. Currency risk is mainly linked to a change in the value of NOK vs USD and EUR. The main currency risk relates to debt denominated in USD, but also exposure to receivables and payables per year-end has been included in the below sensitivity tables. The table below shows the Group\u2019s main exposure in USD as of 31 December:Exposure (USD 1 000) 31 Dec 2022 31 Dec 2021Interest-bearing loans and bonds 3 000 000 4 853 649Receivables due in USD 385 841 368 423Receivables due in EUR 352 148 311 737Payables due in USD 53 453 49 7302 315 464 4 223 219The following table demonstrates the sensitivity to a reasonably possible change in the foreign exchange rate, with all other variables held constant, of the Company\u2019s profit before tax due to changes in the carrying value of monetary assets and liabilities at the reporting date. Exposure (USD 1 000)Effect on profit before tax for the Effect on profit before tax for the year ended 31 December 2022 year ended 31 December 2021 Increase/decrease in foreign exchange rate USD/NOKIncrease/(Decrease) Increase/(Decrease) 10% (231 546) (422 322)-10% 231 546 422 322Interest rate sensitivityInterest rate risk arises from the effects fluctuations in underlying market rates may have on future cash flows. At present, the main source of interest rate risk for V\u00e5r Energi is the floating interest rate in the interest-bearing loans and borrowings line items, namely the Bridge facility, see table in note 24, which as at year end 2022 amounted to USD 500 million. The following table demonstrates the sensitivity to a reasonable possible change in interest rates on the Company\u2019s profit before tax from the impact of changes in interest rates on floating rate borrowings with all other variables held constant. Note that the rate will never be lower than the margin, i.e. if the SOFR rate (Secured Overnight Financing Rate) + CAS (Compounded Reference Rate) is below zero, this will result in the interest rate being equal to the agreed margin, hence downward sensitivity has been set to -0.15% for 2021. For 2022 upward and downward sensitivity for 2022 has been set to 1%. In the current volatile economic environment reasonable possible changes could be significantly higher. A 2% sensitiv-ity would double the effect and a 3% would triple the effect. Exposure (USD 1 000)Effect on profit before tax for the Effect on profit before tax for the year ended 31 December 2022 year ended 31 December 2021 Increase/decrease in interest rateIncrease/(Decrease)Increase/(Decrease) 1.00% (5 000) (48 536)-1.00% 5 000-0.15% 7 280Liquidity riskThe Company\u2019s future capital requirements depend on many factors, and the Company may need additional funds to fulfil its commitments and further develop exploration and development programs to support the strategic direction of the Company. Liquidity risk is the risk that the Company will not be able to meet the obligations of financial liabilities when they become due. Risk levels are analysed by at least quarterly updates of cash flow projections for the strategic plan period and comparing with available liquidity during the period. Additional updates will be made if significant macroeconomic changes occur. The Company\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of credit facilities, bank loans and debt capital markets. See note 24 for an overview of available credit facilities and bonds issued.The table below shows the payment structure for the Company\u2019s financial commitments, based on undiscounted contrac-tual payments:Year ended 31 December 2022USD 1000 On demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total Interest-bearing loans - 523 747 - - - 523 747Bond USD Senior Notes- 155 000 180 0001 027 500 2 437 500 3 800 000Lease liabilities -99 312 - 104 79241 390 245 494- 778 059 180 000 1 132 292 2 478 890 4 569 241Year ended 31 December 2021USD 1000 On demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total Interest-bearing loans and borrowings - 45 263 3 159 085 1 435 376 - 4 639 724Deferred payment ExxonMobil 2022 - 333 149 - - - 333 149Lease liabilities 108 880 - 195 053 45 091 349 024- 487 292 3 159 085 1 630 429 45 091 5 321 897The long-term loans were refinanced in November 2021. The new loans are no longer using LIBOR interest rate as refer-ence. The reference rate for all existing long term loans are now SOFR (Secured Overnight Financing Rate).Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. V\u00e5r Energi is exposed to credit risk from its operating activities and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. In 2022 V\u00e5r Energi sold the crude oil to Eni and ExxonMobil trading entities and natural gas primarily to Eni trading entities and other major international oil and gas players. Towards the end of 2022, Eni became the sole offtaker of crude oil. We consider the risk related to Eni to be negligible. The Company only uses investment grade and highly reputable banks as counterparties. Based on this, credit risk is considered limited.The Company primarily sells to investment grade customers and have established procedures to assess credit risk. Payment performance is closely monitored for both license partners and customers. Overall, the credit risk is considered to be low based on the financial strenght of the counterparties and the procedures in place.Categories of financial assets and liabilitiesThe Company has the following categories of financial assets and liabilities: derivative financial assets and liabilities recognised at fair value through profit or loss, derivative financial assets and liabilities designated as accounting hedge instruments (cash flow hedges) for which the effective portion is recognised at fair value through other comprehensive income, accounts receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15, cash and cash equivalents measured at fair value, loans and borrowings and other liabilities measured at amortised cost.2022Financial assets/ liabilities at Cash, cash equivalents Financial liabilities Cash flow hedge USD 1000 Notefair value through profit and lossand receivables, payablesmeasured at amortised costfair value through OCI TotalAssetsTrade receivable 19 - 796 317 - - 796 317Investments in shares 17 763 - - - 763Cash and cash equivalents 22 - 444 607 - - 444 607Oil put options asset 20 - - - 14 805 14 805Other short term receivables 20 - 65 920 - - 65 920Total financial assets 763 1 306 843 - 14 805 1 322 411- - - - -Liabilities - - - - -Accounts payable - 368 589 - - 368 589Net payables to joint operations 27 - 378 167 - - 378 167Employees, accrued public charges and other payables 27 - 50 748 - - 50 748Deferred payment for option premiums 27 - - 36 143 - 36 143Bond USD Senior Notes 24 - - 2 500 000 - 2 500 000Bridge credit facility 24 - - 500 000 - 500 000Prepaid loan and bond expenses 24 - - (47 411) - (47 411)Total financial liabilities - 797 504 2 988 732 - 3 786 2362021Financial assets/ liabilities at Cash, cash equivalents Financial liabilities Cash flow hedge USD 1000 Notefair value through profit and lossand receivables, payablesmeasured at amortised costfair value through OCI TotalAssetsTrade receivable 19 - 745 921 - - 745 921Investments in shares 17 853 - - - 853Cash and cash equivalents 22 - 223 588 - - 223 588Oil put options asset 20 - - - 17 407 17 407Other short term receivables 20 - 65 880 - - 65 880Total financial assets 853 1 035 389 - 17 407 1 053 649- - - - -Liabilities - - - - -Accounts payable - 422 155 - - 422 155Net payables to joint operations 27 - 408 426 - - 408 426Employees, accrued public charges and other payables 27 - 5 314 - - 5 314Deferred payment for option premiums 27 - - 39 339 - 39 339Bridge and working capital facility 24 - - 4 520 500 - 4 520 500Prepaid loan expenses 24 - - (27 074) - (27 074)Deferred payment ExxonMobil 2022 24 333 149 - - - 333 149Total financial liabilities 333 149 835 895 4 532 765 - 5 701 809Fair ValueManagement assessed that the fair values of cash and short-term deposits, trade receivables, trade payables, bank over-drafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Derivative assets and liabilities are, as described above, measured at fair value. And they have been deter-mined to constitute level 2 fair value measurements. Investment in shares (in the fair value through profit or loss category) are measured at fair values using level 3 fair value estimates. See below discussion related to fair value hierarchy. Carrying amounts of long term floating rate loans are assumed to approximate fair value due to short term interest rate periods. See below table for a comparison of carrying amounts of bonds measured at amortised cost with the fair value based on trading values:Financial liabilities Fair value based on trading 1USD 1000 Notemeasured at amortised costat Year End Bond USD Senior Notes 24 2 500 000 2 525 800Prepaid expenses bond 24 (36 420) -Total 2 463 580 2 525 8001 Year End meaning closest to 31 December 2022Derivative financial instrumentsThe Company uses derivative financial instruments, such as Brent crude put options to hedge its commodity price risks. As of 31 December 2021 and 2022, the Company had the following volumes of Brent crude oil put options in place and with the following strike prices:Volume (no of put options outstanding at balance sheet date) Hedging instrumentsin thousands (BBL) Excercise price (USD per BBL)Brent crude oil put options 31 Dec 2021, exercisable in 2022 14 349 47 Brent crude oil put options 31 Dec 2022, exercisable in 2023 14 038 50 Brent crude put options - financial assetsUSD 1 000 2022 2021The beginning of the period 17 407 26 354New Brent crude put options 36 143 39 339Change in fair value (38 745) (48 286)The end of the period 14 805 17 407As of 31 December 2022, the fair value of outstanding Brent Crude oil put options amounted to USD 14 805 thousand. Unrealised gains and losses are recognised in OCI. Note that the cost price (option premium agreed at the inception of the contracts) for the options is paid at the time of realisation (time of exercise or expiration) and that this deferred payment is presented as current liabilities in the balance sheet, see below table. Brent crude put options \u2013 deferred premiumsUSD 1 000 Note 2022 2021The beginning of the period (39 339) (58 263)Settlement 6 39 540 60 492New Brent crude put options (36 143) (39 339)FX-effect (200) (2 229)The end of the period (36 143) (39 339)All outstanding put option contracts at 31 December 2022 are due to expire in 2023. The full intrinsic value (\u201cin the money value\u201d) of the options at the time of expiry, if any, has been presented in petroleum revenues. No gain included in petroleum revenue for 2021 and 2022. The premiums paid for the put options of USD 58 263 thousand in 2021 and USD 39 339 thousand in 2022 have been accounted for as cost of hedging and recycled from OCI to the profit or loss in the period in which the hedged revenues were realised, and presented as production costs.Change in Hedge ReserveUSD 1000 2022 2021The beginning of the period (21 932) (31 908)Realised cost of hedge 39 339 58 262Change in fair value (38 745) (48 286)The end of the period (21 338) (21 932)End of period 2022 after tax balance is USD 16 644 thousand.Reconciliation of liabilities arising from financing activitiesThe table below shows a reconciliation between the opening and the closing balances in the statement of financial posi-tion for liabilities arising from financing activities.Non-cash changesAmortisation/ USD 1000 31 Dec 2021 Cash flows Accretion Currency Other 31 Dec 2022Long-term interest-bearing debt 4 520 500(4 020 500)- - (500 000) -Short-term interest-bearing debt - - - - 500 000 500 000Bond USD Senior Notes - 2 500 000 - - - 2 500 0001Deferred payment ExxonMobil 333 149 (300 000) 18 091 1 095 (52 335) -Prepaid loan expenses (27 074) (36 477) 17 801 1 320 (2 981) (47 411)Totals 4 826 575(1 856 977)35 892 2 415 (55 316) 2 952 5891 USD 352.335 thousand was paid to ExxonMobil 30 December 2022 (USD 300.000 thousand plus interest).Non-cash changesAmortisation/ USD 1000 31 Dec 2020 Cash flows Accretion Currency Other 31 Dec 2021Long-term interest-bearing debt - 4 520 500 - - - 4 520 500Long-term interest-bearing debt (RBL) 5 335 000(5 335 000)- - - -Deferred payment ExxonMobil 320 490 - 12 659 - - 333 149Prepaid loan expenses (71 939) (26 396) 73 495 (2 234) - (27 074)Totals 5 583 551 (840 896) 86 154 (2 234) - 4 826 575Fair value hierarchyThe fair value of the financial instruments is included at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair values:The Company enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives measured using valuation techniques with market observable inputs are mainly commodity option contracts. The most frequently applied valuation techniques include forward pricing and swap models that use present value calculations. The models incorporate various inputs including the credit quality of coun-terparties and forward rate curves of the underlying commodity. As at 31 December 2022, the marked-to-market value of derivative asset positions is net of a credit valuation adjustment attributable to derivative counterparty default risk. The changes in counterparty credit risk had no material effect on financial instruments recognised at fair value.All assets and liabilities, for which fair value is measured or disclosed in the financial statements, are categorised within the fair value hierarchy, described as follows, based on the lowest-level input that is significant to the fair value measurement as a whole:\u2022 Level 1 input in the form of listed (unadjusted) prices in active markets for identical assets or liabilities.\u2022 Level 2 \u2014 input other than listed prices of assets and liabilities included in Level 1 that is observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022 Level 3 \u2014 input for assets or liabilities for which there is no observable market data (non-observable input).Note 22 Cash and cash equivalentsUSD 1000 31 Dec 2022 31 Dec 2021Bank deposits, unrestricted 434 693 214 133Bank deposit, restricted, employee taxes 9 914 9 454Total bank deposits 444 607 223 588Note 23 Share capital and shareholdersV\u00e5r Energi ASA was listed on the Oslo Stock Exchange 16 February 2022, and as a consequence of this, company bylaws, voting rights and composition of the board was changed.In 2021, the share capital was 399 425 shares at par value NOK 1 000. Every share had equal voting rights, one share corresponded to one vote.As of 31 December 2022, the total share capital of the Company is USD 45 972 thousand or NOK 399 425 thousand. The share capital is divided into 2 496 406 246 ordinary shares and four Class B shares. Each share has a nominal value of NOK 0.16. The ordinary shares represent NOK 399 424 999.36 of the total share capital, while the Class B shares represent NOK 0.64 of the total share capital.All shares rank pari passu and have equal rights in all respect, including with respect to voting rights and dividends and other distributions, except from the class B shares. 4 members to the board, will be elected by the general meeting with a simple majority among the votes cast for Class B shares. Such number to be reduced if the holder of the Class B shares holds less shares of the Company.Earnings per share are calculated by dividing the net result attributable to shareholders by the number of shares after the listing on Oslo Stock Exchange. The calculation for all periods presented have been adjusted retrospectively to the new number of shares. V\u00e5r Energi ASA\u2019s share saving program gives employees the opportunity to buy shares in V\u00e5r Energi ASA through monthly salary deductions. If the shares are retained for two full calendar years with continuous employment after the end of the saving year, the employees will be awarded a bonus share for each share they have purchased. This will be settled by V\u00e5r Energi ASA buying shares in the market. The award is treated as equity settled, hence it will not affect earnings per share.USD 1000 2022 2021Profit for the year attributable to ordinary equity holders 936 402 654 356Number of shares after the listing on Oslo Stock Exchange (in thousand) 2 496 406 2 496 406Earnings per share in USD 0.38 0.26Earnings per share in USD diluted 0.38 0.26Overview of the 20 largest shareholders Number of shares registered as of 31 December 2022 Type of account(in 1000) Owing interestENI INTERNATIONAL BV Ordinary 1 574 616 63.1%POINT RESOURCES HOLDING AS Ordinary 517 636 20.7%JPMorgan Chase Bank, N.A., London Nominee 42 817 1.7%FOLKETRYGDFONDET Ordinary 18 822 0.8%JPMorgan Chase Bank, N.A., London Nominee 15 688 0.6%GEVERAN TRADING CO LTD Ordinary 12 763 0.5%State Street Bank and Trust Comp Nominee 11 883 0.5%VERDIPAPIRFONDET ALFRED BERG GAMBA Ordinary 9 420 0.4%JPMorgan Chase Bank, N.A., London Nominee 9 119 0.4%JPMorgan Chase Bank, N.A., London Nominee 8 132 0.3%State Street Bank and Trust Comp Nominee 7 742 0.3%DANSKE INVEST NORSKE INSTIT. II. Ordinary 7 570 0.3%The Bank of New York Mellon SA/NV Nominee 5 829 0.2%VERDIPAPIRFONDET KLP AKSJENORGE IN Ordinary 5 756 0.2%UBS Switzerland AG Nominee 4 805 0.2%VERDIPAPIRFONDET DNB NORGE Ordinary 4 677 0.2%PARETO INVEST NORGE AS Ordinary 4 581 0.2%The Bank of New York Mellon SA/NV Nominee 4 156 0.2%VERDIPAPIRFONDET ALFRED BERG AKTIV Ordinary 3 453 0.1%VERDIPAPIRFONDET ALFRED BERG NORGE Ordinary 3 287 0.1%OTHER 223 654 9.0%Total number of shares 2 496 406 100%Note 24 Financial liabilities and borrowingsInterest-bearing loans and borrowingsUSD 1000 Coupon/ Int. Rate Maturity 31 Dec 2022 31 Dec 2021Bond USD Senior Notes (22/27) 5.00% 500 000 -Bond USD Senior Notes (22/28) 7.50% 1 000 000 -Bond USD Senior Notes (22/32) 8.00% 1 000 000 -Bridge facility 1.00%+SOFR +CAS Nov 2023 500 000 3 000 000RCF Working capital facility 1.08%+SOFR +CAS Nov 2024 - 1 420 500RCF Liquidity facility 1.13%+SOFR +CAS Nov 2026 - -RCF Credit facility 1.13%+SOFR +CAS Mar 2023 - 100 000Deferred payment ExxonMobil - 333 149Prepaid loan expenses (47 411) (27 074)Total interest\u2011bearing loans and borrowings 2 952 589 4 826 575Of which current and non-current:Interest-bearing loans, current 500 000 333 149Interest-bearing loans and bonds, non-current 2 452 589 4 493 426Credit facilities - utilised and unused amountUSD 1000 31 Dec 2022 31 Dec 2021Drawn amount RCF credit facility 500 000 4 520 500 1Undrawn amount credit facilities 3 600 000 2 079 500 1 Where current share is USD 600 million as of 31 December 2022In 2022, V\u00e5r Energi ASA made three issuances of senior notes in the US debt capital markets. The inaugural issue of USD 500 million of 5% Senior Notes due in May 2027 was made on 18 May 2022. On 15 November 2022 V\u00e5r Energi ASA issued USD 1000 million of 7.5% Senior Notes due in January 2028 and USD 1000 million of 8.0% Senior Notes due in November 2032. The senior notes are registered on the Luxembourg Stock Exchange (\u201cLuxSE\u201d) and coupon payments are made semi-annually. The proceeds have been used for partial repayment of the bridge facility. The senior notes have no financial covenants. As of 31 December 2022, V\u00e5r Energi\u2019s senior unsecured facilities agreement entered into with a group of 12 international banks contains of three separate facilities amounting to USD 3.5 billion; (1) bridge to bond facility of USD 500 million which including extension options at the borrower\u2019s discretion has a final maturity 1 November 2023, (2) working capital revolving credit facility of USD 1.5 billion maturing 1 November 2024 and (3) liquidity facility of USD 1.5 billion maturing 1 Nov 2026. The facilities have no amortisation structure and all amounts outstanding fall due at maturity. The facilities have covenants covering leverage (net interest-bearing debt to 12 months rolling EBITDAX not to exceed 3.5) and interest coverage (EBITDA to 12 months rolling interest expenses shall exceed 5) which will be tested at the end of each calendar quarter.The interest rate payable for each of the facilities is determined by timing and the company\u2019s credit rating taking the aggregate of the Secured Overnight Financing Rate (SOFR) and the Credit Adjustment Spread (CAS) and adding the appli-cable margin for the present period as shown in the table above.Deferred payment to ExxonMobil is part of the consideration for the 2019 acquisition of ExxonMobil\u2019s ownership interests in Partner-Operated fields and licenses on the Norwegian Continental Shelf and was fully repaid in 2022 in accordance with the sales and purchase agreement.Note 25 Asset retirement obligationsUSD 1000 2022 2021Beginning of period 3 297 176 4 286 451Change in estimate 266 380 (922 730)Accretion of discount 94 243 94 733Payment for decommissioning of oil and gas fields (70 318) (70 418)Currency translation effects (371 343) (90 860)Total asset retirement obligations 3 216 138 3 297 176Short-term 60 012 61 536Long-term 3 156 126 3 235 640Breakdown by decommissioning period 2022 20212022-2030 339 511 269 5342031-2040 1 721 737 1 989 4562041-2057 1 154 890 1 038 186Change in estimate include updated discount rates and revised cost estimates.The estimate is based on executing a concept for abandonment in accordance with the Petroleum Activities Act and inter-national regulations and guidelines. The calculations assume inflation rates of 4.0% in 2023 and 2.0% from 2024 onwards and discount rates between 3.1% - 3.2% per 31 December 2022. For year end 2021 the inflation rates were 1.8% \u2013 2.3% and the discount rates between 1.15% - 3.0%. The discount rates are based on risk-free interest without addition of credit margin.Payment for decommissioning of oil and gas fields (abex) is mainly related to Balder Area (USD 35 300 thousand com-pared to USD 29 054 tousand in 2021 ), Ekofisk/Tor (USD 22 000 thousand compared to USD 39 693 tousand in 2021) and \u00c5sgard (USD 12 600 thousand compared to USD 5 228 tousand in 2021).Note 26 Other non\u2011current liabilitiesUSD 1000 Note 31 Dec 2022 31 Dec 2021Contingent consideration 28 76 950 78 187Deferred gain 9 259 10 852Removal provision Gassled 25 70 336 73 832Total other non\u2011current liabilities 156 544 162 870Deferred gain relates to the 2017 transaction of the office buidling located in Grenseveien 6, 4313 Sandnes. Point Resources AS sold the shares in ExxonMobil Property Norway AS and immediately entered into a finance lease for the office building. The excess of sales proceeds is deferred and amortised over the lease term (20 years).Note 27 Other current liabilitiesRestatedUSD 1000 Note 31 Dec 202231 Dec 2021Overlift of hydrocarbons 3 37 961 41 177Net payables to joint operations 378 167 408 426Employees, accrued public charges and other payables 50 748 5 314Deferred payment for option premiums - oil puts 21 36 143 39 339Total other current liabilities 503 019 494 256The liability for oil put options relates to cost of oil put options that under the purchase agreement is due for payment at the time of settlement of the option (exercise/expiry) and is not a measure of fair value.Note 28 Commitments, provisions and contingent considerationOther contractual obligationsMinimum work programsV\u00e5r Energi is required to participate in the approved work programs for the licences. Together with the licence partners there is also an obligation to participate in exploration wells according to the license agreements. Remaining drilling commitments at 31 December 2022 are eight wells, with an estimated cost of USD 95 995 thousand.CommitmentsV\u00e5r Energi has entered into contractual commitments to secure planned activities. The numbers disclosed in the table below, represents V\u00e5r Energi\u2019s share of capital and operation expenditures from its participation in operated and non-operated exploration, development and production projects, as well as corporate activities. The current main development projects are Johan Castberg, Balder Future and Breidablikk. The table below excludes contracts reported as lease, as disclosed in note 29 Lease agreements.USD 1000 31 Dec 2022 31 Dec 2021Within one year 272 660 266 234After one year but not more than five years 80 366 199 463More than five years 2 738 3 273Total commitments other than leases 355 764 468 970Liability for damages/insuranceV\u00e5r Energi\u2019s operations involve risk for damages, including pollution. Installations and operations are covered by an operations insurance policy.GuaranteesV\u00e5r Energi has contingent liabilities in respect of agreements with pipeline and processing companies, whereby it may be required to provide such companies with additional funds against future transportation and processing of petroleum liquids and natural gas delivered by V\u00e5r Energi to these companies.Eni International B.V. has issued a guarantee to ExxonMobil for the seller\u2019s subsidiary removal cost obligations per Norwegian Law, in connection with V\u00e5r Energi\u2019s asset acquisitions from ExxonMobil in 2017 and 2019. V\u00e5r Energi pays and expenses an annual fee to Eni International B.V, see note 9. The total estimated net present value of the fee payments as of 31 December 2022 is USD 257 000 thousand, with a payment profile that is reduced according to the payment profile of decommissioning of asset acquired from ExxonMobil in 2017 and 2019.Provisions and ContingenciesAs part of the purchase agreement between Point Resources AS and ExxonMobil in 2017, Point Resources AS agreed to pay a contingent consideration related to possible development of the Forseti structure. The total consideration shall in no event exceed USD 110 000 thousand, and will be paid on the earlier of 1 March 2024 and completion of the Forseti Drilling Program. In June 2021, a minimum payment of USD 30 000 thousand was paid. V\u00e5r Energi is due to pay USD 2 per barrel if the P50 reserves estimate exceeds 15 million BOE. As of 31 December 2022, the net present value of the remaining consideration was estimated to USD 76 950 thousand and was recognised as a liability.During the normal course of its business, V\u00e5r Energi will be involved in disputes, including tax disputes. The Company has made accruals for probable liabilities related to litigation and claims based on management\u2019s best judgment and in line with IAS37 and IAS12. Note 29 Lease agreementsV\u00e5r Energi has entered into lease agreements for drilling rigs, helicopter, storage vessel and other vessels to secure planned activities. The Company has lease agreements for offices in Sandnes, Oslo and Hammerfest. The most significant office contract is the lease of the main office building in Vestre Svanholmen 1, Sandnes. V\u00e5r Energi also has leases for supply vessels, helicopters and warehouses supporting operation at Balder and Goliat, where the most significant are for the supply vessels operating at Goliat.Non-lease components such as the service element of rig and helicopter commitments are not included as part of the lease debt. As at 31 December 2022 the service share of these contracts amount to USD 113 million (USD 136 million in 2021).The total expenditure relating to short-term leases which are not recognised as part of lease liabilities was USD 4 million (USD 18 million in 2021). See note 15 for the Right of use assets.USD 1000 2022 2021Opening Balance lease debt 325 088 164 482New lease debt in period 6 149 208 819Payments of lease debt (116 893) (48 401)Interest expense on lease debt 9 245 7 819Currency exchange differences (10 942) (7 631)Total lease debt 212 646 325 088Breakdown of the lease debt to short-term and long-term liabilities 31 Dec 2022 31 Dec 2021Short-term 99 312 108 880Long-term 113 334 216 208Total lease debt 212 646 325 088Lease debt split by activities 31 Dec 2022 31 Dec 2021Offices 55 941 66 525Rigs, helicopters and supply vessels 149 140 250 811Warehouse 7 566 7 752Total 212 646 325 088Nominal lease debt maturity breakdown 31 Dec 2022 31 Dec 2021Within one year 99 312 108 880Two to five years 104 792 195 053After five years 41 390 45 091Total 245 494 349 024Note 30 Related party transactionsV\u00e5r Energi has a number of transactions with other wholly owned or controlled companies by the shareholders. The related party transactions reported is with entities owned or controlled by the majority ultimate shareholder of V\u00e5r Energi, Eni SpA. Revenues are mainly related to sale of oil, gas and NGL while the expenditures are mainly related to technical services, seconded personnel, insurance guarantees and rental cost.Current assetsUSD 1000 31 Dec 2022 31 Dec 2021Trade receivablesEni Trade & Biofuels SpA 251 129 160 533Eni SpA 129 270 123 884Eni Global Energy Markets 97 768 138 342Other 546 2 075Total trade receivables 478 714 424 834All