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"s6_notes__6__6": {
"value": "Note 1 Corporate information Notes to The financial statements of V\u00e5r Energi ASA for the twelve months period ended 31 December 2023 were authorised for issue in the financial accordance with a Board resolution on 15 March 2024. V\u00e5r Energi ASA is a public limited liability company incorporated statementsand domiciled 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 three subsidiaries per 31 December 2023 which are not consolidated into group accounts for 2023 since these subsidiaries are immaterial.There are no business activities in V\u00e5r Energi Marine AS and PR Jotun DA as of 31 December 2023. The balance sheets of the subsidiaries hold tax positions of USD 17 852 thousand which are offset by receivables towards V\u00e5r Energi ASA. The tax positions are presented as tax liabilities in V\u00e5r Energi ASA.On 30 June 2023, V\u00e5r Energi ASA executed a strategic acquisition of Feistein CCS AS to accelerate the Company\u2019s position and competence on CO storage. Subsequent to the acquisition, 2the Company name was changed to V\u00e5r Energi CCS ASBelow table show the group structure per 31 December 2023.Shares in subsidiariesVoting/Name Business locationOwnership 2023V\u00e5r Energi Marine AS Sandnes, Norway 100%V\u00e5r Energi CCS AS Sandnes, Norway 100%PR Jotun DA Sandnes, Norway 5%Shares in subsidiaries indirectly ownedVoting/Name Business locationOwnership 2023PR Jotun DA Sandnes, Norway 95%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__14": {
"value": "V\u00e5r Energi ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
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},
"s6_notes__6__13": {
"value": "V\u00e5r Energi ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__7": {
"value": "V\u00e5r Energi ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__9": {
"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s6_notes__6__12": {
"value": "Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s6_notes__6__10": {
"value": "Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s6_notes__6__8": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s6_notes__6__11": {
"value": "Vestre Svanholmen 1, 4313 Sandnes, Norway",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
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"s6_notes__6__16": {
"value": "Note 2 Summary of IFRS accounting principles 2. Significant accounting policies 2.1 Basis of preparation The financial statements of the Company have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and the Norwegian Accounting Act. 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. The Company has three subsidiaries per 31 December 2023 which are not consolidated into group accounts for 2023 since these subsidiaries are immaterial. No parent company accounts are prepared. 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 measured 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 functional currency to presentation currency using spot rates at the balance sheet date. Items within profit or loss and other comprehensive income are translated from functional currency to presentation currency using monthly average exchange rates, or rates at the dates of the transactions 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 cumulativetranslation adjustment (CTA) only include the cumulative differencesbetween opening and closing rates on total net assets, and average to closing rates on retained earnings and other performance statement items, such as the cash \ufb02ow hedge reserve.Comparative information has been provided for the previous period. 2.2 Summary of significant accounting policiesBusiness combinations and goodwillBusiness combinations are accounted for using the acquisition method. Identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identifiable intangible assets are included to the extent they may be separated from other assets or meet the legal contractual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets, goodwill arises. Acquisition date is the date on which the acquirer achieves control over the acquiree and is set at completion date.The valuation is based on currently available information on fair values as of the acquisition date. Calculation of fair value has been obtained by discounting expected cash \ufb02ows from future operations to get to the net present value. If new information becomes available within 12 months from the acquisition dateand provisional purchase price allocation, the Company may make changes to the purchase price allocation. Working interests in licences on the Norwegian Continental Shelf (NCS) are only sold in a post-tax market. I.e. the acquirer generally takes over the tax written down values of the seller and is therefore not entitled to a tax deduction for the consideration paid over and above the seller\u2019s tax values. A provision for deferred taxes on the difference between the acquisition cost and the transferred tax depreciation bases is made. The offsetting entry to this deferred tax liability is goodwill. Consequently, in addition to ordinary goodwill as discussed above, goodwill also arises as a technical effect of deferred taxes recognised for the after-tax consideration paid in business combinations for assets acquired under section 10 of the Norwegian Petroleum Tax Act. Goodwill arises from differences between the fair value of assets acquired and the purchase price. After initial recognition, goodwill is not depreciated, but tested for impairment when there are indications of impairment and at least annually. Goodwill impairments cannot be reversed in later periods if impairment indicators are no longer present.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 recognised 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. Interests in joint arrangementsV\u00e5r Energi has interests in licences on the Norwegian Continental Shelf. Joint arrangement are defined 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.