receivables are due within 1 year.Current liabilitiesUSD 1000 31 Dec 2022 31 Dec 2021Account PayablesEni International BV 21 740 21 336Eni Global Energy Markets 22 063 24 547Eni SpA 11 751 19 387Other 1 340 915Total account payables 56 894 66 185Sales revenueUSD 1000 2022 2021Eni Trade & Biofuels SpA 2 759 010 1 910 883 Eni SpA 1 472 251 703 428 Eni Global Energy Markets 629 765 473 372 Total sales revenue 4 861 026 3 087 683 Operating and capital expendituresUSD 1000 2022 2021Eni Trade & Biofuels SpA 48 841 29 020Eni International BV 22 138 21 904Eni SpA 21 462 46 294Eni Global Energy Markets (5 155) 21 590Eni International Resources Ltd. 2 026 2 019Other 455 1 616Total operating and capital expenditures 89 768 122 443Note 31 License ownershipsConcession Fields WI % Operator Licensesperiod expiresBALDER 90.0% V\u00e5r Energi PL 001/PL 027/PL 027C/PL 169/PL 028 2030BAUGE 17.5% Equinor PL 348/PL 348B 2029BRAGE 12.3% Wintershall Dea PL 053B/PL 055/PL 185/PL 055B/PL 055D 2030BREIDABLIKK 34.4% Equinor PL001DS/PL027FS/PL169/PL169B2 2030B\u00d8YLA 20.0% Aker BP PL340/PL340BS 2029EKOFISK 12.4% ConocoPhillips PL 018/PL 018 B 2028ELDFISK 12.4% ConocoPhillips PL 018 2028EMBLA 12.4% ConocoPhillips PL 018 2028FENJA 45.0% Neptune Energy PL 586 2039FRAM 25.0% Equinor PL 090 / 090E 2024FROSK 20.0% Aker BP PL340 2029GOLIAT 65.0% V\u00e5r Energi PL229 2042GRANE 28.3% Equinor PL 001CS/PL 169B1 2030GUNGNE 13.0% Equinor PL 046 2028HALTEN \u00d8ST 24.6% Equinor PL074CS/PL074B/PL263/PL263B/PL312/PL312B/PL473 2042HEIDRUN 5.2% Equinor PL 095/PL 124 2024/2025HYME 17.5% Equinor PL 348 2029JOHAN CASTBERG 30.0% Equinor PL 532 2049KRISTIN 16.7% Equinor PL 134D 2027LAVRANS 15.0% Equinor PL199 2033MARULK 20.0% V\u00e5r Energi PL 122 2025MIKKEL 48.4% Equinor PL 092/PL 121 2024MORVIN 30.0% Equinor PL 134B/P L034C 2027NORNE 6.9% Equinor PL 128/PL 128 B 2026ORMEN LANGE 6.3% Norske Shell PL 208/PL 250 2041RINGHORNE \u00d8ST 70.0% V\u00e5r Energi PL 027/PL 169E/PL 053B/PL 055/PL 185 2030SIGYN 40.0% Equinor PL 072 2022SKULD 11.5% Equinor PL 128 2026SLEIPNER VEST 17.2% Equinor PL 029/PL 046 2028SLEIPNER \u00d8ST 15.4% Equinor PL 046 2028SNORRE 18.6% Equinor PL 057 2040STATFJORD 21.4% Equinor PL 037 2026STATFJORD NORD 25.0% Equinor PL 037 2026STATFJORD \u00d8ST 20.6% Equinor PL 037/PL 089 2040SVALIN 13.0% Equinor PL 169 2030SYGNA 21.0% Equinor PL 037/PL 089 2040TOMMELITEN ALPHA 9.1% ConocoPhillips PL044 2028TOR 10.8% ConocoPhillips PL 006/PL 018 2028TORDIS 16.1% Equinor PL 089 2040TRESTAKK 40.9% Equinor PL 091/PL 091D 2029TYRIHANS 18.0% Equinor PL 073/PL 073 B/PL 091 2029URD 11.5% Equinor PL 128 2026VERDANDE 10.5% Equinor PL128F 2026VIGDIS 16.1% Equinor PL 089 2040\u00c5SGARD 22.7% Equinor PL 062/PL 074/PL 094 2027/PL 094 B/PL 134/PL 237/PL 479Licenses WI % OperatorPL001 90% V\u00e5r EnergiPL001 CS 100% V\u00e5r EnergiPL001 DS 100% V\u00e5r EnergiPL018 12% ConocoPhillipsPL018 B 12% ConocoPhillipsPL027 90% V\u00e5r EnergiPL027 C 90% V\u00e5r EnergiPL027 FS 100% V\u00e5r EnergiPL027 HS 90% V\u00e5r EnergiPL028 90% V\u00e5r EnergiPL028 C 13% EquinorPL028 S 90% V\u00e5r EnergiPL029 85% V\u00e5r EnergiPL037 25% EquinorPL044 13% ConocoPhillipsPL046 13% EquinorPL053 B 12% Wintershall DeaPL055 12% Wintershall DeaPL055 B 12% Wintershall DeaPL055 D 12% Wintershall DeaPL055 E 12% Wintershall DeaPL057 5% EquinorPL062 10% EquinorPL072 40% EquinorPL072 B 50% EquinorPL073 12% EquinorPL073 B 15% EquinorPL074 39% EquinorPL074 B 39% EquinorPL074CS 39% EquinorPL074DS 39% EquinorPL074ES 39% EquinorPL089 16% EquinorPL090 25% EquinorPL090 E 25% EquinorPL090 I 25% EquinorPL091 41% EquinorPL091 D 41% EquinorPL091 E 41% EquinorPL091 F 41% EquinorPL092 55% EquinorPL094 34% EquinorPL094 B 22% EquinorPL095 5% ConocoPhillipsPL107 B 5% EquinorPL107 D 5% EquinorPL121 35% EquinorPL122 20% V\u00e5r EnergiPL122 B 20% V\u00e5r EnergiPL122 C 20% V\u00e5r EnergiPL122 D 20% V\u00e5r EnergiPL124 5% EquinorPL128 12% EquinorPL128 B 7% EquinorPL128 D 12% EquinorPL128 E 12% EquinorPL134 30% EquinorPL134 B 30% EquinorPL134 C 30% EquinorPL134 D 30% EquinorPL145 20% ConocoPhillipsPL169 13% EquinorPL169 B1 7% EquinorPL169 B2 10% EquinorPL169 E 13% DNO NorgePL185 12% Wintershall DeaPL199 15% EquinorPL209 10% EquinorPL209 BS 10% EquinorPL219 50% EquinorPL220 15% EquinorPL229 65% V\u00e5r EnergiPL229 B 65% V\u00e5r EnergiPL229 E 50% V\u00e5r EnergiPL229 G 50% V\u00e5r EnergiPL229 H 65% V\u00e5r EnergiPL237 22% EquinorPL250 6% ShellPL257 15% EquinorPL263 C 10% EquinorPL275 12% ConocoPhillipsPL293 25% EquinorPL312 41% EquinorPL312 B 41% EquinorPL340 20% Aker BPPL340 BS 20% Aker BPPL348 18% EquinorPL348 B 18% EquinorPL375 20% EquinorPL393 80% V\u00e5r EnergiPL473 39% EquinorPL479 34% EquinorPL489 40% V\u00e5r EnergiPL532 30% EquinorPL554 30% EquinorPL554 B 30% EquinorPL554 C 30% EquinorPL554 D 30% EquinorPL586 45% NeptunePL586B 45% NeptunePL608 30% EquinorPL784 20% Aker BPPL820S 30% V\u00e5r EnergiPL820SB 30% V\u00e5r EnergiPL869 20% Aker BPPL901 50% V\u00e5r EnergiPL917 40% V\u00e5r EnergiPL917 B 40% V\u00e5r EnergiPL938 20% NeptunePL947 40% V\u00e5r EnergiPL947 B 40% V\u00e5r EnergiPL956 50% V\u00e5r EnergiPL984 30% DNO NorgePL984 BS 30% DNO NorgePL985 30% V\u00e5r EnergiPL1002 40% V\u00e5r EnergiPL1002B 40% V\u00e5r EnergiPL1005 40% Aker BPPL1025 S 30% V\u00e5r EnergiPL1025 SB30% V\u00e5r EnergiPL1042 30% Aker BPPL1043 40% V\u00e5r EnergiPL1043B 40% V\u00e5r EnergiPL1072 70% V\u00e5r EnergiPL1072 B 70% V\u00e5r EnergiPL1073 70% V\u00e5r EnergiPL1074 40% V\u00e5r EnergiPL1075 60% V\u00e5r EnergiPL1078 30% EquinorPL1079 30% V\u00e5r EnergiPL1080 30% EquinorPL1090 50% V\u00e5r EnergiPL1096 30% V\u00e5r EnergiPL1114 30% Chrysaor Norge ASPL1117 30% OKEA ASAPL1120 20% DNO Norge ASPL1121 30% EquinorPL1122 20% ConocoPhillipsPL1131 40% V\u00e5r EnergiPL1132 60% V\u00e5r EnergiPL1139 20% LundinPL1154 40% V\u00e5r EnergiPL1163 20% ConnocoPhillipsPL1168 50% V\u00e5r EnergiPL1169 30% EquinorNote 32 Proved developed reserves (unaudited)MBOEProduction 2021 (89.7)Changes in estimate 2021 100.0Proved developed reserves as of 31 December 21 373.8Production 2022 (80.3)Change in gas conversion factor (6.7)Change in estimate 2022 25.0Proved developed reserves as of 31 December 22 311.8Effective from 1 January 2022, V\u00e5r Energi changed reserves classification system from U.S. Securities and Exchange Commission (SEC) to SPE-PRMS (Petroleum Resources Management System). The impacts were limited with increased total proved reserves of 5 mmboe.Proved developed reserves as of 31 December 2022 are V\u00e5r Energi ASA\u2019s own evaluation based on Petroleum Resources Management System (PRMS) principles. Total proved reserves, developed and undeveloped, as of 31 December 2022 were 673 mmboe.As of 31 December 2022 (PRMS), the Company\u2019s total proved and probable reserves (2P) net to V\u00e5r Energi were 1070 mmboe, slightly down from 1 119 mmboe as of 31 December 2021 (SEC).The reduction from 2021 to 2022 is mainly due to a combination of high production (80 mmboe) in 2022 and an update to the Company gas conversion factor (14 mmboe), partly offset by reserves increases/promotions and upward revisions of reserves following more favorable commodity prices during 2022.V\u00e5r Energi\u2019s total proved and probable reserves are distributed in four major geograhpical regions: Balder Area 29%, Barents Sea Area 22%, Norwegian Sea Area 25% and North Sea Area 24%. 72% of the Company\u2019s proved and probable reserves were oil, whereas nearly 23% were gas and 5% were NGL.The Company\u2019s five largest fields - Balder/Ringhorne, Johan Castberg, Snorre, \u00c5sgard and Breidablikk account for approxi-mately 55% of total proved and probable reserves.The Company\u2019s reserve life index (RLI) at year-end 2022, calculated on the basis of proved and probable reserves, was 13.3 years.Total contingent resources (3C) at year-end 2022 were 550 mmboe, a reduction of 12 mmboe compared to year-end 2021. The main reasons were reduction of 12 mmboe due to updated gas conversion factor and new project/drilling activities being matured from resources to the reserves category. This was partially offset by recent discoveries including Sn\u00f8fonn Nord and Skavl St\u00f8.For further information see the Annual Statement of Reserves published on www.varenergi.no Note 33 Climate riskClimate risk as described in detail in our sustainability reporting, may have a significant impact on our financial reporting. Climate risk may be related to transitional risk and physical risk. Transitional risks relate to risks associated with transi-tioning to a lower-carbon economy and may comprise of market, reputational and policy risks. Physical risks are the risks which arise from the physical effects of climate change and environmental degradation and may arise through changes in weather patterns, temperature increases and other physical effects of climate change.V\u00e5r Energi continually identifies and assesses the actual and potential impacts on sustainable development from our business and activities. V\u00e5r Energi is mainly impacted by transitional risks but could also be impacted by physical risk in a longer perspective.Scenario analysisV\u00e5r Energi acknowledges and adheres to the recommendations set forth by the Task Force on Climate Related Financial Disclosures (TCFD) and take climate risks and opportunities into account when developing strategies and financial plans. In line with the recommendations by TCFD, V\u00e5r Energi has conducted scenario analysis under the International Energy Agency (IEA) scenarios of future energy trends, in order to assess the impacts on the Company\u2019s business and financial performance. The Global Energy and Climate (GEC) Model includes key input data for three modelled scenarios; Stated Policies Scenario (STEPS), Announced Pledges Scenario (APS) and Net Zero Emissions by 2050 Scenario (NZE).The figure below illustrates the changes in the net present value (NPV) of V\u00e5r Energi\u2019s portfolio under the scenarios described in IEA\u2019s World Energy Outlook (WEO) report subject to assumptions described below. The latest WEO report published in October 2022 further describes the scenarios mentioned above and can be found at www.iea.org.Change in NPV of V\u00e5r Energi portfolio under IEA scenarios28%Notes1. The NPV of V\u00e5r Energi portfolio under the selected 9%scenarios is compared to the NPV of the portfolio valued at V\u00e5r Energi\u2019s latest economic assumptions. Fixed exchange rates are used for all scenarios.2. IEA defines the prices for 2030 and 2050 in real 2021 -22%terms. V\u00e5r Energi assumes a linear price development from 2023-2030 and 2030-2050.IEA - NZEIEA - APSIEA - STEPSOil and gas price scenarios by the IEA:Scenario price ranges Oil USD/bbl Gas USD/mmbtuReal terms (USD 2021) 2030 2050 2030 2050Net Zero 35 24 4.6 3.8Announced Pledges 64 60 7.9 6.3Stated Policies 82 95 8.5 9.2Prices applied in the scenario assume a linear forecasted price development and do not take price fluctuations, changes in portfolio and costs into account. Further, the scenarios imply that no new oil and gas fields will be approved for devel-opment beyond already committed projects as of 2022. NGL prices are estimated to be 70% of oil prices and foreign exchange rates have been kept unchanged compared to base assumptions used for impairment purposes.As illustrated in the figure above, the NPV of V\u00e5r Energi\u2019s portfolio is 28% higher under the IEA\u2019s STEPS scenario compared to the Company\u2019s latest planning and budget assumptions. Under the APS scenario, the NPV of the portfolio is 9% higher than the V\u00e5r Energi base case.The Net Zero Emissions by 2050 scenario models a collapse in commodity prices of crude oil and natural gas dependent on a significant reduction in demand. Between 2021 and 2050, the demand for oil is expected to decline by around 80%, and natural gas to decline by more than 70%. Thus, this scenario entails ambitious policies and measures to reduce energy demand through behavioural change. As indicated in the above figure, the NPV of V\u00e5r Energi\u2019s portfolio is valued 22% lower compared to the base assumptions under this scenario.Climate-related risk assessmentV\u00e5r Energi has implemented an Enterprise Risk Management process that is applied at all levels across the entire organisation. We are committed to deliver a better future and producing oil and gas in an energy efficient way with low emissions, a key priority that is embedded in our sustainable development goals and strategy. At the same time, we also see that the energy system and the oil and gas industry are in transition, and mitigating climate change is a global endeavour requiring economic and social transformation as we move towards a carbon neutral world. In this context, V\u00e5r Energi has processes in place that actively assess climate risk and opportunities and implement actions to mitigate risks and pursue opportunities that are identified.We have conducted a climate risk and opportunity assessment based on the TCFD recommendations and framework.Transitional risksV\u00e5r Energi is mainly impacted by transitional risks, which may include the following:Regulatory and legal risksV\u00e5r Energi\u2019s business and results of operations could be adversely affected by the adoption of new climate change laws, policies and regulations. Growing concerns about climate change and greenhouse gas emissions have led to the adoption of various regulations and policies and future global policy may further influence climate related action from the government.Future changes in climate related regulations, such as increased CO2, NOx or other emissions related taxes, are likely to impact V\u00e5r Energi\u2019s financial results through an increase in operating costs. Uncertainty exists related to develop-ment in actual quota prices going forward, and the timing of ramp-up of the total CO2 costs towards 2030.Another regulatory risk may be an implementation of new regulations to reduce or stop exploration activities and/or reduce tax relief on exploration activities on the NCS. If this risk were to materialise, it would potentially result in an inability to fully replace produced oil and gas reserves and continue to grow as a company due to the lack of new resources. There is also a risk that mature assets with higher emissions may not be granted extension of licence and will be decommissioned earlier than anticipated. Lawsuits related to environmental harmful production or spills are also identi-fied as climate related legal risks.Market riskIn context of the ongoing energy transition process, the demand for oil and gas, and subsequently the price of oil and gas may decrease.V\u00e5r Energi\u2019s financing arrangements consist mainly of fixed interest rates, but also some floating interest rates and the Company is therefore exposed to interest rate fluctuations. Regulations related to the availability of funding in the capital market and implementations of higher interest rates for companies in the oil and gas sector and/or with high production emissions may be identi-fied as a regulatory risk. By electrification of our assets, operational costs may increase if the electricity prices continue to increase or stay at the high 2022-levels.Technological riskInnovative technology and sources of energy may reduce the demand for oil and gas, such as renewable energy, hydrogen, electrification and batteries. Transitions into substitutional energy sources may have an impact on the financial results.Reputational riskWe realise that our activities may have both positive and negative effects on communities and the environment, and we are continuously assessing the reputational risks of the Company in this context. From a general industry perspective, the climate related reputational risks associated with being in the oil and gas business could impact the Company in the form of negative media cov-erage, reduced attractiveness as an employer, operator or business partner and/or increased cost of or access to capital. The reputational risk in this context is dependent on how we respond to the climate related issues within our industry.Physical risksExtreme weather events such as storms, extreme waves and heavy rain may affect own production and supply chain logistics, resulting in halting or shutdown of production affecting the financial results. Installations may require improvement and investments to handle extreme weathers, increasing expenditures. It may also affect the assets in terms of reduced useful life and technical reserves. Increased volatility in weather, sea-level rise and wave height are considered chronic physical risk factors that are climate related. These are all elements that would potentially affect the working environment (conditions) on our producing offshore assets as well as the long-term integrity of the installations.Mitigating actionsV\u00e5r Energi is continuously assessing market trends with regards to financial impact and include sensitivity analysis (alternative price scenarios) in the process to evaluate the robustness of new projects. Having set ambitious climate targets for our company, we are shifting our focus towards operationalising already developed plans for achieving GHG (greenhouse gas) reductions in line with our goals. One way of achieving reduction of direct emissions is by electrification of assets with renewable power from shore or offshore renewable energy sources. Our strategy is that all future greenfield developments where V\u00e5r Energi is the operator shall be electrified with power from shore or from offshore renewable sources. We are also exploring opportunities for further electrification from renewable sources of our existing fields to reduce GHG emissions. Technological development is a key enabler with regards to mitigating climate risks and pursuing climate opportunities and plays a key part in V\u00e5r Energi\u2019s long term target to reach net zero Scope 1 and 2 emissions by 2030. V\u00e5r Energi\u2019s research and development (R&D) activities seek to provide advanced technical solutions supporting the Company\u2019s ambitions of reducing environ-mental impacts and improving production efficiency. To manage the commodity price risk, V\u00e5r Energi protects cash flows from sale of crude oil through entering commodity price hedging instruments and cash flows from sale of natural gas through entering fixed price gas sales contracts. These mitigating actions help manage the price risk in the short-term as contracts are normally within the next 12 months.Key targets and actions in 2022Emissions reductionsV\u00e5r Energi has reduced the flaring at Balder, Ringhorne and Goliat through active use of flaring strategy and changing valves. The Company has increased the energy efficiency at Balder, Goliat and Jotun through running compressors at 50% load, rebundled the compressor train and modified water injection pumps, respectively. The first production of renewable energy from Hywind Tampen started in November 2022, with delivery of power to the Gullfaks platform. V\u00e5r Energi holds a 10% partner share in the development project.Risk managementPotential environmental impacts are included in V\u00e5r Energi\u2019s procurement process and may have up to a 30% weight in the decision model. Assessment of potential environmental impact are included in all investment decisions. In 2022, V\u00e5r Energi published its first CDP Report (formerly known as Carbon Disclosure Project). The report is a voluntary reporting framework to disclose environmental information to stakeholders on an annual basis. Reporting of identified risks and opportunities, as well as targets and performance, contrib-ute a large part of the report which can be found at www.varenergi.no.Potential financial impactsEstimates of future financial impacts related to increased operating costs due to increased tax on CO2 emissions, decreased revenues due to reduced pro-duction capacity or reduced demand for oil and gas are included in Annex 3 in V\u00e5r Energi\u2019s Sustainability Report 2022. A scenario of shutdown of production of oil and gas from 2050 in order to reach the KonKraft strategy of near zero scope 1 emissions by 2050 will have limited to no impact on the 2022 financials. This is due to limited assumed production and decommissioning cost after 2050.If no exploration activity is allowed after 2022, an impairment of exploration bonus potential included in Other tangible assets of USD 47 million is esti-mated to be suffered. An increase in the fixed interest rates on the Senior Notes by 100 points would impact the expected interest payments by USD 25 million (14% increase), whereas an increase by 200 points would impact the interest payments by USD 50 million (28% increase). Although such an increase is not applicable on the fixed rates at present, the scenario shows the possible increased exposure in the longer term.OpportunitiesMain identified climate-related opportunities with potential substantial finan-cial impact identified by V\u00e5r Energi are: \u2022 Shift in supplier: V\u00e5r Energi\u2019s assets being preferred in terms of lower emis-sions per produced boe, e.g. compared to non-NCS suppliers\u2022 Electrification of assets may reduce production costs \u2022 Underinvestment in the oil and gas industry may lead to increased prices on the commodities, in which may generate higher revenues \u2022 Lower interest rates on loans due to lower emissions compared to other non-NCS producers\u2022 Availability of capital; loan issuers may prefer companies with lower emissionsOffsetting our impactsV\u00e5r Energi has an ambitious strategy to compensate for the remaining Scope 1 and 2 emissions from our production while we continue the work to reduce absolute Scope 1 and 2 emissions to near zero by 2050. To achieve these commitments, remaining GHG emissions will be balanced by permanently removing an equivalent volume of CO2 by using available carbon offsetting mechanisms in the voluntary carbon market. We have developed a carbon credit policy to ensure the purchased carbon credits will be consistent with the Core Carbon Principles; High Quality Voluntary Carbon Credits Principles (icvcm.org).Further, from 2021 we have started offsetting emissions from employee commuting, business travel and power for our office buildings, using the Trefadder solution. Through Trefadder, V\u00e5r Energi is supporting carbon capture by planting trees in Norwegian climate forests. Growing these forests will store more CO2 and contribute to an improved environment, in addition to the positive social impact of creating local jobs. The Company provides a more detailed analysis of climate risks and oppor-tunities, financial impacts of climate change and implemented measures to ensure long-term value creation in the Sustainability Report available at www.varenergi.noNote 34 Subsequent eventsIn January 2023, V\u00e5r Energi was awarded 12 licenses in the APA 2022 licensing round, of which five as operator. V\u00e5r Energi is offered licenses in both the North Sea, the Norwegian Sea and the Barents Sea \u2013 most of them in areas close to existing infrastructure.thV\u00e5r Energi has decided to withdraw from the Barents Blue project as the cooperation agreement expired on 31 January 2023. This decision will not impact V\u00e5r Energi\u2019s position in the Barents Sea, and the work to find a comprehensive gas export solution continues.stV\u00e5r Energi has elected to sell part of its gas on a fixed price/forward basis. For the 1 Quarter 2023, V\u00e5r Energi has sold 33% of the estimated gas production on a fixed price basis at an average price of 288 USD/boe. V\u00e5r Energi has also ndrdchosen to forward sell 20% of its estimated gas production in the 2 and 3 Quarter 2023 at an average sales price of 192 USD/boe. The current market situation is very much impacted by the war in Ukraine and the resulting reduced flow of gas from Russia into the European market.V\u00e5r Energi operates only on the Norwegian Continental Shelf and market its petroleum products to customers in Norway, EU and UK. While not directly exposed to Russia\u2019s invasion of Ukraine, there is significant uncertainty regarding the poten-tial impact on safe and reliable energy supply, as well as to the market prices of oil, gas and other commodities which may impact future operations and results.",
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"value": "Note 1 Corporate informationThe financial statements of V\u00e5r Energi ASA for the twelve months period ended 31 December 2022 were authorised for issue in accordance with a Board resolution on 29 March 2023. V\u00e5r Energi ASA is a public limited liability company incorporated and domi-ciled in Norway and the Company\u2019s shares are listed on Oslo Stock Exchange. The head office is located at Vestre Svanholmen 1, 4313 Sandnes, Norway. V\u00e5r Energi is an independent exploration and production (E&P) company with a diverse portfolio of production, development and exploration assets on the Norwegian Continental Shelf (NCS).V\u00e5r Energi ASA has two subsidiaries per 31 December 2022 which are not consolidated into group accounts for 2022 due to materiality considerations.Restructuring of subsidiaries directly or indirectly owned by V\u00e5r Energi ASA took place during 4Q 2022. Dividends were paid to V\u00e5r Energi ASA which reduced investments in subsidiaries to zero. There are no business activities in the two remaining subsidiaries as of 31 December 2022. The balance sheets of the subsidiaries hold tax positions of USD 31 225 thousand which are offset by receivables towards V\u00e5r Energi ASA.Below table show the group structure per 31 December 2022.Shares in subsidiariesVoting/Ownership Name Business location2022V\u00e5r Energi Marine AS Sandnes, Norway 100%PR Jotun DA Sandnes, Norway 5%Shares in subsidiaries indirectly ownedVoting/Ownership Name Business location 2022PR Jotun DA Sandnes, Norway 95%Note 33 Climate riskClimate risk as described in detail in our sustainability reporting, may have a significant impact on our financial reporting. Climate risk may be related to transitional risk and physical risk. Transitional risks relate to risks associated with transi-tioning to a lower-carbon economy and may comprise of market, reputational and policy risks. Physical risks are the risks which arise from the physical effects of climate change and environmental degradation and may arise through changes in weather patterns, temperature increases and other physical effects of climate change.V\u00e5r Energi continually identifies and assesses the actual and potential impacts on sustainable development from our business and activities. V\u00e5r Energi is mainly impacted by transitional risks but could also be impacted by physical risk in a longer perspective.Scenario analysisV\u00e5r Energi acknowledges and adheres to the recommendations set forth by the Task Force on Climate Related Financial Disclosures (TCFD) and take climate risks and opportunities into account when developing strategies and financial plans. In line with the recommendations by TCFD, V\u00e5r Energi has conducted scenario analysis under the International Energy Agency (IEA) scenarios of future energy trends, in order to assess the impacts on the Company\u2019s business and financial performance. The Global Energy and Climate (GEC) Model includes key input data for three modelled scenarios; Stated Policies Scenario (STEPS), Announced Pledges Scenario (APS) and Net Zero Emissions by 2050 Scenario (NZE).The figure below illustrates the changes in the net present value (NPV) of V\u00e5r Energi\u2019s portfolio under the scenarios described in IEA\u2019s World Energy Outlook (WEO) report subject to assumptions described below. The latest WEO report published in October 2022 further describes the scenarios mentioned above and can be found at www.iea.org.Change in NPV of V\u00e5r Energi portfolio under IEA scenarios28%Notes1. The NPV of V\u00e5r Energi portfolio under the selected 9%scenarios is compared to the NPV of the portfolio valued at V\u00e5r Energi\u2019s latest economic assumptions. Fixed exchange rates are used for all scenarios.2. IEA defines the prices for 2030 and 2050 in real 2021 -22%terms. V\u00e5r Energi assumes a linear price development from 2023-2030 and 2030-2050.IEA - NZEIEA - APSIEA - STEPSOil and gas price scenarios by the IEA:Scenario price ranges Oil USD/bbl Gas USD/mmbtuReal terms (USD 2021) 2030 2050 2030 2050Net Zero 35 24 4.6 3.8Announced Pledges 64 60 7.9 6.3Stated Policies 82 95 8.5 9.2Prices applied in the scenario assume a linear forecasted price development and do not take price fluctuations, changes in portfolio and costs into account. Further, the