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 op-erations (oil and gas production licences) by reporting its share of related revenues, expenses, assets, liabilities and cash \ufb02ows 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 above as there is no joint control (\u201cundivided interests\u201d), the Company recognises its share of related expenses, assets, liabilities and cash \ufb02ows. The terms \u201cjoint operations\u201d and \u201cundivided interests\u201d are used interchangeably throughout the financial statements. Income taxes Income 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 relating to which there is uncertainty whether the relevant tax authority will accept the tax treatment under the local tax law. Uncertain tax positions are recognised and presented as assets or liabilities depending on whether an out\ufb02ow or in\ufb02ow of economic resources embodying economic benefits has become probable. Taxes relating to items recognised in OCI are recognised in OCI. Exploration costs Exploration drilling costs are treated in accordance with the successful efforts method; each well making the basis for the evaluation. Costs related to exploration wells in progress and exploration wells with discoveries 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 commercially unviable, the capitalised exploration expenditures are charged to the profit or loss. Other exploration costs, including seismic studies, are expensed as incurred. Development expenditures The 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 upgrading production facilities are added to the acquisition cost and depreciated with the related asset. Depreciation Offshore 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. Impairment Tangible 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 impairment is the lowest level for which independent cash in\ufb02ows 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 allo-cated 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 \ufb02ows are discounted to the net present value applying a discount rate after tax that re\ufb02ects 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 \ufb02ows from the field becomes negative. A previously recognised impairment 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 prospective 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 obligations V\u00e5r Energi recognises an asset retirement obligation (ARO) when an 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 re\ufb02ects current market assessments and does not include the Company\u2019s credit risk. The periodic unwinding 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 recognised as the net present value of estimated future retirement costs on the basis of accumulated shipped volumes in Other non-current liabilities. Pension liability 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 profit or loss in the period to which the contributions relate. Once the contributions have been paid, there are no further payment obligations.Leasing commitments At 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. The corresponding right of use 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 treatment 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 sig-natory 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 cash\ufb02ows 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 instruments, 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 \ufb02ow 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 \ufb02ow hedges) for which the effective portion is recognised at fair value through other comprehensive income\u2022 Financial assets at fair value through profit and loss\u2022 V\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 \ufb02ows and the contractual terms of the financial instrument give rise on specified dates to or requires cash \ufb02ows 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 receivables 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 transaction price. V\u00e5r Energi ASA issued a EUR 750 million Subordinated Fixed Rate Reset Securities due on the 15th of November 2083.Under the terms and conditions of the bond agreement, V\u00e5r Energi has the right at its sole discretion to defer and ultimately not pay interest on the bond. If interest is not paid, dividends cannot be paid. The principal value of the bond is however repayable and due on 15 Nov 2083. V\u00e5r Energi has recognised the net present value of the principal as debt in the balance sheet on initial recognition. The difference between the Proceeds and debt recognised is recorded as equity Costs incurred in issuing the hybrid bond are accounted for as a deduction from equity. Interest incurred will be accounted for as a decrease of equity upon payment of the related contractual payment obligation (the \u201cInterest Payment Date\u201d); consistently with the accounting treatment of dividends. Interests relating to the hybrid bond are not recognised on an accrual basis. The tax benefit from interest deductions is recognised in income taxes in the statement of comprehensive income.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 \ufb02ow hedges). Such derivative financial instruments are initially recognised 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 \ufb02ow 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 are 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 \ufb02ow 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 instruments. 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 re\ufb02ected 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.Interest rate swaps are accounted for as fair value hedges. Interest swaps are re\ufb02ected at fair value with fair value changes to be accounted for as other financial income/expenses. Bond debt designated as the hedged item is recognised at fair value at initial recognition and subsequently at amortised cost. The carrying value of the hedged item is adjusted to re\ufb02ect changes in interest level with fair value changes are accounted for as other financial income/expenses. Inefficiencies in the hedging relationship are measured and accounted for as other financial income/expenses.Cash \ufb02ow statement The statement of cash \ufb02ows has been prepared in accordance with the indirect method. Cash consist of cash, bank deposits and short-term deposits in affiliated banks. Sale and swaps of assets Sale 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 \ufb02ow (usually 1 January in the calendar year, which is also normally the effective date).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 \ufb02ows 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 purchaser\u2019s profit or loss from the acquisition date. For tax purposes, the purchaser will include the net cash \ufb02ow (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 other operating income.Important accounting judgements, estimates and assumptionsThe preparation of financial statements requires management to make judgements, estimates and assumptions that have an effect on the application of accounting principles and the reported assets, liabilities, 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 identifying leases in situations where the asset is being used in a joint arrangement or in relation to an undivided interest, significant judgement 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 reserves Oil and gas reserves are estimated by the Company\u2019s experts in accordance 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 existing 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 depreciation, life of field, impairment of licence-related assets and goodwill, and operating results.Successful Effort Method - exploration and exploration potential Expenses relating to the drilling of exploration wells and exploration potential (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 measurement The fair values of non-financial assets and liabilities are required to be determined, 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 transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants 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 discounted cash \ufb02ow models, where the determination of inputs to the models may require significant judgement, as described in the section below regarding impairment.Impairment/reversal of impairment Changes in the expected future value/cash \ufb02ows of CGUs results in impairment 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 (impairment of goodwill is not reversed). Estimation of recoverable amounts involves the use of judgement and assumptions, including the modelling of future cash \ufb02ows 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 transaction. 