scenarios imply that no new oil and gas fields will be approved for devel-opment beyond already committed projects as of 2022. NGL prices are estimated to be 70% of oil prices and foreign exchange rates have been kept unchanged compared to base assumptions used for impairment purposes.As illustrated in the figure above, the NPV of V\u00e5r Energi\u2019s portfolio is 28% higher under the IEA\u2019s STEPS scenario compared to the Company\u2019s latest planning and budget assumptions. Under the APS scenario, the NPV of the portfolio is 9% higher than the V\u00e5r Energi base case.The Net Zero Emissions by 2050 scenario models a collapse in commodity prices of crude oil and natural gas dependent on a significant reduction in demand. Between 2021 and 2050, the demand for oil is expected to decline by around 80%, and natural gas to decline by more than 70%. Thus, this scenario entails ambitious policies and measures to reduce energy demand through behavioural change. As indicated in the above figure, the NPV of V\u00e5r Energi\u2019s portfolio is valued 22% lower compared to the base assumptions under this scenario.Climate-related risk assessmentV\u00e5r Energi has implemented an Enterprise Risk Management process that is applied at all levels across the entire organisation. We are committed to deliver a better future and producing oil and gas in an energy efficient way with low emissions, a key priority that is embedded in our sustainable development goals and strategy. At the same time, we also see that the energy system and the oil and gas industry are in transition, and mitigating climate change is a global endeavour requiring economic and social transformation as we move towards a carbon neutral world. In this context, V\u00e5r Energi has processes in place that actively assess climate risk and opportunities and implement actions to mitigate risks and pursue opportunities that are identified.We have conducted a climate risk and opportunity assessment based on the TCFD recommendations and framework.Transitional risksV\u00e5r Energi is mainly impacted by transitional risks, which may include the following:Regulatory and legal risksV\u00e5r Energi\u2019s business and results of operations could be adversely affected by the adoption of new climate change laws, policies and regulations. Growing concerns about climate change and greenhouse gas emissions have led to the adoption of various regulations and policies and future global policy may further influence climate related action from the government.Future changes in climate related regulations, such as increased CO2, NOx or other emissions related taxes, are likely to impact V\u00e5r Energi\u2019s financial results through an increase in operating costs. Uncertainty exists related to develop-ment in actual quota prices going forward, and the timing of ramp-up of the total CO2 costs towards 2030.Another regulatory risk may be an implementation of new regulations to reduce or stop exploration activities and/or reduce tax relief on exploration activities on the NCS. If this risk were to materialise, it would potentially result in an inability to fully replace produced oil and gas reserves and continue to grow as a company due to the lack of new resources. There is also a risk that mature assets with higher emissions may not be granted extension of licence and will be decommissioned earlier than anticipated. Lawsuits related to environmental harmful production or spills are also identi-fied as climate related legal risks.Market riskIn context of the ongoing energy transition process, the demand for oil and gas, and subsequently the price of oil and gas may decrease.V\u00e5r Energi\u2019s financing arrangements consist mainly of fixed interest rates, but also some floating interest rates and the Company is therefore exposed to interest rate fluctuations. Regulations related to the availability of funding in the capital market and implementations of higher interest rates for companies in the oil and gas sector and/or with high production emissions may be identi-fied as a regulatory risk. By electrification of our assets, operational costs may increase if the electricity prices continue to increase or stay at the high 2022-levels.Technological riskInnovative technology and sources of energy may reduce the demand for oil and gas, such as renewable energy, hydrogen, electrification and batteries. Transitions into substitutional energy sources may have an impact on the financial results.Reputational riskWe realise that our activities may have both positive and negative effects on communities and the environment, and we are continuously assessing the reputational risks of the Company in this context. From a general industry perspective, the climate related reputational risks associated with being in the oil and gas business could impact the Company in the form of negative media cov-erage, reduced attractiveness as an employer, operator or business partner and/or increased cost of or access to capital. The reputational risk in this context is dependent on how we respond to the climate related issues within our industry.Physical risksExtreme weather events such as storms, extreme waves and heavy rain may affect own production and supply chain logistics, resulting in halting or shutdown of production affecting the financial results. Installations may require improvement and investments to handle extreme weathers, increasing expenditures. It may also affect the assets in terms of reduced useful life and technical reserves. Increased volatility in weather, sea-level rise and wave height are considered chronic physical risk factors that are climate related. These are all elements that would potentially affect the working environment (conditions) on our producing offshore assets as well as the long-term integrity of the installations.Mitigating actionsV\u00e5r Energi is continuously assessing market trends with regards to financial impact and include sensitivity analysis (alternative price scenarios) in the process to evaluate the robustness of new projects. Having set ambitious climate targets for our company, we are shifting our focus towards operationalising already developed plans for achieving GHG (greenhouse gas) reductions in line with our goals. One way of achieving reduction of direct emissions is by electrification of assets with renewable power from shore or offshore renewable energy sources. Our strategy is that all future greenfield developments where V\u00e5r Energi is the operator shall be electrified with power from shore or from offshore renewable sources. We are also exploring opportunities for further electrification from renewable sources of our existing fields to reduce GHG emissions. Technological development is a key enabler with regards to mitigating climate risks and pursuing climate opportunities and plays a key part in V\u00e5r Energi\u2019s long term target to reach net zero Scope 1 and 2 emissions by 2030. V\u00e5r Energi\u2019s research and development (R&D) activities seek to provide advanced technical solutions supporting the Company\u2019s ambitions of reducing environ-mental impacts and improving production efficiency. To manage the commodity price risk, V\u00e5r Energi protects cash flows from sale of crude oil through entering commodity price hedging instruments and cash flows from sale of natural gas through entering fixed price gas sales contracts. These mitigating actions help manage the price risk in the short-term as contracts are normally within the next 12 months.Key targets and actions in 2022Emissions reductionsV\u00e5r Energi has reduced the flaring at Balder, Ringhorne and Goliat through active use of flaring strategy and changing valves. The Company has increased the energy efficiency at Balder, Goliat and Jotun through running compressors at 50% load, rebundled the compressor train and modified water injection pumps, respectively. The first production of renewable energy from Hywind Tampen started in November 2022, with delivery of power to the Gullfaks platform. V\u00e5r Energi holds a 10% partner share in the development project.Risk managementPotential environmental impacts are included in V\u00e5r Energi\u2019s procurement process and may have up to a 30% weight in the decision model. Assessment of potential environmental impact are included in all investment decisions. In 2022, V\u00e5r Energi published its first CDP Report (formerly known as Carbon Disclosure Project). The report is a voluntary reporting framework to disclose environmental information to stakeholders on an annual basis. Reporting of identified risks and opportunities, as well as targets and performance, contrib-ute a large part of the report which can be found at www.varenergi.no.Potential financial impactsEstimates of future financial impacts related to increased operating costs due to increased tax on CO2 emissions, decreased revenues due to reduced pro-duction capacity or reduced demand for oil and gas are included in Annex 3 in V\u00e5r Energi\u2019s Sustainability Report 2022. A scenario of shutdown of production of oil and gas from 2050 in order to reach the KonKraft strategy of near zero scope 1 emissions by 2050 will have limited to no impact on the 2022 financials. This is due to limited assumed production and decommissioning cost after 2050.If no exploration activity is allowed after 2022, an impairment of exploration bonus potential included in Other tangible assets of USD 47 million is esti-mated to be suffered. An increase in the fixed interest rates on the Senior Notes by 100 points would impact the expected interest payments by USD 25 million (14% increase), whereas an increase by 200 points would impact the interest payments by USD 50 million (28% increase). Although such an increase is not applicable on the fixed rates at present, the scenario shows the possible increased exposure in the longer term.OpportunitiesMain identified climate-related opportunities with potential substantial finan-cial impact identified by V\u00e5r Energi are: \u2022 Shift in supplier: V\u00e5r Energi\u2019s assets being preferred in terms of lower emis-sions per produced boe, e.g. compared to non-NCS suppliers\u2022 Electrification of assets may reduce production costs \u2022 Underinvestment in the oil and gas industry may lead to increased prices on the commodities, in which may generate higher revenues \u2022 Lower interest rates on loans due to lower emissions compared to other non-NCS producers\u2022 Availability of capital; loan issuers may prefer companies with lower emissionsOffsetting our impactsV\u00e5r Energi has an ambitious strategy to compensate for the remaining Scope 1 and 2 emissions from our production while we continue the work to reduce absolute Scope 1 and 2 emissions to near zero by 2050. To achieve these commitments, remaining GHG emissions will be balanced by permanently removing an equivalent volume of CO2 by using available carbon offsetting mechanisms in the voluntary carbon market. We have developed a carbon credit policy to ensure the purchased carbon credits will be consistent with the Core Carbon Principles; High Quality Voluntary Carbon Credits Principles (icvcm.org).Further, from 2021 we have started offsetting emissions from employee commuting, business travel and power for our office buildings, using the Trefadder solution. Through Trefadder, V\u00e5r Energi is supporting carbon capture by planting trees in Norwegian climate forests. Growing these forests will store more CO2 and contribute to an improved environment, in addition to the positive social impact of creating local jobs. The Company provides a more detailed analysis of climate risks and oppor-tunities, financial impacts of climate change and implemented measures to ensure long-term value creation in the Sustainability Report available at www.varenergi.no",
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"value": "Note 2 Summary of IFRS accounting principles2. Significant accounting policies 2.2 Summary of significant accounting policiesRevenue and over- and underlift balancesRevenue from the sale of liquids or gas is recognised at the point in time when V\u00e5r Energi\u2019s contractual performance obligations have been fulfilled and control is transferred to the customer. This will generally be at the time of delivery which is also when title passes to the customer. Revenues are recog-nised on the basis of volumes lifted and sold to customers during the period (sales method). To the extent the Company has lifted and sold more than its entitled share of production based on the ownership interest, an accrual is recognised at cost. To the extent the Company has lifted and sold less than its entitled share of production, costs are deferred for the underliftInterests in joint arrangementsV\u00e5r Energi has interests in licences on the Norwegian Continental Shelf. IFRS defines a joint arrangement as an arrangement over which two or more parties have joint control. Joint control is the contractually agreed sharing of control which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control.Under IFRS 11 Joint Arrangements, a joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. V\u00e5r Energi recognises investments in joint operations (oil and gas production licences) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the Company\u2019s financial statements. For those licences that are not deemed to be joint arrangements pursuant to the definition in IFRS 11 as there is no joint control (\u201cundivided interests\u201d), the Company recognises its share of related expenses, assets, liabilities and cash flows in the same way as under IFRS 11. The terms \u201cjoint operations\u201d and \u201cundi-vided interests\u201d are used interchangeably throughout the financial statements. Income taxesIncome taxes include current taxes payable or refundable, adjustments of prior years\u2019 taxes payable and deferred taxes. The deferred taxes are calculated using the full liability method, under which tax on temporary differences between the carrying amounts of assets and liabilities and their tax bases are recognised. Deferred tax assets are recognised to the extent it is probable that the asset will be realised. An \u201cuncertain tax treatment\u201d is a tax treatment relat-ing to which there is uncertainty whether the relevant tax authority will accept the tax treatment under the local tax law. Uncertain tax positions are recog-nised and presented as assets or liabilities depending on whether an outflow or inflow of economic resources embodying economic benefits has become probable. Taxes relating to items recognised in OCI are recognised in OCI. Exploration costsExploration drilling costs are treated in accordance with the successful efforts method; each well making the basis for the evaluation. Costs related to explo-ration wells in progress and exploration wells with finds are capitalised until the evaluation of the well has been completed. Such capitalised costs may remain capitalised for more than one year. The main criteria for keeping exploration costs capitalised are that there is a plan for future activity in the licence area and a development decision is expected in the near future. To the extent that no resources are discovered, or recovery of the resources is considered com-mercially unviable, the capitalised exploration expenditures are charged to the profit or loss. Other exploration costs, including seismic studies, are expensed as incurred. Development expendituresThe development phase commences when the licence partners have decided field evaluation. Direct and indirect expenditures and financing costs related to development projects are capitalised. Property, plant and equipmentProperty, plant and equipment (PPE) are measured at depreciated cost adjusted for impairments. Capital spare parts are defined as critical, often tailormade long-lead items purchased in connection with development of a field and are recognised as PPE. Upon disposal or retirement, the difference between any proceeds and the carrying amount is recognised as gains or losses.Maintenance is expensed as incurred, whereas costs for improving and upgrad-ing production facilities are added to the acquisition cost and depreciated with the related asset.DepreciationOffshore installations are depreciated in accordance with the unit-of- production method based on proven reserves (the ratio between annual production quantity and the reserves, whereupon the reserves are updated quarterly). Onshore assets are depreciated over the estimated useful life, according to the straight-line method, 3-15 years. ImpairmentTangible fixed assets are assessed for potential impairment when events or changes in circumstances indicate that the book value of the assets is higher than their recoverable amounts. The unit of account for assessment of impair-ment is the lowest level for which independent cash inflows are possible to identify. For oil and gas assets, this is typically the field or licence level, but can also be at a hub level. Impairment is recognised when the carrying amount of the cash generating unit (CGU), including any allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. When estimating value in use and fair value less costs of disposal, expected future cash flows are discounted to the net present value applying a discount rate after tax that reflects the current market valuation of the time value of money and risks specific to the asset or CGU. The discount rate is derived from a weighted average cost of capital (WACC) determination. For the purpose of impairment testing the lifetime of the field is normally determined to be the time when the operating cash flows from the field becomes negative. A previously recognised impair-ment can only be reversed if changes to the estimates used for the calculation of the recoverable amount have been observed. Reversals are recognised in profit or loss. After a reversal, the depreciation amount is adjusted on a pro-spective basis in order to distribute the asset\u2019s revised book value, minus any residual value, on a systematic basis over the asset\u2019s expected remaining life.InventoriesConsumable spare parts and drilling stock are measured at weighted average cost. Physical stock of crude oil is measured at production cost. Asset retirement obligationsV\u00e5r Energi recognises an asset retirement obligation (ARO) to the extent it has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the obligation amount can be made. The obligation generally arises when the asset is installed at the field location. V\u00e5r Energi recognises its share of the estimated AROs based on its working interest in the various fields both for V\u00e5r Energi operated fields and partner operated fields. When the liability is initially recognised, the present value of the estimated costs is capitalised by increasing the carrying amount of the related tangible oil and gas asset and depreciated over the useful life of the asset (generally by the application of the unit-of-production method). The discount rate used to discount the liability is based on a risk free interest rate that reflects current market assessments and the risks specific to the liability, and does not include the Company\u2019s credit risk. The periodic unwind-ing of the discount is recognised in profit or loss as financial items. The term of the discount rates used is aligned with the estimated timing of the removal, plugging and decommissioning activities at the fields. Changes in the estimated timing or cost of decommissioning are dealt with prospectively by recording an adjustment to the provision and a corresponding adjustment to assets. Upon retirement of the Gassled pipelines, the costs of ARO will be recharged to the users (shippers) of the pipelines based on shipped volumes. As a shipper V\u00e5r Energi has incurred such liabilities. These liabilities have also been recog-nised as the net present value of estimated future retirement costs on the basis of accumulated shipped volumes in Other non-current liabilities. Pension liabilityV\u00e5r Energi has a defined contribution pension plan that satisfies the statutory requirements in the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). Contributions are paid to pension insurance plans and charged to profit or loss in the period to which the contributions relate. Once the contributions have been paid, there are no further payment obligations.Leasing commitmentsAt the inception of a contract, V\u00e5r Energi assesses whether the contract is, or contains, a lease. The lease liability is recognised at the commencement date and measured at the present value of the remaining lease payments, discounted using the Company\u2019s incremental borrowing rate at the commencement date. The borrowing rate is derived from the terms of the Company\u2019s existing credit facilities. RoU assets are depreciated over the lease term. V\u00e5r Energi applies the exemption for short term leases (12 months or less) and low value leases. As such, related lease payments are not recognised in the balance sheet but expensed or capitalised in line with the accounting treat-ment for other non-lease expenses. The inclusion of non-lease components may vary across different lease categories, but for the most material classes of assets (rigs and supply vessels), the Company has excluded the non-lease components when measuring the lease liability. V\u00e5r Energi, as operator of an unincorporated joint operation, from time to time, enters into a lease contract as the sole signatory and recognises on the balance sheet: (i) the entire lease liability if, based on the contractual provisions and any other relevant facts and circumstances, it has primary responsibility for the liability towards the third party supplier; and (ii) the entire right-of-use asset, unless, the terms and conditions of the joint operation and other arrangements are separately negotiated with the non-operators and effectively extinguish V\u00e5r Energi\u2019s primary obligation for the lease with the third-party supplier. If a lease contract is signed by all the partners, V\u00e5r Energi recognises its share of the right-of-use asset and lease liability on the balance sheet based on its working interest. If V\u00e5r Energi does not have primary responsibility for the lease liability, it does not recognise any right-of-use asset and lease liability related to the lease contract. Whether a contract is entered into on behalf of the licence is subject to a contract specific assessment. Other lease contracts, such as offices and supply vessels not linked to specific fields, are recognised on a gross basis even when the related cashflows are charged to the licence partners. For such contracts, the partner\u2019s share of the costs recovered by the Company are presented as other income. Operators on licences in which V\u00e5r Energi is a partner may enter into lease contracts in their own name at the initial signing, and subsequently formally sublease the related asset to operated licences. In such cases, the sublease will be the basis for determining both the right of use, commencement, and the duration of the lease (and the application of the short-term lease exemption). Financial assets and liabilitiesV\u00e5r Energi\u2019s financial assets and liabilities comprise non-listed equity instru-ments, derivative financial instruments (assets and liabilities), receivables, cash and cash equivalents, payables, other current and non-current liabilities. The classification of financial assets and liabilities at initial recognition depends on the financial instrument\u2019s contractual cash flow characteristics and the Company\u2019s business model for managing them.V\u00e5r Energi classifies its financial instruments in the following categories:\u2022 Financial assets and liabilities at amortised cost\u2022 Derivative financial assets and liabilities designated as accounting hedge instruments (cash flow hedges) for which the effective portion is recognised at fair value through other comprehensive income\u2022 Financial assets at fair value through profit and lossV\u00e5r Energi measures financial assets at amortised cost if both of the following conditions are met:\u2022 The financial instrument is held within a business model with the objective to hold the instruments in order to collect contractual cash flows and the contractual terms of the financial instrument give rise on specified dates to or requires cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment testing. Gains and losses are recognised in profit or loss when the instrument is derecognised, modified or impaired. The Company\u2019s financial instruments at amortised cost includes trade receiv-ables and other short-term deposits, trade payables and other current and non-current liabilities. Receivables are initially recognised at fair value less estimated credit losses (impairment losses). Accounts receivables that do not contain a significant financing component are measured at the transac-tion price determined under IFRS 15.Derivative financial instrumentsV\u00e5r Energi uses derivative financial instruments, such as Brent Crude put options, to hedge its commodity price risks on future oil production volumes (cash flow hedges). Such derivative financial instruments are initially recog-nised at fair value on the date on which a derivative contract is entered into and subsequently re-measured at fair value. The put options are measured using market inputs such as observable forward curves, interest rates and time to maturity. Implied volatilities from market observable option prices are used when the price of the option is modelled. The Company has designated these put options as cash flow hedges relating to expected future production and sales of crude oil, and applied hedge accounting. The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income (OCI) and the hedge reserve in equity, while any ineffective portion is recognised immediately in profit or loss. Amounts accumulated in the hedge reserve is reclassified to profit or loss when the hedged transaction affects profit or loss.Option premiums paid (time value at date of purchase) are treated as cost of hedging and presented in operating expenses when the hedged transaction affects profit or loss, while the intrinsic value (\u201cin-the-money value\u201d) on put options exercised are presented in gains on cash flow hedges in petroleum revenues. As option premiums are paid at exercise or expiry they are presented as current liabilities in the balance sheet. Contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, are accounted for as financial instru-ments. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the Company\u2019s expected purchase, sale or usage requirements, also referred to as own-use contracts, are not accounted for as financial instruments. Such sales and purchases of physical commodity volumes are reflected in profit or loss as Petroleum revenues and Other operating expenses, respectively. This is applicable to a number of contracts for the sale of natural gas, which are recognised upon delivery of the volumes.Cash flow statementThe statement of cash flows has been prepared in accordance with the indi-rect method. Cash consist of cash, bank deposits and short-term deposits in affiliated banks. Sale and swaps of assetsSale of assets on the Norwegian continental shelf are carried out on an after-tax basis according to the petroleum tax act \u00a7 10. When entering into agreements regarding the purchase/ swap of assets, the parties agree on an effective date for the takeover of the net cash flow (usually 1 January in the calendar year, which is also normally the effective date for tax purposes).In the period between the effective date and the completion date, the seller will include revenues and expenditures relating to its sold share of the licence in its financial statements. In accordance with the purchase agreement, there is a settlement with the seller of the net cash flows from the asset in the period from the effective date to the completion date (pro & contra settlement). The pro & contra settlement will result in an adjustment to the seller\u2019s losses/gains and to the cost of the assets for the purchaser, in that the settlement (after a tax reduction) is deemed to be part of the consideration in the transaction. Revenues and expenses from the relevant licence are included in the purchas-er\u2019s profit or loss from the acquisition date. For tax purposes, the purchaser will include the net cash flow (pro & contra) and any other income and costs as from the effective date. When acquiring licences that are defined as asset acquisitions, no provision is made for deferred tax in accordance with the initial recognition exemption. A gain or loss related to an after-tax-based sale of assets includes the release of tax liabilities previously recognised related to the assets. The resulting after-tax gain or loss is recognised in full in Other income in profit or loss.Identifying a lease within joint operating arrangementsWhen applying IFRS 16 Leases in situations where the asset is being used in a joint arrangement or in relation to an undivided interest, significant judge-ment is required in determining what party is the primary obligor, whether the arrangement constitutes or contains a lease, commencement date, lease term and whether there is a sublease arrangement. Oil and gas reservesOil and gas reserves are estimated by the Company\u2019s experts in accord-ance with industry standards. The estimates are based on V\u00e5r Energi\u2019s own assessment of internal information and information received from operators. Reserves are certified by an external party, which also issues an independent reserves report. Oil and gas reserves consist of the estimated quantities of crude oil, natural gas and condensates shown by geological and technical data to be recoverable with reasonable certainty from known reservoirs under exist-ing economic and operational conditions, i.e. on the date that the estimates are prepared. Current market prices are used when establishing the estimates.Reserves and production volumes are used to calculate the depreciation of oil and gas fields by applying the unit-of-production method. Reserve estimates are also used as basis for impairment testing of licence-related assets and goodwill. Changes in petroleum prices and cost estimates may change reserve estimates and accordingly economic cut-off, which may impact the timing of assumed decommissioning and removal activities. Changes to reserve estimates can also result from updated production and reservoir information. Future changes to oil and gas reserves can have a material effect on depre-ciation, life of field, impairment of licence-related assets and goodwill, and operating results.Successful Effort Method - exploration and exploration potentialExpenses relating to the drilling of exploration wells and exploration poten-tial (presented in other intangible assets) are temporarily recognised on the balance sheet as capitalised exploration expenditures and other intangible assets, pending an evaluation of potential oil and gas discoveries. If resources are not discovered, or if recovery of the resources is considered technically or commercially unviable, the costs of exploration wells and exploration potential are expensed. Judgments as to whether these assets should remain capitalised or be expensed at the reporting date may materially affect the operating result for the period.Fair value measurementThe fair values of non-financial assets and liabilities are required to be deter-mined, for example in a business combination, to determine the allocation of purchase price in an asset deal or when the recoverable amount of an asset or CGU is based on fair value less costs to sell. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transac-tion between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market partici-pants would use when pricing the asset or liability. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. V\u00e5r Energi uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. The fair value of oil fields in the production and development phase is generally based on dis-counted cash flow models, where the determination of inputs to the models may require significant judgement, as described in the section below regarding impairment.Impairment/reversal of impairmentChanges in the expected future value/cash flows of CGUs results in impair-ment if the estimated recoverable amount is lower than the book value (including any allocated goodwill) or the reversal of previously recognised impairments if the recoverable value is higher than the book value (impair-ment of goodwill is not reversed). Estimation of recoverable amounts involves the use of judgement and assumptions, including the modelling of future cash flows to estimate the CGUs value in use or fair value less costs of disposal.Impairment assessments require long-term assumptions concerning a number of often volatile economic factors, including future oil prices, oil production, currency exchange rates and discount rates. Such assumptions require the estimation of relevant factors such as long-term prices, the levels of capex and opex, production estimates, decommissioning costs and impact from climate changes. These evaluations are also necessary to determine a CGU\u2019s fair value unless information can be obtained from an actual observable market trans-action. See individual notes on Property, plant and equipment and intangible assets, including goodwill and note on Impairment for details of impairments.Asset retirement obligationsThere is significant uncertainty in the estimate of ARO. These estimates are based on currently applicable laws and regulations, and existing technologies. Many decommissioning activities will take place decades into the future, and the technology and related costs are expected to evolve over time. The estimates include costs based on expected removal concepts using existing technology and estimated costs of maritime operations, hiring of lifting vessels and drilling rigs. As a result, there may be significant adjustments to the esti-mates of ARO and associated assets that can affect future financial results.Income taxesIncome taxes are significant amounts in V\u00e5r Energi\u2019s financial statements. There may be uncertainties related to interpretation of applicable tax laws and regulations regarding amounts in V\u00e5r Energi\u2019s filed tax returns. In cases of uncertain tax treatments, it may take a long time to complete the discussions with the tax authorities or to reach resolutions of the appropriate tax positions. The carrying values of income tax related assets and liabilities are based on V\u00e5r Energi\u2019s interpretations of applicable laws, regulations and relevant court decisions. The quality of these estimates, including the most likely outcomes of uncertain tax treatments, is highly dependent upon proper application of very complex sets of rules and the recognition of changes in applicable rules.Fair value hierarchyThe fair value of the financial instruments is included at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair values:The Company enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives measured using valuation techniques with market observable inputs are mainly commodity option contracts. The most frequently applied valuation techniques include forward pricing and swap models that use present value calculations. The models incorporate various inputs including the credit quality of coun-terparties and forward rate curves of the underlying commodity. As at 31 December 2022, the marked-to-market value of derivative asset positions is net of a credit valuation adjustment attributable to derivative counterparty default risk. The changes in counterparty credit risk had no material effect on financial instruments recognised at fair value.All assets and liabilities, for which fair value is measured or disclosed in the financial statements, are categorised within the fair value hierarchy, described as follows, based on the lowest-level input that is significant to the fair value measurement as a whole:\u2022 Level 1 input in the form of listed (unadjusted) prices in active markets for identical assets or liabilities.\u2022 Level 2 \u2014 input other than listed prices of assets and liabilities included in Level 1 that is observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022 Level 3 \u2014 input for assets or liabilities for which there is no observable market data (non-observable input).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-6-2": {
"value": "2.1 Basis of preparationThe financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by The European Union (EU).The financial statements have been prepared on a historical cost basis, except for certain financial instruments that have been measured at fair value. The financial statements have been prepared based on the assumption of going concern.All figures in the financial statements are presented in USD and all values are rounded to the nearest thousand (000), except when otherwise indicated. V\u00e5r Energi\u2019s functional currency is NOK, but the Company has chosen to present its financial statements in USD, primarily as this is the common presentation currency among upstream oil & gas companies.Transactions in foreign currencies are recorded at the exchange rate on the transaction date. Monetary items are valued at year-end exchange rates and the corresponding currency loss/gain is recognised in profit or loss.For presentation purposes, balance sheet items are translated from func-tional currency to presentation currency by using spot rates of exchange at the balance sheet date. Items within profit & loss and other comprehensive income are translated from functional currency to presentation currency by using quarterly average exchange rates, or rates at the dates of the transac-tions if significantly different. For share capital and share premium historical exchange rates are used. I.e. these equity items are not re-translated and the cumulative translation adjustment (CTA) only include the cumulative differ-ences between opening and closing rates on total net assets, and average to closing rates on retained earnings and other performance statement items, such as revaluation gains or cash flow hedging reserves.Comparative information has been provided for the previous period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-8-3": {
"value": "Revenue and over- and underlift balancesRevenue from the sale of liquids or gas is recognised at the point in time when V\u00e5r Energi\u2019s contractual performance obligations have been fulfilled and control is transferred to the customer. This will generally be at the time of delivery which is also when title passes to the customer. Revenues are recog-nised on the basis of volumes lifted and sold to customers during the period (sales method). To the extent the Company has lifted and sold more than its entitled share of production based on the ownership interest, an accrual is recognised at cost. To the extent the Company has lifted and sold less than its entitled share of production, costs are deferred for the underlift",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-3": {
"value": "Interests in joint arrangementsV\u00e5r Energi has interests in licences on the Norwegian Continental Shelf. IFRS defines a joint arrangement as an arrangement over which two or more parties have joint control. Joint control is the contractually agreed sharing of control which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control.Under IFRS 11 Joint Arrangements, a joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. V\u00e5r Energi recognises investments in joint operations (oil and gas production licences) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the Company\u2019s financial statements. For those licences that are not deemed to be joint arrangements pursuant to the definition in IFRS 11 as there is no joint control (\u201cundivided interests\u201d), the Company recognises its share of related expenses, assets, liabilities and cash flows in the same way as under IFRS 11. The terms \u201cjoint operations\u201d and \u201cundi-vided interests\u201d are used interchangeably throughout the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-4": {
"value": "Interests in joint arrangementsV\u00e5r Energi has interests in licences on the Norwegian Continental Shelf. IFRS defines a joint arrangement as an arrangement over which two or more parties have joint control. Joint control is the contractually agreed sharing of control which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control.Under IFRS 11 Joint Arrangements, a joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. V\u00e5r Energi recognises investments in joint operations (oil and gas production licences) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the Company\u2019s financial statements. For those licences that are not deemed to be joint arrangements pursuant to the definition in IFRS 11 as there is no joint control (\u201cundivided interests\u201d), the Company recognises its share of related expenses, assets, liabilities and cash flows in the same way as under IFRS 11. The terms \u201cjoint operations\u201d and \u201cundi-vided interests\u201d are used interchangeably throughout the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-10-3": {
"value": "Income taxesIncome taxes include current taxes payable or refundable, adjustments of prior years\u2019 taxes payable and deferred taxes. The deferred taxes are calculated using the full liability method, under which tax on temporary differences between the carrying amounts of assets and liabilities and their tax bases are recognised. Deferred tax assets are recognised to the extent it is probable that the asset will be realised. An \u201cuncertain tax treatment\u201d is a tax treatment relat-ing to which there is uncertainty whether the relevant tax authority will accept the tax treatment under the local tax law. Uncertain tax positions are recog-nised and presented as assets or liabilities depending on whether an outflow or inflow of economic resources embodying economic benefits has become probable. Taxes relating to items recognised in OCI are recognised in OCI. Income taxesIncome taxes are significant amounts in V\u00e5r Energi\u2019s financial statements. There may be uncertainties related to interpretation of applicable tax laws and regulations regarding amounts in V\u00e5r Energi\u2019s filed tax returns. In cases of uncertain tax treatments, it may take a long time to complete the discussions with the tax authorities or to reach resolutions of the appropriate tax positions. The carrying values of income tax related assets and liabilities are based on V\u00e5r Energi\u2019s interpretations of applicable laws, regulations and relevant court decisions. The quality of these estimates, including the most likely outcomes of uncertain tax treatments, is highly dependent upon proper application of very complex sets of rules and the recognition of changes in applicable rules.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-3": {
"value": "Exploration costsExploration drilling costs are treated in accordance with the successful efforts method; each well making the basis for the evaluation. Costs related to explo-ration wells in progress and exploration wells with finds are capitalised until the evaluation of the well has been completed. Such capitalised costs may remain capitalised for more than one year. The main criteria for keeping exploration costs capitalised are that there is a plan for future activity in the licence area and a development decision is expected in the near future. To the extent that no resources are discovered, or recovery of the resources is considered com-mercially unviable, the capitalised exploration expenditures are charged to the profit or loss. Other exploration costs, including seismic studies, are expensed as incurred. Successful Effort Method - exploration and exploration potentialExpenses relating to the drilling of exploration wells and exploration poten-tial (presented in other intangible assets) are temporarily recognised on the balance sheet as capitalised exploration expenditures and other intangible assets, pending an evaluation of potential oil and gas discoveries. If resources are not discovered, or if recovery of the resources is considered technically or commercially unviable, the costs of exploration wells and exploration potential are expensed. Judgments as to whether these assets should remain capitalised or be expensed at the reporting date may materially affect the operating result for the period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-12-3": {
"value": "Development expendituresThe development phase commences when the licence partners have decided field evaluation. Direct and indirect expenditures and financing costs related to development projects are capitalised. DepreciationOffshore installations are depreciated in accordance with the unit-of- production method based on proven reserves (the ratio between annual production quantity and the reserves, whereupon the reserves are updated quarterly). Onshore assets are depreciated over the estimated useful life, according to the straight-line method, 3-15 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-3": {
"value": "Property, plant and equipmentProperty, plant and equipment (PPE) are measured at depreciated cost adjusted for impairments. Capital spare parts are defined as critical, often tailormade long-lead items purchased in connection with development of a field and are recognised as PPE. Upon disposal or retirement, the difference between any proceeds and the carrying amount is recognised as gains or losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-3": {
"value": "Maintenance is expensed as incurred, whereas costs for improving and upgrad-ing production facilities are added to the acquisition cost and depreciated with the related asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-15-4": {
"value": "DepreciationOffshore installations are depreciated in accordance with the unit-of- production method based on proven reserves (the ratio between annual production quantity and the reserves, whereupon the reserves are updated quarterly). Onshore assets are depreciated over the estimated useful life, according to the straight-line method, 3-15 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-3": {
"value": "ImpairmentTangible fixed assets are assessed for potential impairment when events or changes in circumstances indicate that the book value of the assets is higher than their recoverable amounts. The unit of account for assessment of impair-ment is the lowest level for which independent cash inflows are possible to identify. For oil and gas assets, this is typically the field or licence level, but can also be at a hub level. Impairment is recognised when the carrying amount of the cash generating unit (CGU), including any allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. When estimating value in use and fair value less costs of disposal, expected future cash flows are discounted to the net present value applying a discount rate after tax that reflects the current market valuation of the time value of money and risks specific to the asset or CGU. The discount rate is derived from a weighted average cost of capital (WACC) determination. For the purpose of impairment testing the lifetime of the field is normally determined to be the time when the operating cash flows from the field becomes negative. A previously recognised impair-ment can only be reversed if changes to the estimates used for the calculation of the recoverable amount have been observed. Reversals are recognised in profit or loss. After a reversal, the depreciation amount is adjusted on a pro-spective basis in order to distribute the asset\u2019s revised book value, minus any residual value, on a systematic basis over the asset\u2019s expected remaining life.Impairment/reversal of impairmentChanges in the expected future value/cash flows of CGUs results in impair-ment if the estimated recoverable amount is lower than the book value (including any allocated goodwill) or the reversal of previously recognised impairments if the recoverable value is higher than the book value (impair-ment of goodwill is not reversed). Estimation of recoverable amounts involves the use of judgement and assumptions, including the modelling of future cash flows to estimate the CGUs value in use or fair value less costs of disposal.Impairment assessments require long-term assumptions concerning a number of often volatile economic factors, including future oil prices, oil production, currency exchange rates and discount rates. Such assumptions require the estimation of relevant factors such as long-term prices, the levels of capex and opex, production estimates, decommissioning costs and impact from climate changes. These evaluations are also necessary to determine a CGU\u2019s fair value unless information can be obtained from an actual observable market trans-action. See individual notes on Property, plant and equipment and intangible assets, including goodwill and note on Impairment for details of impairments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-18-3": {
"value": "InventoriesConsumable spare parts and drilling stock are measured at weighted average cost. Physical stock of crude oil is measured at production cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "Asset retirement obligationsV\u00e5r Energi recognises an asset retirement obligation (ARO) to the extent it has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the obligation amount can be made. The obligation generally arises when the asset is installed at the field location. V\u00e5r Energi recognises its share of the estimated AROs based on its working interest in the various fields both for V\u00e5r Energi operated fields and partner operated fields. When the liability is initially recognised, the present value of the estimated costs is capitalised by increasing the carrying amount of the related tangible oil and gas asset and depreciated over the useful life of the asset (generally by the application of the unit-of-production method). The discount rate used to discount the liability is based on a risk free interest rate that reflects current market assessments and the risks specific to the liability, and does not include the Company\u2019s credit risk. The periodic unwind-ing of the discount is recognised in profit or loss as financial items. The term of the discount rates used is aligned with the estimated timing of the removal, plugging and decommissioning activities at the fields. Changes in the estimated timing or cost of decommissioning are dealt with prospectively by recording an adjustment to the provision and a corresponding adjustment to assets. Upon retirement of the Gassled pipelines, the costs of ARO will be recharged to the users (shippers) of the pipelines based on shipped volumes. As a shipper V\u00e5r Energi has incurred such liabilities. These liabilities have also been recog-nised as the net present value of estimated future retirement costs on the basis of accumulated shipped volumes in Other non-current liabilities. Asset retirement obligationsThere is significant uncertainty in the estimate of ARO. These estimates are based on currently applicable laws and regulations, and existing technologies. Many decommissioning activities will take place decades into the future, and the technology and related costs are expected to evolve over time. The estimates include costs based on expected removal concepts using existing technology and estimated costs of maritime operations, hiring of lifting vessels and drilling rigs. As a result, there may be significant adjustments to the esti-mates of ARO and associated assets that can affect future financial results.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-3": {
"value": "Pension liabilityV\u00e5r Energi has a defined contribution pension plan that satisfies the statutory requirements in the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). Contributions are paid to pension insurance plans and charged to profit or loss in the period to which the contributions relate. Once the contributions have been paid, there are no further payment obligations.Financial assets and liabilitiesV\u00e5r Energi\u2019s financial assets and liabilities comprise non-listed equity instru-ments, derivative financial instruments (assets and liabilities), receivables, cash and cash equivalents, payables, other current and non-current liabilities. The classification of financial assets and liabilities at initial recognition depends on the financial instrument\u2019s contractual cash flow characteristics and the Company\u2019s business model for managing them.V\u00e5r Energi classifies its financial instruments in the following categories:\u2022 Financial assets and liabilities at amortised cost\u2022 Derivative financial assets and liabilities designated as accounting hedge instruments (cash flow hedges) for which the effective portion is recognised at fair value through other comprehensive income\u2022 Financial assets at fair value through profit and lossV\u00e5r Energi measures financial assets at amortised cost if both of the following conditions are met:\u2022 The financial instrument is held within a business model with the objective to hold the instruments in order to collect contractual cash flows and the contractual terms of the financial instrument give rise on specified dates to or requires cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment testing. Gains and losses are recognised in profit or loss when the instrument is derecognised, modified or impaired. The Company\u2019s financial instruments at amortised cost includes trade receiv-ables and other short-term deposits, trade payables and other current and non-current liabilities. Receivables are initially recognised at fair value less estimated credit losses (impairment losses). Accounts receivables that do not contain a significant financing component are measured at the transac-tion price determined under IFRS 15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "Leasing commitmentsAt the inception of a contract, V\u00e5r Energi assesses whether the contract is, or contains, a lease. The lease liability is recognised at the commencement date and measured at the present value of the remaining lease payments, discounted using the Company\u2019s incremental borrowing rate at the commencement date. The borrowing rate is derived from the terms of the Company\u2019s existing credit facilities. RoU assets are depreciated over the lease term. V\u00e5r Energi applies the exemption for short term leases (12 months or less) and low value leases. As such, related lease payments are not recognised in the balance sheet but expensed or capitalised in line with the accounting treat-ment for other non-lease expenses. The inclusion of non-lease components may vary across different lease categories, but for the most material classes of assets (rigs and supply vessels), the Company has excluded the non-lease components when measuring the lease liability. V\u00e5r Energi, as operator of an unincorporated joint operation, from time to time, enters into a lease contract as the sole signatory and recognises on the balance sheet: (i) the entire lease liability if, based on the contractual provisions and any other relevant facts and circumstances, it has primary responsibility for the liability towards the third party supplier; and (ii) the entire right-of-use asset, unless, the terms and conditions of the joint operation and other arrangements are separately negotiated with the non-operators and effectively extinguish V\u00e5r Energi\u2019s primary obligation for the lease with the third-party supplier. If a lease contract is signed by all the partners, V\u00e5r Energi recognises its share of the right-of-use asset and lease liability on the balance sheet based on its working interest. If V\u00e5r Energi does not have primary responsibility for the lease liability, it does not recognise any right-of-use asset and lease liability related to the lease contract. Whether a contract is entered into on behalf of the licence is subject to a contract specific assessment. Other lease contracts, such as offices and supply vessels not linked to specific fields, are recognised on a gross basis even when the related cashflows are charged to the licence partners. For such contracts, the partner\u2019s share of the costs recovered by the Company are presented as other income. Operators on licences in which V\u00e5r Energi is a partner may enter into lease contracts in their own name at the initial signing, and subsequently formally sublease the related asset to operated licences. In such cases, the sublease will be the basis for determining both the right of use, commencement, and the duration of the lease (and the application of the short-term lease exemption). Identifying a lease within joint operating arrangementsWhen applying IFRS 16 Leases in situations where the asset is being used in a joint arrangement or in relation to an undivided interest, significant judge-ment is required in determining what party is the primary obligor, whether the arrangement constitutes or contains a lease, commencement date, lease term and whether there is a sublease arrangement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-4": {
"value": "Financial assets and liabilitiesV\u00e5r Energi\u2019s financial assets and liabilities comprise non-listed equity instru-ments, derivative financial instruments (assets and liabilities), receivables, cash and cash equivalents, payables, other current and non-current liabilities. The classification of financial assets and liabilities at initial recognition depends on the financial instrument\u2019s contractual cash flow characteristics and the Company\u2019s business model for managing them.V\u00e5r Energi classifies its financial instruments in the following categories:\u2022 Financial assets and liabilities at amortised cost\u2022 Derivative financial assets and liabilities designated as accounting hedge instruments (cash flow hedges) for which the effective portion is recognised at fair value through other comprehensive income\u2022 Financial assets at fair value through profit and lossV\u00e5r Energi measures financial assets at amortised cost if both of the following conditions are met:\u2022 The financial instrument is held within a business model with the objective to hold the instruments in order to collect contractual cash flows and the contractual terms of the financial instrument give rise on specified dates to or requires cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment testing. Gains and losses are recognised in profit or loss when the instrument is derecognised, modified or impaired. The Company\u2019s financial instruments at amortised cost includes trade receiv-ables and other short-term deposits, trade payables and other current and non-current liabilities. Receivables are initially recognised at fair value less estimated credit losses (impairment losses). Accounts receivables that do not contain a significant financing component are measured at the transac-tion price determined under IFRS 15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "Derivative financial instrumentsV\u00e5r Energi uses derivative financial instruments, such as Brent Crude put options, to hedge its commodity price risks on future oil production volumes (cash flow hedges). Such derivative financial instruments are initially recog-nised at fair value on the date on which a derivative contract is entered into and subsequently re-measured at fair value. The put options are measured using market inputs such as observable forward curves, interest rates and time to maturity. Implied volatilities from market observable option prices are used when the price of the option is modelled. The Company has designated these put options as cash flow hedges relating to expected future production and sales of crude oil, and applied hedge accounting. The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income (OCI) and the hedge reserve in equity, while any ineffective portion is recognised immediately in profit or loss. Amounts accumulated in the hedge reserve is reclassified to profit or loss when the hedged transaction affects profit or loss.Option premiums paid (time value at date of purchase) are treated as cost of hedging and presented in operating expenses when the hedged transaction affects profit or loss, while the intrinsic value (\u201cin-the-money value\u201d) on put options exercised are presented in gains on cash flow hedges in petroleum revenues. As option premiums are paid at exercise or expiry they are presented as current liabilities in the balance sheet. Contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, are accounted for as financial instru-ments. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the Company\u2019s expected purchase, sale or usage requirements, also referred to as own-use contracts, are not accounted for as financial instruments. Such sales and purchases of physical commodity volumes are reflected in profit or loss as Petroleum revenues and Other operating expenses, respectively. This is applicable to a number of contracts for the sale of natural gas, which are recognised upon delivery of the volumes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-4": {
"value": "Derivative financial instrumentsV\u00e5r Energi uses derivative financial instruments, such as Brent Crude put options, to hedge its commodity price risks on future oil production volumes (cash flow hedges). Such derivative financial instruments are initially recog-nised at fair value on the date on which a derivative contract is entered into and subsequently re-measured at fair value. The put options are measured using market inputs such as observable forward curves, interest rates and time to maturity. Implied volatilities from market observable option prices are used when the price of the option is modelled. The Company has designated these put options as cash flow hedges relating to expected future production and sales of crude oil, and applied hedge accounting. The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income (OCI) and the hedge reserve in equity, while any ineffective portion is recognised immediately in profit or loss. Amounts accumulated in the hedge reserve is reclassified to profit or loss when the hedged transaction affects profit or loss.Option premiums paid (time value at date of purchase) are treated as cost of hedging and presented in operating expenses when the hedged transaction affects profit or loss, while the intrinsic value (\u201cin-the-money value\u201d) on put options exercised are presented in gains on cash flow hedges in petroleum revenues. As option premiums are paid at exercise or expiry they are presented as current liabilities in the balance sheet. Contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, are accounted for as financial instru-ments. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the Company\u2019s expected purchase, sale or usage requirements, also referred to as own-use contracts, are not accounted for as financial instruments. Such sales and purchases of physical commodity volumes are reflected in profit or loss as Petroleum revenues and Other operating expenses, respectively. This is applicable to a number of contracts for the sale of natural gas, which are recognised upon delivery of the volumes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-26-3": {
"value": "Cash flow statementThe statement of cash flows has been prepared in accordance with the indi-rect method. Cash consist of cash, bank deposits and short-term deposits in affiliated banks. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "Sale and swaps of assetsSale of assets on the Norwegian continental shelf are carried out on an after-tax basis according to the petroleum tax act \u00a7 10. When entering into agreements regarding the purchase/ swap of assets, the parties agree on an effective date for the takeover of the net cash flow (usually 1 January in the calendar year, which is also normally the effective date for tax purposes).In the period between the effective date and the completion date, the seller will include revenues and expenditures relating to its sold share of the licence in its financial statements. In accordance with the purchase agreement, there is a settlement with the seller of the net cash flows from the asset in the period from the effective date to the completion date (pro & contra settlement). The pro & contra settlement will result in an adjustment to the seller\u2019s losses/gains and to the cost of the assets for the purchaser, in that the settlement (after a tax reduction) is deemed to be part of the consideration in the transaction. Revenues and expenses from the relevant licence are included in the purchas-er\u2019s profit or loss from the acquisition date. For tax purposes, the purchaser will include the net cash flow (pro & contra) and any other income and costs as from the effective date. When acquiring licences that are defined as asset acquisitions, no provision is made for deferred tax in accordance with the initial recognition exemption. A gain or loss related to an after-tax-based sale of assets includes the release of tax liabilities previously recognised related to the assets. The resulting after-tax gain or loss is recognised in full in Other income in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-2": {
"value": "Important accounting judgments, estimates and assumptionsThe preparation of financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that have an effect on the application of accounting principles and the reported assets, lia-bilities, income and expenses. The main significant judgements management has made regarding the application of accounting principles are the following:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-3": {
"value": "Oil and gas reservesOil and gas reserves are estimated by the Company\u2019s experts in accord-ance with industry standards. The estimates are based on V\u00e5r Energi\u2019s own assessment of internal information and information received from operators. Reserves are certified by an external party, which also issues an independent reserves report. Oil and gas reserves consist of the estimated quantities of crude oil, natural gas and condensates shown by geological and technical data to be recoverable with reasonable certainty from known reservoirs under exist-ing economic and operational conditions, i.e. on the date that the estimates are prepared. Current market prices are used when establishing the estimates.Reserves and production volumes are used to calculate the depreciation of oil and gas fields by applying the unit-of-production method. Reserve estimates are also used as basis for impairment testing of licence-related assets and goodwill. Changes in petroleum prices and cost estimates may change reserve estimates and accordingly economic cut-off, which may impact the timing of assumed decommissioning and removal activities. Changes to reserve estimates can also result from updated production and reservoir information. Future changes to oil and gas reserves can have a material effect on depre-ciation, life of field, impairment of licence-related assets and goodwill, and operating results.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": "Fair value measurementThe fair values of non-financial assets and liabilities are required to be deter-mined, for example in a business combination, to determine the allocation of purchase price in an asset deal or when the recoverable amount of an asset or CGU is based on fair value less costs to sell. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transac-tion between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market partici-pants would use when pricing the asset or liability. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. V\u00e5r Energi uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. The fair value of oil fields in the production and development phase is generally based on dis-counted cash flow models, where the determination of inputs to the models may require significant judgement, as described in the section below regarding impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-2": {
"value": "Standards and amendments issued but not yet effectiveCertain new accounting standards and amendments to standards are issued, but not yet effective as of 31 December 2022. These standards and amendments are not expected to have a material impact on the Company in the current or future reporting periods.Note 3 Summary of restatementsRestatements in 2022 include change in presentation of payment of borrowing costs in the statement of cash flows, change in accounting principles for overlift/underlift from Q4 2022 and correction of NGL overlift/underlift. Restatement of interest paid in cash flow statementV\u00e5r Energi decided during Q2 2022 to change its accounting principles related to presentation of interest payments in the cash flows statement. Interest payments are restated to be shown as financing activities in the statement of cash flows. In prior reporting periods, these cash flows were presented as operational activities. The reason behind the change is that interest payments are directly linked to V\u00e5r Energi\u2019s financing activities and the change is in line with peers and upcom-ing changes in IAS 1. Comparative figures have been restated accordingly and the impact on relevant previous periods is included in the table below.Restating impact on Statement of Cash FlowNet cash flows from operating activities USD 1000 2021Before restatement 4 438 371Impact of restatement 141 532After restatement 4 579 902Net cash from financing activities USD 1000Before restatement (1 834 686)Impact of restatement (141 532)After restatement (1 976 218)Restatement of overlift/underlift of NGL lifted at the K\u00e5rst\u00f8 terminalV\u00e5r Energi has corrected calculation of overlift/underlift of NGL lifted at the K\u00e5rst\u00f8 terminal due to data quality issues in allocation of liftings at field level. Overlift/underlift of NGL from the fields that are lifted at the K\u00e5rst\u00f8 terminal is recognised at the net position of the company\u2019s total portfolio. This was previously calculated at field level. Restatement of overlift/underlift due to change in accounting principlesV\u00e5r Energi has elected to change its accounting policy for measurement of overlift to measure both overlift/underlift at cost as we believe this will provide more relevant information about financial performance and financial position of the Company. In addition, this change will also make V\u00e5r Energi more comparable to peer companies on the NCS. In prior reporting periods, the overlift was recognised for the fair value / sale price while the underlift was measured at the lower of production cost and sale price.Comparative figures have been restated accordingly and the impact on relevant comparison periods is included in the table below.Restating impact on Balance Sheet Statement USD 1000 Note 01 Jan 2021 31 Dec 2021Underlift before restatement 142 257 189 105Impact of restatement (67 948) (78 888)Underlift after restatement 20 74 309 110 217Overlift before restatement 166 175 317 605Impact of restatement (121 034) (276 428)Overlift after restatement 27 45 142 41 177Equity before restatement 1 854 877 1 472 369Impact of restatement 11 679 43 459Equity after restatement 1 866 556 1 515 828Deferred tax before restatement 7 342 952 7 799 594Impact of restatement 41 407 154 082Deferred tax after restatement 12 7 384 359 7 953 676Restating impact on Statement of Comprehensive Income USD 1000 Note 2021Adjustment of (over)/under lift before restatement (116 947)Impact of restatement 148 960Adjustment of (over)/under lift after restatement 6 32 013Income tax (expense) / income before restatement (1 876 143)Impact of restatement (116 188)Income tax (expense) / income after restatement 12 (1 992 331)Earnings per share before restatement 0.25Impact of restatement 0.01Earnings per share after restatement 0.26Impact of restatement include both NGL correction and change in accounting policy for measurement of overlift.Difference between impact in P&L vs. change in equity is related to translation effects.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-2": {
"value": "Note 4 Segment informationV\u00e5r Energi operates within the geographical area Norway and the business is entirely related to exploration for and production of petroleum in Norway. V\u00e5r Energi\u2019s activities are considered to have a homogeneous risk and return profile before tax. V\u00e5r Energi operates within a single operating segment which matches the internal reporting to the executive management. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-2": {
"value": "Note 5 IncomePetroleum revenues USD 1000 EU/UK Norway 2022 2021Revenue from crude oil sales 4 669 095 4 669 095 3 448 157Revenue from gas sales 4 423 340 308 942 4 732 282 2 227 332Revenue from NGL sales 365 029 14 137 379 166 367 885Total petroleum revenues 9 457 464 323 079 9 780 543 6 043 375Sales of crude (boe 1000) (unaudited) 45 923 49 006Sales of gas (boe 1000) (unaudited) 27 115 28 011Sales of NGL (boe 1000) (unaudited) 5 796 8 180Other operating income (USD 1000) 2022 2021Gain/(loss) from sale of assets 300 2 232Partner share of lease cost 13 529 8 001ExxonMobil settlement 10 882 -Other operating income 22 377 19 124Total other operating income 47 088 29 357Increase of other operating income mainly reflect final settlement with ExxonMobil related to the 2019 business combination. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-3": {
"value": "Note 5 IncomePetroleum revenues USD 1000 EU/UK Norway 2022 2021Revenue from crude oil sales 4 669 095 4 669 095 3 448 157Revenue from gas sales 4 423 340 308 942 4 732 282 2 227 332Revenue from NGL sales 365 029 14 137 379 166 367 885Total petroleum revenues 9 457 464 323 079 9 780 543 6 043 375Sales of crude (boe 1000) (unaudited) 45 923 49 006Sales of gas (boe 1000) (unaudited) 27 115 28 011Sales of NGL (boe 1000) (unaudited) 5 796 8 180Other operating income (USD 1000) 2022 2021Gain/(loss) from sale of assets 300 2 232Partner share of lease cost 13 529 8 001ExxonMobil settlement 10 882 -Other operating income 22 377 19 124Total other operating income 47 088 29 357Increase of other operating income mainly reflect final settlement with ExxonMobil related to the 2019 business combination. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-2": {
"value": "Note 6 Production costsRestated USD 1000 20222021Cost of operations 701 441 688 120Transportation and processing 213 551 243 150Environmental taxes 122 988 101 658Insurance premium 48 786 46 466Production cost based on produced volumes 1 086 766 1 079 394Back-up cost shuttle tankers 19 245 33 148Changes in overlift/underlift 3 (2 411) (32 013)Premium expense for crude put options 21 39 540 60 492Production cost based on sold volumes 1 143 139 1 141 021Total produced volumes (boe 1000) (unaudited) 80 319 89 732Production cost per boe produced (USD/boe) (unaudited) 13.5 12.0The changes in overlift/underlift are due to timing of liftings vs. production.Note 8 Auditor\u2019s feeUSD 1000 2022 2021Statutory audit 545 445Other attestations and quarterly reviews 1 051 4341Other services 104 70Reinvoiced to Eni S.p.A. (68) -Total fee 1 631 9491 Services other than audit in 2022 provided by the auditors mainly related to non-financial process improvement activities. In 2021 services other than audit provided by the auditors mainly related to project support and assistance to offshore operations department and non-financial process improvement activities.Note 9 Other operating expensesUSD 1000 Note 2022 2021R&D expenses 31 535 32 183Pre-production costs 24 761 20 612Guarantee fee decommissioning obligation 28 22 190 22 138Administration expenses 8 26 331 26 499Other expenses 32 905 9 051Total other operating expenses 137 721 110 483Other expenses include disposal of the Brasse licences in 4Q 2022. Note 10 Exploration expenses USD 1000 Note 2022 2021Seismic 4 741 2 989Area Fee 7 861 9 762Dry well expenses 13 30 600 5 887Other exploration expenses 28 861 38 501Total exploration expenses 72 063 57 138Dry well expenses in 2022 are mainly related to the wells PL901 7122/6-3 S R\u00f8dhette, PL209 6305/5-C-3 H Ormen Lange Deep, the 34/4-18 S Statfjord Kile Well and the PL124 6507/8-11 Othello North.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-2": {
"value": "Note 7 Staff costs and remunerationUSD 1000 2022 2021Salary expenses 152 286 195 324Social security tax (incl. pension and social charges for foreign personnel) 29 766 25 262Pension cost, defined contribution scheme 14 298 14 976Other personnel expenses 8 216 4 945Total 204 567 240 508Average number of employees 960 921The share charged to partners in operated joint ventures amounted to USD 34 176 thousand (USD 41 306 thousand in 2021).V\u00e5r Energi has a defined contribution pension plan that satisfies the statutory requirements in the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). Contributions are paid to pension insurance plans and charged to the profit or loss in the period to which the contributions relate. Once the contributions have been paid, there are no further payment obligations.Employee share savings planV\u00e5r Energi ASA\u2019s share saving program gives employees the opportunity to buy shares in V\u00e5r Energi ASA for 5% of the base salary. If the shares are retained for two full calendar years with continuous employment after the end of the saving year, the employees will be awarded a bonus share for each share they have purchased. This will be settled by V\u00e5r Energi ASA buying shares in the market. The award is treated as equity settled. In 2022 employees subscribed for USD 4 195 thousand when V\u00e5r Energi was listed on the Oslo Stock Exchange 16 February 2022, and USD 2 908 thousand as a part of the share saving plan.Key management personnel compensation 2022 *USD 1000, except total number of Annual Payment in Long-term Total number Owing shares and owing interest Position SalaryVariable Pay** Otherkind Pension costsincentive planof sharesinterest 1Torger R\u00f8d Chief Executive Officer 682 333 338 2 101 203 107 784 -Rune Oldervoll EVP Exploration & Production 303 65 - 9 42 73 46 544 -EVP Project Development & Supply 2Atle Reinseth 81 21 68 1 20 - - -Chain Management 3Ingrid S\u00f8lvberg EVP Technology, Drilling & Subsurface - - - - - - - -Ove Andr\u00e8 \u00c5rdal SVP Commercial 252 74 - 8 80 62 23 792 - 4Tone Rognstad SVP People & Communication 223 76 130 2 36 63 29 434 -Aksel Luhr General Counsel 238 68 - 2 33 58 28 252 - 5Ellen W. Hoddell SVP Safety & Sustainability 34 46 - 1 8 51 11 947 - 6Stefano Pujatti Chief Financial Officer 453 73 - 40 - - -Ove Mikal Helle SVP Internal Audit 242 57 - 9 34 58 15 699 -Tor Tangvald VP internal Audit 261 70 - 2 102 - - - 7Charlotte Ved\u00f8 VP Corporate Services 201 43 - 8 54 - - - 8Alessandro Barberis VP Exploration 270 28 - 36 - - - - 9\u00d8rjan Jentoft VP Partner Operated Assets 272 57 - 8 17 - - - 10Bj\u00f8rn Thore Ribesen VP Field Development & Projects 288 61 - 8 18 - - - 11Annethe Gjerde VP Contract & Procurement 202 50 - 2 17 - - -Total compensation 4 000 1 121 537 139 562 568 263 45216 Other: as per prospectus - bonus paid by successful IPO 2022 Expatriated from ENI SPA27 Employed since October 2022. Other: as per contract - compensation for documented loss Left the Executive Management group October 2022, compensation prorated for 20228of bonus with previous employer Expatriated from ENI SPA. Left the Executive Management group October 202239 Employed since December 2022 Left the Executive Management group October 2022, compensation prorated for 2022410 Employed 01.01.2022. Other: as per contract - compensation for documented loss of bonus Left the Executive Management group October 2022, compensation prorated for 202211with previous employer Left the Executive Management group October 2022, compensation prorated for 20225 Appointed in November 2022* Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rate** Numbers represent actual bonus earned in 2022Key management personnel compensation 2021 *USD 1000, except total number of shares and Annual Variable Long-term Total number owing interest Position SalaryPay** Other Payment in kind Pension costsincentive planof shares Owing interest 1Torger R\u00f8d Chief Executive Officer 369 343 - 1 66 - - - 2Kristin Kragseth Chief Executive Officer 425 - - 3 41 - - - 3Stefano Pujatti Chief Financial Officer 406 81 - - - - - -Rune Oldervoll Vice President Operations 333 116 - 8 45 - - -Ove Andr\u00e9 \u00c5rdal Vice President Commercial 275 110 - 7 85 - - - 4Alessandro Barberis Vice President Exploration 127 31 - - - - - - 5Denis Palermo Vice President Exploration 205 - - - - - - -\u00d8rjan Jentoft Vice President Partner Operated Assets 338 127 - 8 49 - - -Annethe Gjerde Vice President Contracts & Procurement 257 93 - 2 36 - - -Bj\u00f8rn Thore Ribesen Vice President Field Development & Projects 394 124 - 8 52 - - -Aksel Luhr General Counsel 262 92 - 2 36 - - -Charlotte Ved\u00f8 Vice President Corporate Services 261 93 - 9 85 - - -Ove M. Helle Vice President Safety & Sustainability 265 93 - 2 36 - - -Tor B. Tangvald Vice President Internal Audit 290 101 - 2 111 - - -Total compensation 4 208 1 404 - 51 643 - - -1 Employed since June 2021.2 Employed until end of May 20213 Paid by Eni S.p.A. Inpat on shadow payroll \u2013 figures are based on contract. Amount is gross paid. Pension is handled by Eni S.p.A.4 Seconded from Eni S.p.A to V\u00e5r Energi since September 2021.5 Employed until end of October 2021, figures are based on contract. Amount is gross paid. Pension is handled by EIRL (Eni International Resources Ltd)* Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rate.** Numbers represent actual bonus earned in 2021.*Board of Directors remuneration 2022 Safety & Board of Sustainability Remuneration USD 1000 PositionDirectors Audit CommitteeCommitteeCommittee SumThorhild Widvey Chair Board of Directors, Chair Safety & Sustainability Com. 96 - - 7 1031Liv Monica Bargem Stubholt Deputy Chair Board of Directors, Chair Audit Committee 45 23 - - 682Francesco Gattei Board of Directors - Elected by Eni - - - - -2Gudio Brusco Board of Directors - Elected by Eni - - - - -2Clara Andreoletti Board of Directors - Elected by Eni - - - - -2Marica Calabrese Board of Directors - Elected by Eni - - - - -Ove Gusevik Board of Directors member 45 14 - - 59Fabio Ignazio Romeo Board of Directors member 45 - 14 - 59Jan Inge Nesheim Board of Directors - Employee representative 26 - 4 - 30Martha Skj\u00e6veland Board of Directors - Employee representative 26 - - 4 30Bj\u00f8rn Nysted Board of Directors - Employee representative 26 4 - - 30Hege Susanne Bl\u00e5sternes Board of Directors - Employee representative 26 - 4 - 30Total compensation 336 40 21 10 4081 Paid to Advokatfirmaet Selmer AS2 Directors elected by Eni shall not receive any remuneration* Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rateIn 2021 none of the members of the Board of Directors, including the chair received any remuneration from V\u00e5r Energi for their responsibility as a Director.V\u00e5r Energi has made arrangements to provide subsidised loans to local employ-ees. No other loans, guarantees or other commitments have been granted to any member of the Board or to any member of the Management.The CEO and other members of Executive Management have a termination period of 6 months. Upon termination of employment initiated by the Company, the CEO is entitled to a severance pay of 12 months. Other members of Executive Management are normally entitled to six months\u2019 severance pay. No other employee has entered into employment agreements which provide for any special benefits upon termination. None of the Board members has a service contract and none will be entitled to any benefits upon termination.V\u00e5r Energi has a bonus scheme for all employees calculated according to achieved objectives. In addition to bonus based on the general element, Management can receive an additional bonus if certain KPI targets are met (the KPI element) and on individual performance (the individual element). The Management takes part in the general pension plan as described in this note. In addition, V\u00e5r Energi has, on an administrative basis, established an arrange-ment granting a 15% deposit of salary above 12G. \u201cG\u201d is the bacic amount in the National Insurance Scheme. As of 1 May 2022 1G was USD 11.91 thousand.Guidelines and adherence to the guidelines for management compensationThe Board makes guidelines for executive remuneration, including the CEO\u2019s remuneration and other terms and conditions of employment. These guide-lines set out the main principles applied in determining the salary and other remuneration of executive personnel and are addressed as a separate item at the General Meeting.In 2022, the Company`s remuneration policy has been in accordance with the guidelines of remuneration decided by the Annual General Meeting 4 May 2022. ",
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"pp-value-43-3": {
"value": "Note 7 Staff costs and remunerationUSD 1000 2022 2021Salary expenses 152 286 195 324Social security tax (incl. pension and social charges for foreign personnel) 29 766 25 262Pension cost, defined contribution scheme 14 298 14 976Other personnel expenses 8 216 4 945Total 204 567 240 508Average number of employees 960 921The share charged to partners in operated joint ventures amounted to USD 34 176 thousand (USD 41 306 thousand in 2021).V\u00e5r Energi has a defined contribution pension plan that satisfies the statutory requirements in the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). Contributions are paid to pension insurance plans and charged to the profit or loss in the period to which the contributions relate. Once the contributions have been paid, there are no further payment obligations.Employee share savings planV\u00e5r Energi ASA\u2019s share saving program gives employees the opportunity to buy shares in V\u00e5r Energi ASA for 5% of the base salary. If the shares are retained for two full calendar years with continuous employment after the end of the saving year, the employees will be awarded a bonus share for each share they have purchased. This will be settled by V\u00e5r Energi ASA buying shares in the market. The award is treated as equity settled. In 2022 employees subscribed for USD 4 195 thousand when V\u00e5r Energi was listed on the Oslo Stock Exchange 16 February 2022, and USD 2 908 thousand as a part of the share saving plan.Key management personnel compensation 2022 *USD 1000, except total number of Annual Payment in Long-term Total number Owing shares and owing interest Position SalaryVariable Pay** Otherkind Pension costsincentive planof sharesinterest 1Torger R\u00f8d Chief Executive Officer 682 333 338 2 101 203 107 784 -Rune Oldervoll EVP Exploration & Production 303 65 - 9 42 73 46 544 -EVP Project Development & Supply 2Atle Reinseth 81 21 68 1 20 - - -Chain Management 3Ingrid S\u00f8lvberg EVP Technology, Drilling & Subsurface - - - - - - - -Ove Andr\u00e8 \u00c5rdal SVP Commercial 252 74 - 8 80 62 23 792 - 4Tone Rognstad SVP People & Communication 223 76 130 2 36 63 29 434 -Aksel Luhr General Counsel 238 68 - 2 33 58 28 252 - 5Ellen W. Hoddell SVP Safety & Sustainability 34 46 - 1 8 51 11 947 - 6Stefano Pujatti Chief Financial Officer 453 73 - 40 - - -Ove Mikal Helle SVP Internal Audit 242 57 - 9 34 58 15 699 -Tor Tangvald VP internal Audit 261 70 - 2 102 - - - 7Charlotte Ved\u00f8 VP Corporate Services 201 43 - 8 54 - - - 8Alessandro Barberis VP Exploration 270 28 - 36 - - - - 9\u00d8rjan Jentoft VP Partner Operated Assets 272 57 - 8 17 - - - 10Bj\u00f8rn Thore Ribesen VP Field Development & Projects 288 61 - 8 18 - - - 11Annethe Gjerde VP Contract & Procurement 202 50 - 2 17 - - -Total compensation 4 000 1 121 537 139 562 568 263 45216 Other: as per prospectus - bonus paid by successful IPO 2022 Expatriated from ENI SPA27 Employed since October 2022. Other: as per contract - compensation for documented loss Left the Executive Management group October 2022, compensation prorated for 20228of bonus with previous employer Expatriated from ENI SPA. Left the Executive Management group October 202239 Employed since December 2022 Left the Executive Management group October 2022, compensation prorated for 2022410 Employed 01.01.2022. Other: as per contract - compensation for documented loss of bonus Left the Executive Management group October 2022, compensation prorated for 202211with previous employer Left the Executive Management group October 2022, compensation prorated for 20225 Appointed in November 2022* Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rate** Numbers represent actual bonus earned in 2022Key management personnel compensation 2021 *USD 1000, except total number of shares and Annual Variable Long-term Total number owing interest Position SalaryPay** Other Payment in kind Pension costsincentive planof shares Owing interest 1Torger R\u00f8d Chief Executive Officer 369 343 - 1 66 - - - 2Kristin Kragseth Chief Executive Officer 425 - - 3 41 - - - 3Stefano Pujatti Chief Financial Officer 406 81 - - - - - -Rune Oldervoll Vice President Operations 333 116 - 8 45 - - -Ove Andr\u00e9 \u00c5rdal Vice President Commercial 275 110 - 7 85 - - - 4Alessandro Barberis Vice President Exploration 127 31 - - - - - - 5Denis Palermo Vice President Exploration 205 - - - - - - -\u00d8rjan Jentoft Vice President Partner Operated Assets 338 127 - 8 49 - - -Annethe Gjerde Vice President Contracts & Procurement 257 93 - 2 36 - - -Bj\u00f8rn Thore Ribesen Vice President Field Development & Projects 394 124 - 8 52 - - -Aksel Luhr General Counsel 262 92 - 2 36 - - -Charlotte Ved\u00f8 Vice President Corporate Services 261 93 - 9 85 - - -Ove M. Helle Vice President Safety & Sustainability 265 93 - 2 36 - - -Tor B. Tangvald Vice President Internal Audit 290 101 - 2 111 - - -Total compensation 4 208 1 404 - 51 643 - - -1 Employed since June 2021.2 Employed until end of May 20213 Paid by Eni S.p.A. Inpat on shadow payroll \u2013 figures are based on contract. Amount is gross paid. Pension is handled by Eni S.p.A.4 Seconded from Eni S.p.A to V\u00e5r Energi since September 2021.5 Employed until end of October 2021, figures are based on contract. Amount is gross paid. Pension is handled by EIRL (Eni International Resources Ltd)* Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rate.** Numbers represent actual bonus earned in 2021.*Board of Directors remuneration 2022 Safety & Board of Sustainability Remuneration USD 1000 PositionDirectors Audit CommitteeCommitteeCommittee SumThorhild Widvey Chair Board of Directors, Chair Safety & Sustainability Com. 96 - - 7 1031Liv Monica Bargem Stubholt Deputy Chair Board of Directors, Chair Audit Committee 45 23 - - 682Francesco Gattei Board of Directors - Elected by Eni - - - - -2Gudio Brusco Board of Directors - Elected by Eni - - - - -2Clara Andreoletti Board of Directors - Elected by Eni - - - - -2Marica Calabrese Board of Directors - Elected by Eni - - - - -Ove Gusevik Board of Directors member 45 14 - - 59Fabio Ignazio Romeo Board of Directors member 45 - 14 - 59Jan Inge Nesheim Board of Directors - Employee representative 26 - 4 - 30Martha Skj\u00e6veland Board of Directors - Employee representative 26 - - 4 30Bj\u00f8rn Nysted Board of Directors - Employee representative 26 4 - - 30Hege Susanne Bl\u00e5sternes Board of Directors - Employee representative 26 - 4 - 30Total compensation 336 40 21 10 4081 Paid to Advokatfirmaet Selmer AS2 Directors elected by Eni shall not receive any remuneration* Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rateIn 2021 none of the members of the Board of Directors, including the chair received any remuneration from V\u00e5r Energi for their responsibility as a Director.V\u00e5r Energi has made arrangements to provide subsidised loans to local employ-ees. No other loans, guarantees or other commitments have been granted to any member of the Board or to any member of the Management.The CEO and other members of Executive Management have a termination period of 6 months. Upon termination of employment initiated by the Company, the CEO is entitled to a severance pay of 12 months. Other members of Executive Management are normally entitled to six months\u2019 severance pay. No other employee has entered into employment agreements which provide for any special benefits upon termination. None of the Board members has a service contract and none will be entitled to any benefits upon termination.V\u00e5r Energi has a bonus scheme for all employees calculated according to achieved objectives. In addition to bonus based on the general element, Management can receive an additional bonus if certain KPI targets are met (the KPI element) and on individual performance (the individual element). The Management takes part in the general pension plan as described in this note. In addition, V\u00e5r Energi has, on an administrative basis, established an arrange-ment granting a 15% deposit of salary above 12G. \u201cG\u201d is the bacic amount in the National Insurance Scheme. As of 1 May 2022 1G was USD 11.91 thousand.Guidelines and adherence to the guidelines for management compensationThe Board makes guidelines for executive remuneration, including the CEO\u2019s remuneration and other terms and conditions of employment. These guide-lines set out the main principles applied in determining the salary and other remuneration of executive personnel and are addressed as a separate item at the General Meeting.In 2022, the Company`s remuneration policy has been in accordance with the guidelines of remuneration decided by the Annual General Meeting 4 May 2022. ",
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"value": "Note 8 Auditor\u2019s feeUSD 1000 2022 2021Statutory audit 545 445Other attestations and quarterly reviews 1 051 4341Other services 104 70Reinvoiced to Eni S.p.A. (68) -Total fee 1 631 9491 Services other than audit in 2022 provided by the auditors mainly related to non-financial process improvement activities. In 2021 services other than audit provided by the auditors mainly related to project support and assistance to offshore operations department and non-financial process improvement activities.",
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"pp-value-51-3": {
"value": "Note 9 Other operating expensesUSD 1000 Note 2022 2021R&D expenses 31 535 32 183Pre-production costs 24 761 20 612Guarantee fee decommissioning obligation 28 22 190 22 138Administration expenses 8 26 331 26 499Other expenses 32 905 9 051Total other operating expenses 137 721 110 483Other expenses include disposal of the Brasse licences in 4Q 2022. ",
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"value": "Note 9 Other operating expensesUSD 1000 Note 2022 2021R&D expenses 31 535 32 183Pre-production costs 24 761 20 612Guarantee fee decommissioning obligation 28 22 190 22 138Administration expenses 8 26 331 26 499Other expenses 32 905 9 051Total other operating expenses 137 721 110 483Other expenses include disposal of the Brasse licences in 4Q 2022. ",
"dimensions": {
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"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Note 10 Exploration expenses USD 1000 Note 2022 2021Seismic 4 741 2 989Area Fee 7 861 9 762Dry well expenses 13 30 600 5 887Other exploration expenses 28 861 38 501Total exploration expenses 72 063 57 138Dry well expenses in 2022 are mainly related to the wells PL901 7122/6-3 S R\u00f8dhette, PL209 6305/5-C-3 H Ormen Lange Deep, the 34/4-18 S Statfjord Kile Well and the PL124 6507/8-11 Othello North.",
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"pp-value-53-2": {
"value": "Note 11 Financial itemsUSD 1000 Note 2022 2021Other financial income 10 011 14 043Interests on debts and borrowings 17 (129 782) (143 462)Interest on lease debt (9 312) (7 819)Capitalised interest cost, development projects 130 974 49 034Amortisation of fees and expenses (17 801) (73 495)Accretion expenses (asset retirement obligation) 25 (94 243) (94 733)Other financial expenses (5 737) (13 056)Net financial income / (expenses) (115 889) (269 489)Unrealised exchange rate gain / (loss) (81 175) (558 940)Realised exchange rate gain / (loss) (315 864) 416 570Net exchange rate gain / (loss) (397 039) (142 371)Net financial items (512 929) (411 859)Increase of capitalised interest cost in 2022 is mainly due to increased interest rate after refinancing in November 2022 with USD 2 000 million in bond financing.V\u00e5r Energi\u2019s functional currency is NOK, whilst interest bearing loans and bonds are in USD. A down payment of USD 2 500 million on the bridge facility was completed in 2022 causing a realised exchange rate loss of USD 282 million. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-54-2": {
"value": "Note 12 Income TaxesRestated USD 1000 20222021Current period tax payable / (receivable) 3 851 161 1 147 119Prior period adjustments to current tax 20 828 15 917Current tax expense / (income) 3 871 989 1 163 036Deferred tax expense / (income) 1 047 499 829 295Tax expense / (income) in profit and loss 4 919 489 1 992 331Effective tax rate in % 84% 75%Tax expense / (income) in put option used for hedging (341) 1 965Tax expense / (income) in total comprehensive income 4 919 148 1 994 296The tax calculation in 2022 is based on the new cash flow based petroleum tax legislation, enacted by the Norwegian Parliament in June 2022 with effect from 01.01.22. The main feature of the new legislation is that investments from 1 January 2022 can be expensed when incurred for special petroleum tax purposes, replacing the 6 years depreciation. The uplift deduction will be discontinued for investment not covered by the temporary 2020 tax regime.Restated Reconciliation of tax expense Tax rate 20222021Marginal (78%) tax rate on profit / loss before tax 78.0% 4 567 829 2 064 416Tax effect of uplift 71.8% (211 687) (377 467)Impairment of goodwill 78.0% 184 022 158 3881Tax effects of items taxed at other than marginal (78%) tax rate 56.0% 314 393 136 7922Tax effects of new legislation on other items 50 885 -Other permanent differences, prior period adjustments and change in estimates of uncertain tax positions 78.0% 14 047 10 202Tax expense / (Income) 4 919 489 1 992 3311 The effects of items taxed at other than marginal (78%) tax rate are mainly impacted by fluctuation in currency exchange rate on the company\u2019s external borrowings and working capital.2 Tax effects in 2022 of USD 50.9 million related to an updated valuation allowance for lack of statutory tax deduction at effective rate 6.204% related to abandonment without anticipated tax shield.Temporary timing differences at end of period 2022 2021Tangible fixed assets 9 787 501 10 919 602Capitalised exploration cost 225 287 199 981Other intangible assets 93 515 104 520Abandonment obligation (3 274 814) (3 357 278)Financial instruments over OCI (21 339) (21 932)Other 141 719 137 112Basis for deferred ordinary taxes 6 951 868 7 982 004Uplift recognised as part of business combinations - (19 607)Additional depreciation for special tax 4 288 592 3 304 522Temporary differences not relevant for special tax (110 830) (199 716)Ordinary tax deductible for special tax (2 010 081) -Basis for deferred special taxes 9 119 549 11 067 205Ordinary tax 22.0% (1 529 411) (1 756 041)1Special tax 71.8% / 56.0% (6 547 836) (6 197 635)Valuation allowance for lack of statutory tax deduction at effective rate 6.2%r elated to abandonment (50 724) -Net deferred tax asset / (liability) as of closing balance (8 127 971) (7 953 676)Breakdown of tax effect on temporary differences 2022 2021Tangible fixed assets (10 353 775) (10 320 384)Capitalised exploration cost (175 733) (155 985)Other intangible assets (72 945) (81 526)Abandonment obligation 2 503 762 2 618 677 Lease liabilities 165 873 246 074 Financial instruments over OCI 4 695 4 825 Other Provisions (199 848) (265 357)Net deferred tax asset / (liability) as of closing balance (8 127 971) (7 953 676)1 In the new tax regime (enacted June 2022), the formal corporate tax rate is 22%, whereas the special tax rate is 71.8%. However, since the corpo-rate tax may be deducted in the special tax base, the effective corporate tax is only 6.204%. Thus, the overall combined tax rate remains stable at 78% (from 2022 increasing somewhat to 78.004%).Deferred tax asset / (liability) 20222021Deferred tax asset / (liability) at beginning of period (7 953 676) (7 384 359)Current period deferred tax income / (expense) (1 047 499) (829 295)Deferred taxes recognised directly in OCI or equity 341 (1 965)Currency translation effects 872 864 261 944Net deferred tax asset / (liability) as of closing balance (8 127 971) (7 953 676)Calculated tax (payable) / receivable 2022 2021Tax (payable) / receivable at beginning of period (801 432) 506 349Current period payable taxes (3 851 161) (1 147 119)Payable taxes related to business combinations - 969Net tax payment / (tax refund) 2 686 852 (164 439)Prior period adjustments and change in estimate of uncertain tax positions (20 828) (15 917)Currency translation effects 208 347 18 726Net tax (payable) / receivable as of closing balance (1 778 222) (801 432)",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-54-3": {
"value": "Note 12 Income TaxesRestated USD 1000 20222021Current period tax payable / (receivable) 3 851 161 1 147 119Prior period adjustments to current tax 20 828 15 917Current tax expense / (income) 3 871 989 1 163 036Deferred tax expense / (income) 1 047 499 829 295Tax expense / (income) in profit and loss 4 919 489 1 992 331Effective tax rate in % 84% 75%Tax expense / (income) in put option used for hedging (341) 1 965Tax expense / (income) in total comprehensive income 4 919 148 1 994 296The tax calculation in 2022 is based on the new cash flow based petroleum tax legislation, enacted by the Norwegian Parliament in June 2022 with effect from 01.01.22. The main feature of the new legislation is that investments from 1 January 2022 can be expensed when incurred for special petroleum tax purposes, replacing the 6 years depreciation. The uplift deduction will be discontinued for investment not covered by the temporary 2020 tax regime.Restated Reconciliation of tax expense Tax rate 20222021Marginal (78%) tax rate on profit / loss before tax 78.0% 4 567 829 2 064 416Tax effect of uplift 71.8% (211 687) (377 467)Impairment of goodwill 78.0% 184 022 158 3881Tax effects of items taxed at other than marginal (78%) tax rate 56.0% 314 393 136 7922Tax effects of new legislation on other items 50 885 -Other permanent differences, prior period adjustments and change in estimates of uncertain tax positions 78.0% 14 047 10 202Tax expense / (Income) 4 919 489 1 992 3311 The effects of items taxed at other than marginal (78%) tax rate are mainly impacted by fluctuation in currency exchange rate on the company\u2019s external borrowings and working capital.2 Tax effects in 2022 of USD 50.9 million related to an updated valuation allowance for lack of statutory tax deduction at effective rate 6.204% related to abandonment without anticipated tax shield.Temporary timing differences at end of period 2022 2021Tangible fixed assets 9 787 501 10 919 602Capitalised exploration cost 225 287 199 981Other intangible assets 93 515 104 520Abandonment obligation (3 274 814) (3 357 278)Financial instruments over OCI (21 339) (21 932)Other 141 719 137 112Basis for deferred ordinary taxes 6 951 868 7 982 004Uplift recognised as part of business combinations - (19 607)Additional depreciation for special tax 4 288 592 3 304 522Temporary differences not relevant for special tax (110 830) (199 716)Ordinary tax deductible for special tax (2 010 081) -Basis for deferred special taxes 9 119 549 11 067 205Ordinary tax 22.0% (1 529 411) (1 756 041)1Special tax 71.8% / 56.0% (6 547 836) (6 197 635)Valuation allowance for lack of statutory tax deduction at effective rate 6.2%r elated to abandonment (50 724) -Net deferred tax asset / (liability) as of closing balance (8 127 971) (7 953 676)Breakdown of tax effect on temporary differences 2022 2021Tangible fixed assets (10 353 775) (10 320 384)Capitalised exploration cost (175 733) (155 985)Other intangible assets (72 945) (81 526)Abandonment obligation 2 503 762 2 618 677 Lease liabilities 165 873 246 074 Financial instruments over OCI 4 695 4 825 Other Provisions (199 848) (265 357)Net deferred tax asset / (liability) as of closing balance (8 127 971) (7 953 676)1 In the new tax regime (enacted June 2022), the formal corporate tax rate is 22%, whereas the special tax rate is 71.8%. However, since the corpo-rate tax may be deducted in the special tax base, the effective corporate tax is only 6.204%. Thus, the overall combined tax rate remains stable at 78% (from 2022 increasing somewhat to 78.004%).Deferred tax asset / (liability) 20222021Deferred tax asset / (liability) at beginning of period (7 953 676) (7 384 359)Current period deferred tax income / (expense) (1 047 499) (829 295)Deferred taxes recognised directly in OCI or equity 341 (1 965)Currency translation effects 872 864 261 944Net deferred tax asset / (liability) as of closing balance (8 127 971) (7 953 676)Calculated tax (payable) / receivable 2022 2021Tax (payable) / receivable at beginning of period (801 432) 506 349Current period payable taxes (3 851 161) (1 147 119)Payable taxes related to business combinations - 969Net tax payment / (tax refund) 2 686 852 (164 439)Prior period adjustments and change in estimate of uncertain tax positions (20 828) (15 917)Currency translation effects 208 347 18 726Net tax (payable) / receivable as of closing balance (1 778 222) (801 432)",
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"pp-value-57-2": {
"value": "Note 13 Intangible assetsOther Capitalised intangible exploration USD 1000 Note Goodwillassetswells TotalCost as at 1 January 2021 5 175 509 107 732 113 327 5 396 567Additions - 295 104 318 104 613Additions through business combination 2 208 - - 2 208Reclassification - - (4 593) (4 593)Disposals / expensed exploration wells - - (5 887) (5 887)Currency translation effects (168 327) (3 507) (7 185) (179 019)Cost as at 31 December 2021 5 009 390 104 520 199 981 5 313 891Depreciation and impairment as at 1 January 2021 (2 354 669) - -(2 354 669)Provision for impairment reversal / (loss) (203 061) - - (203 061)Currency translation effects 80 238 - - 80 238Depreciation and impairment as at 31 December 2021 (2 477 492) - -(2 477 492)Net book value as at 31 December 2021 2 531 897 104 520 199 981 2 836 399Cost as at 1 January 2022 5 009 390 104 520 199 981 5 313 891Additions - - 77 050 77 050Disposals / expensed exploration wells 10 - - (30 600) (30 600)Currency translation effects (527 451) (11 005) (21 145) (559 601)Cost as at 31 December 2022 4 481 939 93 515 225 287 4 800 740Depreciation and impairment as 1 January 2022 (2 477 492) - -(2 477 492)Impairment loss 16, 33 (235 913) - - (235 913)Currency translation effects 250 980 - - 250 980Depreciation and impairment as at 31 December 2022 (2 462 426) - -(2 462 426)Net book value as at 31 December 2022 2 019 512 93 515 225 287 2 338 314Other intangible assets include exploration potentials acquired through business combinations and measured according to the successful efforts method.",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-60-2": {
"value": "Note 14 Tangible assetsWells and Other property, production Facilities under plant and USD 1000 Notefacilitiesconstructionequipment TotalCost as at 1 January 2021 15 045 348 3 778 102 23 011 18 846 461Additions 867 496 1 595 281 17 521 2 480 298Estimate change asset retirement cost 25 (922 730) - - (922 730)Reclassification 114 861 (105 327) - 9 534Disposals (21 837) - - (21 837)Currency translation effects (465 561) (154 627) (1 183) (621 370)Cost as at 31 December 2021 14 617 577 5 113 429 39 350 19 770 356Depreciation and impairment as at 1 January 2021 (3 245 385) - (7 100) (3 252 485)Depreciation (1 663 998) - (6 951) (1 670 948)Impairment reversal / (loss) 202 079 - - 202 079Currency translation effects 139 536 - 380 139 916Depreciation and impairment as at 31 December 2021 (4 567 768) - (13 671) (4 581 439)Net book value as at 31 December 2021 10 049 809 5 113 429 25 679 15 188 917Cost as at 1 January 2022 14 617 577 5 113 429 39 350 19 770 356Additions 665 016 1 832 590 18 491 2 516 097Estimate change asset retirement cost 25 266 380 - - 266 380Reclassification 143 700 (29 043) - 114 657Disposals - (32 021) - (32 021)Currency translation effects (1 582 375) (577 449) (4 253) (2 164 077)Cost as at 31 December 2022 14 110 298 6 307 507 53 587 20 471 393Depreciation and impairment as at 1 January 2022 (4 567 768) - (13 671) (4 581 439)Depreciation (1 408 863) (74) (9 180) (1 418 117)Impairment reversal / (loss) 16, 33 (422 008) - - (422 008)Currency translation effects 510 825 1 1 583 512 408Depreciation and impairment as at 31 December 2022 (5 887 814) (73) (21 268) (5 909 156)Net book value as at 31 December 2022 8 222 484 6 307 434 32 319 14 562 237Capitalised interests for facilities under construction were USD 130 974 thousand in 2022 and USD 49 034 thousand in 2021.Rate used for capitalisation of interests was 3.8% in 2022 and 2.7% in 2021.Effective from 1 January 2022, V\u00e5r Energi has changed reserves classification system from U.S. Securities and Exchange Commission (SEC) to SPE-PRMS (Petroleum Resources Management System). The impacts in UOP-depreciation rates are limited with increased total proved reserves of 0.7%.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-63-2": {
"value": "Note 15 Right of use assetsRigs, helicopters and supply USD 1000 Officesvessels Warehouse TotalCost as at 1 January 2021 77 236 108 728 12 360 198 323Additions - 208 819 - 208 819Reclassification - (4 941) - (4 941)Currency translation effects (1 406) (8 423) 1 186 (8 643)Cost as at 31 December 2021 75 830 304 183 13 546 393 558Depreciation and impairment as at 1 January 2021 (8 806) (51 792) (3 880) (64 477)Depreciation (5 859) (25 531) (2 223) (33 613)Currency translation effects (1 042) 4 399 (393) 2 964Depreciation and impairment as at 31 December 2021 (15 707) (72 924) (6 496) (95 126)Net book value as at 31 December 2021 60 123 231 259 7 050 298 432Cost as at 1 January 2022 75 830 304 183 13 546 393 558Additions 4 081 2 596 - 6 677Reclassification - (73 006) - (73 006)Currency translation effects (13 178) (28 473) 1 610 (40 042)Cost as at 31 December 2022 66 732 205 300 15 155 287 188Depreciation and impairment as at 1 January 2022 (15 707) (72 924) (6 496) (95 126)Depreciation (4 091) (23 748) (2 010) (29 849)Provision for impairment reversal / (loss) - - - -Disposals - - - -Currency translation effects 2 115 10 486 609 13 211Depreciation and impairment as at 31 December 2022 (17 683) (86 186) (7 896) (111 765)Net book value as at 31 December 2022 49 049 119 114 7 259 175 423See note 29 for the lease liability.Note 29 Lease agreementsV\u00e5r Energi has entered into lease agreements for drilling rigs, helicopter, storage vessel and other vessels to secure planned activities. The Company has lease agreements for offices in Sandnes, Oslo and Hammerfest. The most significant office contract is the lease of the main office building in Vestre Svanholmen 1, Sandnes. V\u00e5r Energi also has leases for supply vessels, helicopters and warehouses supporting operation at Balder and Goliat, where the most significant are for the supply vessels operating at Goliat.Non-lease components such as the service element of rig and helicopter commitments are not included as part of the lease debt. As at 31 December 2022 the service share of these contracts amount to USD 113 million (USD 136 million in 2021).The total expenditure relating to short-term leases which are not recognised as part of lease liabilities was USD 4 million (USD 18 million in 2021). See note 15 for the Right of use assets.USD 1000 2022 2021Opening Balance lease debt 325 088 164 482New lease debt in period 6 149 208 819Payments of lease debt (116 893) (48 401)Interest expense on lease debt 9 245 7 819Currency exchange differences (10 942) (7 631)Total lease debt 212 646 325 088Breakdown of the lease debt to short-term and long-term liabilities 31 Dec 2022 31 Dec 2021Short-term 99 312 108 880Long-term 113 334 216 208Total lease debt 212 646 325 088Lease debt split by activities 31 Dec 2022 31 Dec 2021Offices 55 941 66 525Rigs, helicopters and supply vessels 149 140 250 811Warehouse 7 566 7 752Total 212 646 325 088Nominal lease debt maturity breakdown 31 Dec 2022 31 Dec 2021Within one year 99 312 108 880Two to five years 104 792 195 053After five years 41 390 45 091Total 245 494 349 024",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-66-2": {
"value": "Note 16 ImpairmentImpairment testingImpairment tests of individual cash-generating units (CGUs) are performed quarterly when impairment triggers are iden-tified, and full impairment testing is performed annually. Impairment testing of fixed assets and related intangible assets, including technical and ordinary goodwill were performed as of 31 December 2022.Key assumptions applied for impairment testing purposes as of 31 December 2022 are based on V\u00e5r Energi\u2019s macroeco-nomic assumptions. Below is an overview of the key assumptions applied:PricesFuture price level is a key assumption and has significant impact on the net present value. The oil and gas prices are based on the forward curve for the next three-year period and from the fourth year the oil and gas prices are based on the com-pany\u2019s long-term price assumptions. V\u00e5r Energi\u2019s long term oil price assumption increased from 65 USD/BBL (real) per 31 December 2021 to 70 USD/BBL (real) per 31 December 2022 and long-term gas price assumption increased from 35.5 USD/BOE (real) per 31 December 2021 to 56.2 USD/BOE (real) per 31 December 2022.The nominal oil prices (USD/BBL) applied in the impairment tests are as follows:Year 31 Dec 2021 31 Dec 20222023 68.9 80.12024 68.1 75.52025 69.4 75.3The nominal gas prices (NOK/SM3) as applied in impairment tests are as follows:Year 31 Dec 2021 31 Dec 20222023 61.6 132.42024 40.6 106.02025 38.1 70.4Oil and gas reservesFuture cash flows are calculated based on expected production profiles and estimated proven, probable and risked possible reserves. Production (mmboe) per period as applied in the impairment test:Year 31 Dec 2021 31 Dec 20222023 - 2026 451 4352027 - 2031 325 3532032 - 2036 156 1632037 - 2041 83 832042 - 2054 59 62Future expenditureFuture capex, opex and abandonment cost are calculated based on the expected production profiles and the best estimate of the related cost.Discount rateThe discount rate is derived from the Company\u2019s weighted average cost of capital (\u201cWACC\u201d). The capital structure consid-ered in the WACC calculation is derived from the capital structures of an identified peer group and market participants with consideration given to optimal structures. The cost of equity is derived from the expected return from an investor of the Company. The cost of debt is based on the interest-bearing borrowings for a market participant specific to the assets acquired. The beta factors are evaluated annually based on publicly available market data about the identified peer group. The post tax nominal discount rate increased from 7.0% per 31 December 2021 to 8.0% per 31 December 2022.Currency ratesWhile there are inherent uncertainties in the assumptions, the foreign currency assumptions reflect management\u2019s best estimate of the foreign currency development over the life of the assets. The impairment testing per 31 December 2022 is using 9.50 NOK/USD for 2023 and 9.00 NOK/USD from 2024 onwards and 9.90 NOK/EUR for both short and long term. The currency rates used per 31 December 2021 were 8.50 NOK/USD and 9.90 NOK/EUR for both short and long term.InflationInflation rate on the functional currency NOK assumed per 31 December 2022 was 4.0% for 2023 and 2.0% from 2024 onwards. The long term inflation rate per 31 December 2021 was assumed to be 1.9%.Impairment testing of goodwillThe technical goodwill recognised in previous business combinations is allocated to each CGU for the purpose of impair-ment testing. Hence, technical goodwill is included in the impairment testing of the CGU, and the technical goodwill is written down before the asset. The carrying value of the CGU is the sum of tangible assets, intangible assets, technical goodwill and deferred taxes as of the assessment date. When deferred tax liabilities from the acquisitions decreases as a result of depreciation, more goodwill is exposed for impairment. This may lead to future impairment charges even though other assumptions remain stable as goodwill is not depreciated.The ordinary goodwill is tested for impairment on an operating segment level. If the net recoverable amount calculated as total of NPV less Net book value (NBV) for the offshore asset portfolio exceeds the carrying value of ordinary goodwill, no impairment is recorded.Impairment charge/reversalThe impairment testing for 2022 identified impairment to three CGUs; Balder Area (USD 640 million), Brage (USD 16 million) and Morvin (USD 2 million). The Balder impairment is mainly related to updated cost, schedule and production profile for the Balder X project.No impairment triggers for ordinary goodwill.Impairment allocatedCash generating unit Net carrying Recoverable Impairment/ Deferred tax (USD 1000)valueamountreversal (-) Goodwill PP&EimpactBalder Area 1 375 411 1 052 038 640 248 233 998 406 250 (316 875)Brage 4 075 608 15 758 - 15 758 (12 291)Morvin 13 209 11 293 1 916 1 916 - -Total 657 922 235 913 422 008 (329 166)Sensitivity analysisThe table below shows how the impairment or reversal of impairment of assets and technical goodwill would be affected by changes in the various assumptions, given that the remaining assumptions are constant. Change in impairment afterIncrease in Decrease in Assumption (USD 1000) ChangeassumptionassumptionOil and gas prices +/-25% (445 000) 3 407 000Production profile +/- 5% (64 000) 919 000Discount rate +/- 1% point 224 000 (190 000)The sensitivities are created for illustration purposes, based on a simplified method and assumes no changes in other input factors. Significant reductions are likely to result in changes in business plans, cut-offs as well as other factors used when esti-mating an asset\u2019s recoverable amount. Changes in such input factors would likely significantly reduce the actual impairment amount compared to the illustrative sensitivity above. The impact of the sensitivities is mainly related to the Balder Area.Climate related risksThe climate related risk assessment is generally described in the company\u2019s sustainability reporting and note 33 Climate Risk. Financial reporting and impairment testing includes a step up of CO2 tax/fees from current levels to approximately NOK 2 000 per ton in 2030. Scenarios from the International Energy Agency have been included in a sensitivity test as presented below. The price assumptions in those senarios have been provided by IEA at 2030 and 2050 in 2021 real terms. For the sensitivity calcula-tion, a linear development between spot price at year end 2022 and IEA price in 2030, as well as between 2030 and 2050 have been applied. The table below summarises how the impairment charge would increase (+) or decrease (-) using the oil and gas price assumptions in the following scenarios: Change in impairmentIEA Scenario (USD 1000) Net Zero Announced pledges Stated policiesBalder Area 2 265 000 (273 000) (420 000)Grane 110 000 - -Snorre 73 000 - -Other 2 000 (12 000) (18 000)Total 2 450 000 (285 000) (438 000)Scenario price ranges Oil USD/bbl Gas USD/mmbtuReal terms (USD 2021) 2030 2050 2030 2050Net Zero 35 24 4.6 3.8Announced Pledges 64 60 7.9 6.3Stated Policies 82 95 8.5 9.2Impairment testing in 2021The 2021 macro assumptions are shown in tables and text in this note. The 2021 impairments of USD 203 million were mainly related to revised baseline for sanctioned projects while the 2021 impairment reversals of USD 202 million were mainly related to higher price assumptions.The following impairments/reversals of impairments were recorded in 2021:Cash generating unit (USD 1000) Impairment goodwill Impairment reversalBalder Area 113 273 -Fenja 72 200 -Goliat - 137 410Tor - 39 790Other 17 588 24 879Total 203 061 202 079",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-71-2": {
"value": "Note 17 Investment in shares and other non\u2011current assetsUSD 1000 Business Location Ownership 31 Dec 2022 31 Dec 2021Norpipe Oil AS Tananger, Norway 6.52% 155 173Tjeldbergodden Utvikling AS Kj\u00f8rsvikbugen, Norway 0.48% 61 68Ormen Lange Eiendom DA Tananger, Norway 6.34% 547 612Investment in shares 763 853Alve slot fee 532 1 809Total other non\u2011current assets 532 1 809The investments in shares are at historical cost. No adjustment to fair value due to the immaterial values. Other non-current assets mainly consists of slot fee prepayment, where Marulk is paying a fee to Alve for use of umbilical at Alve.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-3": {
"value": "Note 17 Investment in shares and other non\u2011current assetsUSD 1000 Business Location Ownership 31 Dec 2022 31 Dec 2021Norpipe Oil AS Tananger, Norway 6.52% 155 173Tjeldbergodden Utvikling AS Kj\u00f8rsvikbugen, Norway 0.48% 61 68Ormen Lange Eiendom DA Tananger, Norway 6.34% 547 612Investment in shares 763 853Alve slot fee 532 1 809Total other non\u2011current assets 532 1 809The investments in shares are at historical cost. No adjustment to fair value due to the immaterial values. Other non-current assets mainly consists of slot fee prepayment, where Marulk is paying a fee to Alve for use of umbilical at Alve.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-72-2": {
"value": "Note 18 InventoriesUSD 1000 31 Dec 2022 31 Dec 2021Spare parts and drilling material 223 529 258 726Physical oil inventory 42 281 42 603Total inventory 265 811 301 329",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-73-2": {
"value": "Note 19 Trade receivablesUSD 1000 Note 31 Dec 2022 31 Dec 2021Trade receivables - related parties 30 478 714 424 834Trade receivables - external parties 382 405 412 627Sale of trade receivables (64 802) (91 540)Total trade receivables 796 317 745 921V\u00e5r Energi has Credit Discount Agreements with several banks. Under the arrangements the ownership, including credit risk, of invoices for oil cargos sold are transferred to the respective banks, and the receivables to which the payments relate are derecognised from V\u00e5r Energi\u2019s balance sheet. Payments to the banks are made when V\u00e5r Energi receives payments from the customers. Trade receivables are presented net of payments received from the banks for the sold invoices, as V\u00e5r Energi has retained the right to receive payments from the customers and obligation to pay these cash flows to the banks without material delay, but only to the extent V\u00e5r Energi collects the payments from the customers. Note 20 Other current receivables and financial assetsRestatedUSD 1000 Note 31 Dec 202231 Dec 2021Underlift of hydrocarbons 3 101 889 110 217 Prepaid expenses 30 672 8 305 Brent crude put options - financial assets 21 14 805 17 407 Other 65 920 65 880 Total other current receivables and financial assets 213 286 201 809 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-75-2": {
"value": "Note 21 Financial instrumentsCapital managementFor the purpose of V\u00e5r Energi\u2019s capital management, capital includes equity attributable to the equity holders and current and non-current debt financing. The primary objective of the Company\u2019s capital management is to ensure that it maintains a solid balance sheet and investment grade credit rating in order to support its business and maximise shareholder valueThe Company manages its capital structure and makes adjustments in light of changes in economic conditions and planned activities in order to meet requirements of the financial covenants and support the Company\u2019s investment grade credit rating provided by Moody\u2019s and S&P. To maintain or adjust the capital structure, the Company may issue new or refinance existing debt using both bank loans or bonds, adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or sell assets. As part of the refinancing to an unsecured financing structure, obtaining external credit rating and the initial public offering, the Company\u2019s financial policies were reviewed and updated. In order to achieve this overall objective, the Company\u2019s capital management, amongst other things, aims to ensure that it meets financial covenants attached to its interest-bearing loans and borrowings that form part of its capital structure requirements. Breaches in the financial covenants would permit the bank to immediately call interest-bearing loans and borrowings. There have been no breaches in the financial covenants of any interest-bearing loans and borrowings in the current or prior period. The Company monitors the leverage ratio using net interest bearing debt (NIBD) divided by rolling 12 months earnings before interest, tax, depreciation, amortisation and exploration expenses (EBITDAX). Net interest-bearing debt is defined as interest-bearing loans and borrowings less cash and short-term deposits.Please refer to note 24 for more details related to financial liabilities and borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-77-2": {
"value": "Risk ManagementV\u00e5r Energi recognises that effectively managing risks and opportunities is essential to the Company\u2019s long-term success and is a key enabler in achieving V\u00e5r Energi\u2019s strategic objectives. The Board of Directors is responsible for risk management as part of its role in providing strategic oversight and stewardship of the Company. This includes approving the annual budget and four-year business plan, evaluating risks to the delivery of the plan and agreeing financial and operational targets. Key strategic risks and opportunities are also reviewed quarterly by the Risk and Compliance Committee and on a regular basis by the Board.V\u00e5r Energi is subject to various controllable and uncontrollable risks associated with the nature of the oil and gas business operations. Companies operating in the oil and gas industry are exposed to a variety of operational, financial and external risks that may not be entirely possible to eliminate even with robust risk management routines and experiences.Operational risksThe Board of Directors recognises the risks associated with the Company\u2019s operational assets. The regulation of activities on the NCS provides a sound framework for handling these risks, and the Company takes an active and responsible approach as a partner. Future production of oil and gas is dependent on the Company\u2019s ability to find, or acquire, and develop reserves.Costs of development projects or exploration efforts are also uncertain. As a result of these risks, the Company may incur costs that could adversely affect the Company\u2019s financial position or its reputation as a player on the NCS. The Company intends to act as a sound, responsible and technically competent partner across the whole spectrum of activities in all its operations. V\u00e5r Energi works actively with our partners and has established mitigating actions to reduce the possibility of operational incidents occurring. Commodity price riskV\u00e5r Energi operates in the crude oil and natural gas market and fluctuations in hydrocarbon prices have a significant effect on the Company\u2019s revenues. Commodity price risk represent the Company\u2019s most important market risk. To manage this risk, V\u00e5r Energi protects cash flows from sale of crude oil through entering into commodity price hedging instruments and cash flows from sale of natural gas through entering into fixed price gas sales contracts. In order to reduce the risk related to oil price fluctuations, the Company has established an oil price hedging program for 2023 where 100% of planned after-tax volumes for oil have been hedged by acquiring monthly settled oil price put options. To align after-tax cash flows and adjust for different tax treatment of financial derivatives and the underlying oil production, 28% of the planned production volume is hedged. Approximately 19% of the Company\u2019s expected gas production in 2023 has been sold on fixed price terms as of 31 December 2022. An additional 5% of expected gas production for 2023 is sold at Gas Year Ahead basis where the price will be fixed by start of the Gas Year 2023, i.e. October 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-78-2": {
"value": "Financial risksThe Company is exposed to market fluctuations in commodity prices, foreign exchange rates and interest rates. The main financial risks V\u00e5r Energi is exposed to are:\u2022 Fluctuation in foreign exchange rates due to currency mismatch between income and cost currencies, including tax payments\u2022 Fluctuation in interest rates leading to a fluctuation in finance costs\u2022 Funding and liquidity risk due to unavailability of funding, deposits or loss of income\u2022 Credit risk of customers and other counterpartiesCurrency riskV\u00e5r Energi is receiving proceeds in USD, EUR and GBP. The sale of crude oil is denominated in USD, whereas natural gas sales are mainly denominated in EUR with a minor part being denominated in GBP. Cash expenditures (OPEX, CAPEX, G&A and tax payments) are split between NOK, USD and EUR. Bonds and interest bearing loans are in USD. Currency risk is mainly linked to a change in the value of NOK vs USD and EUR. The main currency risk relates to debt denominated in USD, but also exposure to receivables and payables per year-end has been included in the below sensitivity tables. The table below shows the Group\u2019s main exposure in USD as of 31 December:Exposure (USD 1 000) 31 Dec 2022 31 Dec 2021Interest-bearing loans and bonds 3 000 000 4 853 649Receivables due in USD 385 841 368 423Receivables due in EUR 352 148 311 737Payables due in USD 53 453 49 7302 315 464 4 223 219The following table demonstrates the sensitivity to a reasonably possible change in the foreign exchange rate, with all other variables held constant, of the Company\u2019s profit before tax due to changes in the carrying value of monetary assets and liabilities at the reporting date. Exposure (USD 1 000)Effect on profit before tax for the Effect on profit before tax for the year ended 31 December 2022 year ended 31 December 2021 Increase/decrease in foreign exchange rate USD/NOKIncrease/(Decrease) Increase/(Decrease) 10% (231 546) (422 322)-10% 231 546 422 322Interest rate sensitivityInterest rate risk arises from the effects fluctuations in underlying market rates may have on future cash flows. At present, the main source of interest rate risk for V\u00e5r Energi is the floating interest rate in the interest-bearing loans and borrowings line items, namely the Bridge facility, see table in note 24, which as at year end 2022 amounted to USD 500 million. The following table demonstrates the sensitivity to a reasonable possible change in interest rates on the Company\u2019s profit before tax from the impact of changes in interest rates on floating rate borrowings with all other variables held constant. Note that the rate will never be lower than the margin, i.e. if the SOFR rate (Secured Overnight Financing Rate) + CAS (Compounded Reference Rate) is below zero, this will result in the interest rate being equal to the agreed margin, hence downward sensitivity has been set to -0.15% for 2021. For 2022 upward and downward sensitivity for 2022 has been set to 1%. In the current volatile economic environment reasonable possible changes could be significantly higher. A 2% sensitiv-ity would double the effect and a 3% would triple the effect. Exposure (USD 1 000)Effect on profit before tax for the Effect on profit before tax for the year ended 31 December 2022 year ended 31 December 2021 Increase/decrease in interest rateIncrease/(Decrease)Increase/(Decrease) 1.00% (5 000) (48 536)-1.00% 5 000-0.15% 7 280",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-80-2": {
"value": "Liquidity riskThe Company\u2019s future capital requirements depend on many factors, and the Company may need additional funds to fulfil its commitments and further develop exploration and development programs to support the strategic direction of the Company. Liquidity risk is the risk that the Company will not be able to meet the obligations of financial liabilities when they become due. Risk levels are analysed by at least quarterly updates of cash flow projections for the strategic plan period and comparing with available liquidity during the period. Additional updates will be made if significant macroeconomic changes occur. The Company\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of credit facilities, bank loans and debt capital markets. See note 24 for an overview of available credit facilities and bonds issued.The table below shows the payment structure for the Company\u2019s financial commitments, based on undiscounted contrac-tual payments:Year ended 31 December 2022USD 1000 On demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total Interest-bearing loans - 523 747 - - - 523 747Bond USD Senior Notes- 155 000 180 0001 027 500 2 437 500 3 800 000Lease liabilities -99 312 - 104 79241 390 245 494- 778 059 180 000 1 132 292 2 478 890 4 569 241Year ended 31 December 2021USD 1000 On demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total Interest-bearing loans and borrowings - 45 263 3 159 085 1 435 376 - 4 639 724Deferred payment ExxonMobil 2022 - 333 149 - - - 333 149Lease liabilities 108 880 - 195 053 45 091 349 024- 487 292 3 159 085 1 630 429 45 091 5 321 897The long-term loans were refinanced in November 2021. The new loans are no longer using LIBOR interest rate as refer-ence. The reference rate for all existing long term loans are now SOFR (Secured Overnight Financing Rate).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-2": {
"value": "Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. V\u00e5r Energi is exposed to credit risk from its operating activities and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. In 2022 V\u00e5r Energi sold the crude oil to Eni and ExxonMobil trading entities and natural gas primarily to Eni trading entities and other major international oil and gas players. Towards the end of 2022, Eni became the sole offtaker of crude oil. We consider the risk related to Eni to be negligible. The Company only uses investment grade and highly reputable banks as counterparties. Based on this, credit risk is considered limited.The Company primarily sells to investment grade customers and have established procedures to assess credit risk. Payment performance is closely monitored for both license partners and customers. Overall, the credit risk is considered to be low based on the financial strenght of the counterparties and the procedures in place.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-2": {
"value": "Categories of financial assets and liabilitiesThe Company has the following categories of financial assets and liabilities: derivative financial assets and liabilities recognised at fair value through profit or loss, derivative financial assets and liabilities designated as accounting hedge instruments (cash flow hedges) for which the effective portion is recognised at fair value through other comprehensive income, accounts receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15, cash and cash equivalents measured at fair value, loans and borrowings and other liabilities measured at amortised cost.2022Financial assets/ liabilities at Cash, cash equivalents Financial liabilities Cash flow hedge USD 1000 Notefair value through profit and lossand receivables, payablesmeasured at amortised costfair value through OCI TotalAssetsTrade receivable 19 - 796 317 - - 796 317Investments in shares 17 763 - - - 763Cash and cash equivalents 22 - 444 607 - - 444 607Oil put options asset 20 - - - 14 805 14 805Other short term receivables 20 - 65 920 - - 65 920Total financial assets 763 1 306 843 - 14 805 1 322 411- - - - -Liabilities - - - - -Accounts payable - 368 589 - - 368 589Net payables to joint operations 27 - 378 167 - - 378 167Employees, accrued public charges and other payables 27 - 50 748 - - 50 748Deferred payment for option premiums 27 - - 36 143 - 36 143Bond USD Senior Notes 24 - - 2 500 000 - 2 500 000Bridge credit facility 24 - - 500 000 - 500 000Prepaid loan and bond expenses 24 - - (47 411) - (47 411)Total financial liabilities - 797 504 2 988 732 - 3 786 2362021Financial assets/ liabilities at Cash, cash equivalents Financial liabilities Cash flow hedge USD 1000 Notefair value through profit and lossand receivables, payablesmeasured at amortised costfair value through OCI TotalAssetsTrade receivable 19 - 745 921 - - 745 921Investments in shares 17 853 - - - 853Cash and cash equivalents 22 - 223 588 - - 223 588Oil put options asset 20 - - - 17 407 17 407Other short term receivables 20 - 65 880 - - 65 880Total financial assets 853 1 035 389 - 17 407 1 053 649- - - - -Liabilities - - - - -Accounts payable - 422 155 - - 422 155Net payables to joint operations 27 - 408 426 - - 408 426Employees, accrued public charges and other payables 27 - 5 314 - - 5 314Deferred payment for option premiums 27 - - 39 339 - 39 339Bridge and working capital facility 24 - - 4 520 500 - 4 520 500Prepaid loan expenses 24 - - (27 074) - (27 074)Deferred payment ExxonMobil 2022 24 333 149 - - - 333 149Total financial liabilities 333 149 835 895 4 532 765 - 5 701 809Reconciliation of liabilities arising from financing activitiesThe table below shows a reconciliation between the opening and the closing balances in the statement of financial posi-tion for liabilities arising from financing activities.Non-cash changesAmortisation/ USD 1000 31 Dec 2021 Cash flows Accretion Currency Other 31 Dec 2022Long-term interest-bearing debt 4 520 500(4 020 500)- - (500 000) -Short-term interest-bearing debt - - - - 500 000 500 000Bond USD Senior Notes - 2 500 000 - - - 2 500 0001Deferred payment ExxonMobil 333 149 (300 000) 18 091 1 095 (52 335) -Prepaid loan expenses (27 074) (36 477) 17 801 1 320 (2 981) (47 411)Totals 4 826 575(1 856 977)35 892 2 415 (55 316) 2 952 5891 USD 352.335 thousand was paid to ExxonMobil 30 December 2022 (USD 300.000 thousand plus interest).Non-cash changesAmortisation/ USD 1000 31 Dec 2020 Cash flows Accretion Currency Other 31 Dec 2021Long-term interest-bearing debt - 4 520 500 - - - 4 520 500Long-term interest-bearing debt (RBL) 5 335 000(5 335 000)- - - -Deferred payment ExxonMobil 320 490 - 12 659 - - 333 149Prepaid loan expenses (71 939) (26 396) 73 495 (2 234) - (27 074)Totals 5 583 551 (840 896) 86 154 (2 234) - 4 826 575",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-3": {
"value": "Categories of financial assets and liabilitiesThe Company has the following categories of financial assets and liabilities: derivative financial assets and liabilities recognised at fair value through profit or loss, derivative financial assets and liabilities designated as accounting hedge instruments (cash flow hedges) for which the effective portion is recognised at fair value through other comprehensive income, accounts receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15, cash and cash equivalents measured at fair value, loans and borrowings and other liabilities measured at amortised cost.2022Financial assets/ liabilities at Cash, cash equivalents Financial liabilities Cash flow hedge USD 1000 Notefair value through profit and lossand receivables, payablesmeasured at amortised costfair value through OCI TotalAssetsTrade receivable 19 - 796 317 - - 796 317Investments in shares 17 763 - - - 763Cash and cash equivalents 22 - 444 607 - - 444 607Oil put options asset 20 - - - 14 805 14 805Other short term receivables 20 - 65 920 - - 65 920Total financial assets 763 1 306 843 - 14 805 1 322 411- - - - -Liabilities - - - - -Accounts payable - 368 589 - - 368 589Net payables to joint operations 27 - 378 167 - - 378 167Employees, accrued public charges and other payables 27 - 50 748 - - 50 748Deferred payment for option premiums 27 - - 36 143 - 36 143Bond USD Senior Notes 24 - - 2 500 000 - 2 500 000Bridge credit facility 24 - - 500 000 - 500 000Prepaid loan and bond expenses 24 - - (47 411) - (47 411)Total financial liabilities - 797 504 2 988 732 - 3 786 2362021Financial assets/ liabilities at Cash, cash equivalents Financial liabilities Cash flow hedge USD 1000 Notefair value through profit and lossand receivables, payablesmeasured at amortised costfair value through OCI TotalAssetsTrade receivable 19 - 745 921 - - 745 921Investments in shares 17 853 - - - 853Cash and cash equivalents 22 - 223 588 - - 223 588Oil put options asset 20 - - - 17 407 17 407Other short term receivables 20 - 65 880 - - 65 880Total financial assets 853 1 035 389 - 17 407 1 053 649- - - - -Liabilities - - - - -Accounts payable - 422 155 - - 422 155Net payables to joint operations 27 - 408 426 - - 408 426Employees, accrued public charges and other payables 27 - 5 314 - - 5 314Deferred payment for option premiums 27 - - 39 339 - 39 339Bridge and working capital facility 24 - - 4 520 500 - 4 520 500Prepaid loan expenses 24 - - (27 074) - (27 074)Deferred payment ExxonMobil 2022 24 333 149 - - - 333 149Total financial liabilities 333 149 835 895 4 532 765 - 5 701 809",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-2": {
"value": "Fair ValueManagement assessed that the fair values of cash and short-term deposits, trade receivables, trade payables, bank over-drafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Derivative assets and liabilities are, as described above, measured at fair value. And they have been deter-mined to constitute level 2 fair value measurements. Investment in shares (in the fair value through profit or loss category) are measured at fair values using level 3 fair value estimates. See below discussion related to fair value hierarchy. Carrying amounts of long term floating rate loans are assumed to approximate fair value due to short term interest rate periods. See below table for a comparison of carrying amounts of bonds measured at amortised cost with the fair value based on trading values:Financial liabilities Fair value based on trading 1USD 1000 Notemeasured at amortised costat Year End Bond USD Senior Notes 24 2 500 000 2 525 800Prepaid expenses bond 24 (36 420) -Total 2 463 580 2 525 8001 Year End meaning closest to 31 December 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-2": {
"value": "Derivative financial instrumentsThe Company uses derivative financial instruments, such as Brent crude put options to hedge its commodity price risks. As of 31 December 2021 and 2022, the Company had the following volumes of Brent crude oil put options in place and with the following strike prices:Volume (no of put options outstanding at balance sheet date) Hedging instrumentsin thousands (BBL) Excercise price (USD per BBL)Brent crude oil put options 31 Dec 2021, exercisable in 2022 14 349 47 Brent crude oil put options 31 Dec 2022, exercisable in 2023 14 038 50 Brent crude put options - financial assetsUSD 1 000 2022 2021The beginning of the period 17 407 26 354New Brent crude put options 36 143 39 339Change in fair value (38 745) (48 286)The end of the period 14 805 17 407As of 31 December 2022, the fair value of outstanding Brent Crude oil put options amounted to USD 14 805 thousand. Unrealised gains and losses are recognised in OCI. Note that the cost price (option premium agreed at the inception of the contracts) for the options is paid at the time of realisation (time of exercise or expiration) and that this deferred payment is presented as current liabilities in the balance sheet, see below table. Brent crude put options \u2013 deferred premiumsUSD 1 000 Note 2022 2021The beginning of the period (39 339) (58 263)Settlement 6 39 540 60 492New Brent crude put options (36 143) (39 339)FX-effect (200) (2 229)The end of the period (36 143) (39 339)All outstanding put option contracts at 31 December 2022 are due to expire in 2023. The full intrinsic value (\u201cin the money value\u201d) of the options at the time of expiry, if any, has been presented in petroleum revenues. No gain included in petroleum revenue for 2021 and 2022. The premiums paid for the put options of USD 58 263 thousand in 2021 and USD 39 339 thousand in 2022 have been accounted for as cost of hedging and recycled from OCI to the profit or loss in the period in which the hedged revenues were realised, and presented as production costs.Change in Hedge ReserveUSD 1000 2022 2021The beginning of the period (21 932) (31 908)Realised cost of hedge 39 339 58 262Change in fair value (38 745) (48 286)The end of the period (21 338) (21 932)End of period 2022 after tax balance is USD 16 644 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-91-3": {
"value": "Fair value hierarchyThe fair value of the financial instruments is included at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following methods and assumptions were used to estimate the fair values:The Company enters into derivative financial instruments with various counterparties, principally financial institutions with investment grade credit ratings. Derivatives measured using valuation techniques with market observable inputs are mainly commodity option contracts. The most frequently applied valuation techniques include forward pricing and swap models that use present value calculations. The models incorporate various inputs including the credit quality of coun-terparties and forward rate curves of the underlying commodity. As at 31 December 2022, the marked-to-market value of derivative asset positions is net of a credit valuation adjustment attributable to derivative counterparty default risk. The changes in counterparty credit risk had no material effect on financial instruments recognised at fair value.All assets and liabilities, for which fair value is measured or disclosed in the financial statements, are categorised within the fair value hierarchy, described as follows, based on the lowest-level input that is significant to the fair value measurement as a whole:\u2022 Level 1 input in the form of listed (unadjusted) prices in active markets for identical assets or liabilities.\u2022 Level 2 \u2014 input other than listed prices of assets and liabilities included in Level 1 that is observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022 Level 3 \u2014 input for assets or liabilities for which there is no observable market data (non-observable input).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-2": {
"value": "Note 22 Cash and cash equivalentsUSD 1000 31 Dec 2022 31 Dec 2021Bank deposits, unrestricted 434 693 214 133Bank deposit, restricted, employee taxes 9 914 9 454Total bank deposits 444 607 223 588",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-93-2": {
"value": "Note 23 Share capital and shareholdersV\u00e5r Energi ASA was listed on the Oslo Stock Exchange 16 February 2022, and as a consequence of this, company bylaws, voting rights and composition of the board was changed.In 2021, the share capital was 399 425 shares at par value NOK 1 000. Every share had equal voting rights, one share corresponded to one vote.As of 31 December 2022, the total share capital of the Company is USD 45 972 thousand or NOK 399 425 thousand. The share capital is divided into 2 496 406 246 ordinary shares and four Class B shares. Each share has a nominal value of NOK 0.16. The ordinary shares represent NOK 399 424 999.36 of the total share capital, while the Class B shares represent NOK 0.64 of the total share capital.All shares rank pari passu and have equal rights in all respect, including with respect to voting rights and dividends and other distributions, except from the class B shares. 4 members to the board, will be elected by the general meeting with a simple majority among the votes cast for Class B shares. Such number to be reduced if the holder of the Class B shares holds less shares of the Company.Earnings per share are calculated by dividing the net result attributable to shareholders by the number of shares after the listing on Oslo Stock Exchange. The calculation for all periods presented have been adjusted retrospectively to the new number of shares. V\u00e5r Energi ASA\u2019s share saving program gives employees the opportunity to buy shares in V\u00e5r Energi ASA through monthly salary deductions. If the shares are retained for two full calendar years with continuous employment after the end of the saving year, the employees will be awarded a bonus share for each share they have purchased. This will be settled by V\u00e5r Energi ASA buying shares in the market. The award is treated as equity settled, hence it will not affect earnings per share.USD 1000 2022 2021Profit for the year attributable to ordinary equity holders 936 402 654 356Number of shares after the listing on Oslo Stock Exchange (in thousand) 2 496 406 2 496 406Earnings per share in USD 0.38 0.26Earnings per share in USD diluted 0.38 0.26Overview of the 20 largest shareholders Number of shares registered as of 31 December 2022 Type of account(in 1000) Owing interestENI INTERNATIONAL BV Ordinary 1 574 616 63.1%POINT RESOURCES HOLDING AS Ordinary 517 636 20.7%JPMorgan Chase Bank, N.A., London Nominee 42 817 1.7%FOLKETRYGDFONDET Ordinary 18 822 0.8%JPMorgan Chase Bank, N.A., London Nominee 15 688 0.6%GEVERAN TRADING CO LTD Ordinary 12 763 0.5%State Street Bank and Trust Comp Nominee 11 883 0.5%VERDIPAPIRFONDET ALFRED BERG GAMBA Ordinary 9 420 0.4%JPMorgan Chase Bank, N.A., London Nominee 9 119 0.4%JPMorgan Chase Bank, N.A., London Nominee 8 132 0.3%State Street Bank and Trust Comp Nominee 7 742 0.3%DANSKE INVEST NORSKE INSTIT. II. Ordinary 7 570 0.3%The Bank of New York Mellon SA/NV Nominee 5 829 0.2%VERDIPAPIRFONDET KLP AKSJENORGE IN Ordinary 5 756 0.2%UBS Switzerland AG Nominee 4 805 0.2%VERDIPAPIRFONDET DNB NORGE Ordinary 4 677 0.2%PARETO INVEST NORGE AS Ordinary 4 581 0.2%The Bank of New York Mellon SA/NV Nominee 4 156 0.2%VERDIPAPIRFONDET ALFRED BERG AKTIV Ordinary 3 453 0.1%VERDIPAPIRFONDET ALFRED BERG NORGE Ordinary 3 287 0.1%OTHER 223 654 9.0%Total number of shares 2 496 406 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-95-2": {
"value": "Note 24 Financial liabilities and borrowingsInterest-bearing loans and borrowingsUSD 1000 Coupon/ Int. Rate Maturity 31 Dec 2022 31 Dec 2021Bond USD Senior Notes (22/27) 5.00% 500 000 -Bond USD Senior Notes (22/28) 7.50% 1 000 000 -Bond USD Senior Notes (22/32) 8.00% 1 000 000 -Bridge facility 1.00%+SOFR +CAS Nov 2023 500 000 3 000 000RCF Working capital facility 1.08%+SOFR +CAS Nov 2024 - 1 420 500RCF Liquidity facility 1.13%+SOFR +CAS Nov 2026 - -RCF Credit facility 1.13%+SOFR +CAS Mar 2023 - 100 000Deferred payment ExxonMobil - 333 149Prepaid loan expenses (47 411) (27 074)Total interest\u2011bearing loans and borrowings 2 952 589 4 826 575Of which current and non-current:Interest-bearing loans, current 500 000 333 149Interest-bearing loans and bonds, non-current 2 452 589 4 493 426Credit facilities - utilised and unused amountUSD 1000 31 Dec 2022 31 Dec 2021Drawn amount RCF credit facility 500 000 4 520 500 1Undrawn amount credit facilities 3 600 000 2 079 500 1 Where current share is USD 600 million as of 31 December 2022In 2022, V\u00e5r Energi ASA made three issuances of senior notes in the US debt capital markets. The inaugural issue of USD 500 million of 5% Senior Notes due in May 2027 was made on 18 May 2022. On 15 November 2022 V\u00e5r Energi ASA issued USD 1000 million of 7.5% Senior Notes due in January 2028 and USD 1000 million of 8.0% Senior Notes due in November 2032. The senior notes are registered on the Luxembourg Stock Exchange (\u201cLuxSE\u201d) and coupon payments are made semi-annually. The proceeds have been used for partial repayment of the bridge facility. The senior notes have no financial covenants. As of 31 December 2022, V\u00e5r Energi\u2019s senior unsecured facilities agreement entered into with a group of 12 international banks contains of three separate facilities amounting to USD 3.5 billion; (1) bridge to bond facility of USD 500 million which including extension options at the borrower\u2019s discretion has a final maturity 1 November 2023, (2) working capital revolving credit facility of USD 1.5 billion maturing 1 November 2024 and (3) liquidity facility of USD 1.5 billion maturing 1 Nov 2026. The facilities have no amortisation structure and all amounts outstanding fall due at maturity. The facilities have covenants covering leverage (net interest-bearing debt to 12 months rolling EBITDAX not to exceed 3.5) and interest coverage (EBITDA to 12 months rolling interest expenses shall exceed 5) which will be tested at the end of each calendar quarter.The interest rate payable for each of the facilities is determined by timing and the company\u2019s credit rating taking the aggregate of the Secured Overnight Financing Rate (SOFR) and the Credit Adjustment Spread (CAS) and adding the appli-cable margin for the present period as shown in the table above.Deferred payment to ExxonMobil is part of the consideration for the 2019 acquisition of ExxonMobil\u2019s ownership interests in Partner-Operated fields and licenses on the Norwegian Continental Shelf and was fully repaid in 2022 in accordance with the sales and purchase agreement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-97-2": {
"value": "Note 25 Asset retirement obligationsUSD 1000 2022 2021Beginning of period 3 297 176 4 286 451Change in estimate 266 380 (922 730)Accretion of discount 94 243 94 733Payment for decommissioning of oil and gas fields (70 318) (70 418)Currency translation effects (371 343) (90 860)Total asset retirement obligations 3 216 138 3 297 176Short-term 60 012 61 536Long-term 3 156 126 3 235 640Breakdown by decommissioning period 2022 20212022-2030 339 511 269 5342031-2040 1 721 737 1 989 4562041-2057 1 154 890 1 038 186Change in estimate include updated discount rates and revised cost estimates.The estimate is based on executing a concept for abandonment in accordance with the Petroleum Activities Act and inter-national regulations and guidelines. The calculations assume inflation rates of 4.0% in 2023 and 2.0% from 2024 onwards and discount rates between 3.1% - 3.2% per 31 December 2022. For year end 2021 the inflation rates were 1.8% \u2013 2.3% and the discount rates between 1.15% - 3.0%. The discount rates are based on risk-free interest without addition of credit margin.Payment for decommissioning of oil and gas fields (abex) is mainly related to Balder Area (USD 35 300 thousand com-pared to USD 29 054 tousand in 2021 ), Ekofisk/Tor (USD 22 000 thousand compared to USD 39 693 tousand in 2021) and \u00c5sgard (USD 12 600 thousand compared to USD 5 228 tousand in 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-98-2": {
"value": "Note 26 Other non\u2011current liabilitiesUSD 1000 Note 31 Dec 2022 31 Dec 2021Contingent consideration 28 76 950 78 187Deferred gain 9 259 10 852Removal provision Gassled 25 70 336 73 832Total other non\u2011current liabilities 156 544 162 870Deferred gain relates to the 2017 transaction of the office buidling located in Grenseveien 6, 4313 Sandnes. Point Resources AS sold the shares in ExxonMobil Property Norway AS and immediately entered into a finance lease for the office building. The excess of sales proceeds is deferred and amortised over the lease term (20 years).Note 27 Other current liabilitiesRestatedUSD 1000 Note 31 Dec 202231 Dec 2021Overlift of hydrocarbons 3 37 961 41 177Net payables to joint operations 378 167 408 426Employees, accrued public charges and other payables 50 748 5 314Deferred payment for option premiums - oil puts 21 36 143 39 339Total other current liabilities 503 019 494 256The liability for oil put options relates to cost of oil put options that under the purchase agreement is due for payment at the time of settlement of the option (exercise/expiry) and is not a measure of fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-98-3": {
"value": "Note 26 Other non\u2011current liabilitiesUSD 1000 Note 31 Dec 2022 31 Dec 2021Contingent consideration 28 76 950 78 187Deferred gain 9 259 10 852Removal provision Gassled 25 70 336 73 832Total other non\u2011current liabilities 156 544 162 870Deferred gain relates to the 2017 transaction of the office buidling located in Grenseveien 6, 4313 Sandnes. Point Resources AS sold the shares in ExxonMobil Property Norway AS and immediately entered into a finance lease for the office building. The excess of sales proceeds is deferred and amortised over the lease term (20 years).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-3": {
"value": "Note 27 Other current liabilitiesRestatedUSD 1000 Note 31 Dec 202231 Dec 2021Overlift of hydrocarbons 3 37 961 41 177Net payables to joint operations 378 167 408 426Employees, accrued public charges and other payables 50 748 5 314Deferred payment for option premiums - oil puts 21 36 143 39 339Total other current liabilities 503 019 494 256The liability for oil put options relates to cost of oil put options that under the purchase agreement is due for payment at the time of settlement of the option (exercise/expiry) and is not a measure of fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-2": {
"value": "Note 28 Commitments, provisions and contingent considerationOther contractual obligationsMinimum work programsV\u00e5r Energi is required to participate in the approved work programs for the licences. Together with the licence partners there is also an obligation to participate in exploration wells according to the license agreements. Remaining drilling commitments at 31 December 2022 are eight wells, with an estimated cost of USD 95 995 thousand.CommitmentsV\u00e5r Energi has entered into contractual commitments to secure planned activities. The numbers disclosed in the table below, represents V\u00e5r Energi\u2019s share of capital and operation expenditures from its participation in operated and non-operated exploration, development and production projects, as well as corporate activities. The current main development projects are Johan Castberg, Balder Future and Breidablikk. The table below excludes contracts reported as lease, as disclosed in note 29 Lease agreements.USD 1000 31 Dec 2022 31 Dec 2021Within one year 272 660 266 234After one year but not more than five years 80 366 199 463More than five years 2 738 3 273Total commitments other than leases 355 764 468 970Liability for damages/insuranceV\u00e5r Energi\u2019s operations involve risk for damages, including pollution. Installations and operations are covered by an operations insurance policy.GuaranteesV\u00e5r Energi has contingent liabilities in respect of agreements with pipeline and processing companies, whereby it may be required to provide such companies with additional funds against future transportation and processing of petroleum liquids and natural gas delivered by V\u00e5r Energi to these companies.Eni International B.V. has issued a guarantee to ExxonMobil for the seller\u2019s subsidiary removal cost obligations per Norwegian Law, in connection with V\u00e5r Energi\u2019s asset acquisitions from ExxonMobil in 2017 and 2019. V\u00e5r Energi pays and expenses an annual fee to Eni International B.V, see note 9. The total estimated net present value of the fee payments as of 31 December 2022 is USD 257 000 thousand, with a payment profile that is reduced according to the payment profile of decommissioning of asset acquired from ExxonMobil in 2017 and 2019.Provisions and ContingenciesAs part of the purchase agreement between Point Resources AS and ExxonMobil in 2017, Point Resources AS agreed to pay a contingent consideration related to possible development of the Forseti structure. The total consideration shall in no event exceed USD 110 000 thousand, and will be paid on the earlier of 1 March 2024 and completion of the Forseti Drilling Program. In June 2021, a minimum payment of USD 30 000 thousand was paid. V\u00e5r Energi is due to pay USD 2 per barrel if the P50 reserves estimate exceeds 15 million BOE. As of 31 December 2022, the net present value of the remaining consideration was estimated to USD 76 950 thousand and was recognised as a liability.During the normal course of its business, V\u00e5r Energi will be involved in disputes, including tax disputes. The Company has made accruals for probable liabilities related to litigation and claims based on management\u2019s best judgment and in line with IAS37 and IAS12. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-2": {
"value": "Note 30 Related party transactionsV\u00e5r Energi has a number of transactions with other wholly owned or controlled companies by the shareholders. The related party transactions reported is with entities owned or controlled by the majority ultimate shareholder of V\u00e5r Energi, Eni SpA. Revenues are mainly related to sale of oil, gas and NGL while the expenditures are mainly related to technical services, seconded personnel, insurance guarantees and rental cost.Current assetsUSD 1000 31 Dec 2022 31 Dec 2021Trade receivablesEni Trade & Biofuels SpA 251 129 160 533Eni SpA 129 270 123 884Eni Global Energy Markets 97 768 138 342Other 546 2 075Total trade receivables 478 714 424 834All receivables are due within 1 year.Current liabilitiesUSD 1000 31 Dec 2022 31 Dec 2021Account PayablesEni International BV 21 740 21 336Eni Global Energy Markets 22 063 24 547Eni SpA 11 751 19 387Other 1 340 915Total account payables 56 894 66 185Sales revenueUSD 1000 2022 2021Eni Trade & Biofuels SpA 2 759 010 1 910 883 Eni SpA 1 472 251 703 428 Eni Global Energy Markets 629 765 473 372 Total sales revenue 4 861 026 3 087 683 Operating and capital expendituresUSD 1000 2022 2021Eni Trade & Biofuels SpA 48 841 29 020Eni International BV 22 138 21 904Eni SpA 21 462 46 294Eni Global Energy Markets (5 155) 21 590Eni International Resources Ltd. 2 026 2 019Other 455 1 616Total operating and capital expenditures 89 768 122 443",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-2": {
"value": "Note 31 License ownershipsConcession Fields WI % Operator Licensesperiod expiresBALDER 90.0% V\u00e5r Energi PL 001/PL 027/PL 027C/PL 169/PL 028 2030BAUGE 17.5% Equinor PL 348/PL 348B 2029BRAGE 12.3% Wintershall Dea PL 053B/PL 055/PL 185/PL 055B/PL 055D 2030BREIDABLIKK 34.4% Equinor PL001DS/PL027FS/PL169/PL169B2 2030B\u00d8YLA 20.0% Aker BP PL340/PL340BS 2029EKOFISK 12.4% ConocoPhillips PL 018/PL 018 B 2028ELDFISK 12.4% ConocoPhillips PL 018 2028EMBLA 12.4% ConocoPhillips PL 018 2028FENJA 45.0% Neptune Energy PL 586 2039FRAM 25.0% Equinor PL 090 / 090E 2024FROSK 20.0% Aker BP PL340 2029GOLIAT 65.0% V\u00e5r Energi PL229 2042GRANE 28.3% Equinor PL 001CS/PL 169B1 2030GUNGNE 13.0% Equinor PL 046 2028HALTEN \u00d8ST 24.6% Equinor PL074CS/PL074B/PL263/PL263B/PL312/PL312B/PL473 2042HEIDRUN 5.2% Equinor PL 095/PL 124 2024/2025HYME 17.5% Equinor PL 348 2029JOHAN CASTBERG 30.0% Equinor PL 532 2049KRISTIN 16.7% Equinor PL 134D 2027LAVRANS 15.0% Equinor PL199 2033MARULK 20.0% V\u00e5r Energi PL 122 2025MIKKEL 48.4% Equinor PL 092/PL 121 2024MORVIN 30.0% Equinor PL 134B/P L034C 2027NORNE 6.9% Equinor PL 128/PL 128 B 2026ORMEN LANGE 6.3% Norske Shell PL 208/PL 250 2041RINGHORNE \u00d8ST 70.0% V\u00e5r Energi PL 027/PL 169E/PL 053B/PL 055/PL 185 2030SIGYN 40.0% Equinor PL 072 2022SKULD 11.5% Equinor PL 128 2026SLEIPNER VEST 17.2% Equinor PL 029/PL 046 2028SLEIPNER \u00d8ST 15.4% Equinor PL 046 2028SNORRE 18.6% Equinor PL 057 2040STATFJORD 21.4% Equinor PL 037 2026STATFJORD NORD 25.0% Equinor PL 037 2026STATFJORD \u00d8ST 20.6% Equinor PL 037/PL 089 2040SVALIN 13.0% Equinor PL 169 2030SYGNA 21.0% Equinor PL 037/PL 089 2040TOMMELITEN ALPHA 9.1% ConocoPhillips PL044 2028TOR 10.8% ConocoPhillips PL 006/PL 018 2028TORDIS 16.1% Equinor PL 089 2040TRESTAKK 40.9% Equinor PL 091/PL 091D 2029TYRIHANS 18.0% Equinor PL 073/PL 073 B/PL 091 2029URD 11.5% Equinor PL 128 2026VERDANDE 10.5% Equinor PL128F 2026VIGDIS 16.1% Equinor PL 089 2040\u00c5SGARD 22.7% Equinor PL 062/PL 074/PL 094 2027/PL 094 B/PL 134/PL 237/PL 479Licenses WI % OperatorPL001 90% V\u00e5r EnergiPL001 CS 100% V\u00e5r EnergiPL001 DS 100% V\u00e5r EnergiPL018 12% ConocoPhillipsPL018 B 12% ConocoPhillipsPL027 90% V\u00e5r EnergiPL027 C 90% V\u00e5r EnergiPL027 FS 100% V\u00e5r EnergiPL027 HS 90% V\u00e5r EnergiPL028 90% V\u00e5r EnergiPL028 C 13% EquinorPL028 S 90% V\u00e5r EnergiPL029 85% V\u00e5r EnergiPL037 25% EquinorPL044 13% ConocoPhillipsPL046 13% EquinorPL053 B 12% Wintershall DeaPL055 12% Wintershall DeaPL055 B 12% Wintershall DeaPL055 D 12% Wintershall DeaPL055 E 12% Wintershall DeaPL057 5% EquinorPL062 10% EquinorPL072 40% EquinorPL072 B 50% EquinorPL073 12% EquinorPL073 B 15% EquinorPL074 39% EquinorPL074 B 39% EquinorPL074CS 39% EquinorPL074DS 39% EquinorPL074ES 39% EquinorPL089 16% EquinorPL090 25% EquinorPL090 E 25% EquinorPL090 I 25% EquinorPL091 41% EquinorPL091 D 41% EquinorPL091 E 41% EquinorPL091 F 41% EquinorPL092 55% EquinorPL094 34% EquinorPL094 B 22% EquinorPL095 5% ConocoPhillipsPL107 B 5% EquinorPL107 D 5% EquinorPL121 35% EquinorPL122 20% V\u00e5r EnergiPL122 B 20% V\u00e5r EnergiPL122 C 20% V\u00e5r EnergiPL122 D 20% V\u00e5r EnergiPL124 5% EquinorPL128 12% EquinorPL128 B 7% EquinorPL128 D 12% EquinorPL128 E 12% EquinorPL134 30% EquinorPL134 B 30% EquinorPL134 C 30% EquinorPL134 D 30% EquinorPL145 20% ConocoPhillipsPL169 13% EquinorPL169 B1 7% EquinorPL169 B2 10% EquinorPL169 E 13% DNO NorgePL185 12% Wintershall DeaPL199 15% EquinorPL209 10% EquinorPL209 BS 10% EquinorPL219 50% EquinorPL220 15% EquinorPL229 65% V\u00e5r EnergiPL229 B 65% V\u00e5r EnergiPL229 E 50% V\u00e5r EnergiPL229 G 50% V\u00e5r EnergiPL229 H 65% V\u00e5r EnergiPL237 22% EquinorPL250 6% ShellPL257 15% EquinorPL263 C 10% EquinorPL275 12% ConocoPhillipsPL293 25% EquinorPL312 41% EquinorPL312 B 41% EquinorPL340 20% Aker BPPL340 BS 20% Aker BPPL348 18% EquinorPL348 B 18% EquinorPL375 20% EquinorPL393 80% V\u00e5r EnergiPL473 39% EquinorPL479 34% EquinorPL489 40% V\u00e5r EnergiPL532 30% EquinorPL554 30% EquinorPL554 B 30% EquinorPL554 C 30% EquinorPL554 D 30% EquinorPL586 45% NeptunePL586B 45% NeptunePL608 30% EquinorPL784 20% Aker BPPL820S 30% V\u00e5r EnergiPL820SB 30% V\u00e5r EnergiPL869 20% Aker BPPL901 50% V\u00e5r EnergiPL917 40% V\u00e5r EnergiPL917 B 40% V\u00e5r EnergiPL938 20% NeptunePL947 40% V\u00e5r EnergiPL947 B 40% V\u00e5r EnergiPL956 50% V\u00e5r EnergiPL984 30% DNO NorgePL984 BS 30% DNO NorgePL985 30% V\u00e5r EnergiPL1002 40% V\u00e5r EnergiPL1002B 40% V\u00e5r EnergiPL1005 40% Aker BPPL1025 S 30% V\u00e5r EnergiPL1025 SB30% V\u00e5r EnergiPL1042 30% Aker BPPL1043 40% V\u00e5r EnergiPL1043B 40% V\u00e5r EnergiPL1072 70% V\u00e5r EnergiPL1072 B 70% V\u00e5r EnergiPL1073 70% V\u00e5r EnergiPL1074 40% V\u00e5r EnergiPL1075 60% V\u00e5r EnergiPL1078 30% EquinorPL1079 30% V\u00e5r EnergiPL1080 30% EquinorPL1090 50% V\u00e5r EnergiPL1096 30% V\u00e5r EnergiPL1114 30% Chrysaor Norge ASPL1117 30% OKEA ASAPL1120 20% DNO Norge ASPL1121 30% EquinorPL1122 20% ConocoPhillipsPL1131 40% V\u00e5r EnergiPL1132 60% V\u00e5r EnergiPL1139 20% LundinPL1154 40% V\u00e5r EnergiPL1163 20% ConnocoPhillipsPL1168 50% V\u00e5r EnergiPL1169 30% Equinor",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-114-2": {
"value": "Note 32 Proved developed reserves (unaudited)MBOEProduction 2021 (89.7)Changes in estimate 2021 100.0Proved developed reserves as of 31 December 21 373.8Production 2022 (80.3)Change in gas conversion factor (6.7)Change in estimate 2022 25.0Proved developed reserves as of 31 December 22 311.8Effective from 1 January 2022, V\u00e5r Energi changed reserves classification system from U.S. Securities and Exchange Commission (SEC) to SPE-PRMS (Petroleum Resources Management System). The impacts were limited with increased total proved reserves of 5 mmboe.Proved developed reserves as of 31 December 2022 are V\u00e5r Energi ASA\u2019s own evaluation based on Petroleum Resources Management System (PRMS) principles. Total proved reserves, developed and undeveloped, as of 31 December 2022 were 673 mmboe.As of 31 December 2022 (PRMS), the Company\u2019s total proved and probable reserves (2P) net to V\u00e5r Energi were 1070 mmboe, slightly down from 1 119 mmboe as of 31 December 2021 (SEC).The reduction from 2021 to 2022 is mainly due to a combination of high production (80 mmboe) in 2022 and an update to the Company gas conversion factor (14 mmboe), partly offset by reserves increases/promotions and upward revisions of reserves following more favorable commodity prices during 2022.V\u00e5r Energi\u2019s total proved and probable reserves are distributed in four major geograhpical regions: Balder Area 29%, Barents Sea Area 22%, Norwegian Sea Area 25% and North Sea Area 24%. 72% of the Company\u2019s proved and probable reserves were oil, whereas nearly 23% were gas and 5% were NGL.The Company\u2019s five largest fields - Balder/Ringhorne, Johan Castberg, Snorre, \u00c5sgard and Breidablikk account for approxi-mately 55% of total proved and probable reserves.The Company\u2019s reserve life index (RLI) at year-end 2022, calculated on the basis of proved and probable reserves, was 13.3 years.Total contingent resources (3C) at year-end 2022 were 550 mmboe, a reduction of 12 mmboe compared to year-end 2021. The main reasons were reduction of 12 mmboe due to updated gas conversion factor and new project/drilling activities being matured from resources to the reserves category. This was partially offset by recent discoveries including Sn\u00f8fonn Nord and Skavl St\u00f8.For further information see the Annual Statement of Reserves published on www.varenergi.no ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-124-2": {
"value": "Note 34 Subsequent eventsIn January 2023, V\u00e5r Energi was awarded 12 licenses in the APA 2022 licensing round, of which five as operator. V\u00e5r Energi is offered licenses in both the North Sea, the Norwegian Sea and the Barents Sea \u2013 most of them in areas close to existing infrastructure.thV\u00e5r Energi has decided to withdraw from the Barents Blue project as the cooperation agreement expired on 31 January 2023. This decision will not impact V\u00e5r Energi\u2019s position in the Barents Sea, and the work to find a comprehensive gas export solution continues.stV\u00e5r Energi has elected to sell part of its gas on a fixed price/forward basis. For the 1 Quarter 2023, V\u00e5r Energi has sold 33% of the estimated gas production on a fixed price basis at an average price of 288 USD/boe. V\u00e5r Energi has also ndrdchosen to forward sell 20% of its estimated gas production in the 2 and 3 Quarter 2023 at an average sales price of 192 USD/boe. The current market situation is very much impacted by the war in Ukraine and the resulting reduced flow of gas from Russia into the European market.V\u00e5r Energi operates only on the Norwegian Continental Shelf and market its petroleum products to customers in Norway, EU and UK. While not directly exposed to Russia\u2019s invasion of Ukraine, there is significant uncertainty regarding the poten-tial impact on safe and reliable energy supply, as well as to the market prices of oil, gas and other commodities which may impact future operations and results.",
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