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 estimates 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 effective Certain new accounting standards and amendments to standards are issued, but not yet effective as of 31 December 2023. These standards and amendments are not expected to have a material impact on the Company in the current or future reporting periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__17": {
"value": "2.1 Basis of preparation The financial statements of the Company have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and the Norwegian Accounting Act. 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. The Company has three subsidiaries per 31 December 2023 which are not consolidated into group accounts for 2023 since these subsidiaries are immaterial. No parent company accounts are prepared. 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 measured 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 functional currency to presentation currency using spot rates at the balance sheet date. Items within profit or loss and other comprehensive income are translated from functional currency to presentation currency using monthly average exchange rates, or rates at the dates of the transactions 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 cumulativetranslation adjustment (CTA) only include the cumulative differencesbetween opening and closing rates on total net assets, and average to closing rates on retained earnings and other performance statement items, such as the cash \ufb02ow hedge reserve.Comparative information has been provided for the previous period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__18": {
"value": "Business combinations and goodwillBusiness combinations are accounted for using the acquisition method. Identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identifiable intangible assets are included to the extent they may be separated from other assets or meet the legal contractual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets, goodwill arises. Acquisition date is the date on which the acquirer achieves control over the acquiree and is set at completion date.The valuation is based on currently available information on fair values as of the acquisition date. Calculation of fair value has been obtained by discounting expected cash \ufb02ows from future operations to get to the net present value. If new information becomes available within 12 months from the acquisition dateand provisional purchase price allocation, the Company may make changes to the purchase price allocation. Working interests in licences on the Norwegian Continental Shelf (NCS) are only sold in a post-tax market. I.e. the acquirer generally takes over the tax written down values of the seller and is therefore not entitled to a tax deduction for the consideration paid over and above the seller\u2019s tax values. A provision for deferred taxes on the difference between the acquisition cost and the transferred tax depreciation bases is made. The offsetting entry to this deferred tax liability is goodwill. Consequently, in addition to ordinary goodwill as discussed above, goodwill also arises as a technical effect of deferred taxes recognised for the after-tax consideration paid in business combinations for assets acquired under section 10 of the Norwegian Petroleum Tax Act. Goodwill arises from differences between the fair value of assets acquired and the purchase price. After initial recognition, goodwill is not depreciated, but tested for impairment when there are indications of impairment and at least annually. Goodwill impairments cannot be reversed in later periods if impairment indicators are no longer present.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__19": {
"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 recognised 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__21": {
"value": "Interests in joint arrangementsV\u00e5r Energi has interests in licences on the Norwegian Continental Shelf. Joint arrangement are defined 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.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 op-erations (oil and gas production licences) by reporting its share of related revenues, expenses, assets, liabilities and cash \ufb02ows 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 above as there is no joint control (\u201cundivided interests\u201d), the Company recognises its share of related expenses, assets, liabilities and cash \ufb02ows. The terms \u201cjoint operations\u201d and \u201cundivided interests\u201d are used interchangeably throughout the financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__20": {
"value": "Interests in joint arrangementsV\u00e5r Energi has interests in licences on the Norwegian Continental Shelf. Joint arrangement are defined 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.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 op-erations (oil and gas production licences) by reporting its share of related revenues, expenses, assets, liabilities and cash \ufb02ows 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 above as there is no joint control (\u201cundivided interests\u201d), the Company recognises its share of related expenses, assets, liabilities and cash \ufb02ows. The terms \u201cjoint operations\u201d and \u201cundivided interests\u201d are used interchangeably throughout the financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__22": {
"value": "Income taxes Income 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 relating to which there is uncertainty whether the relevant tax authority will accept the tax treatment under the local tax law. Uncertain tax positions are recognised and presented as assets or liabilities depending on whether an out\ufb02ow or in\ufb02ow of economic resources embodying economic benefits has become probable. Taxes relating to items recognised in OCI are recognised in OCI.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__24-1": {
"value": "Exploration costs Exploration drilling costs are treated in accordance with the successful efforts method; each well making the basis for the evaluation. Costs related to exploration wells in progress and exploration wells with discoveries 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 commercially unviable, the capitalised exploration expenditures are charged to the profit or loss. Other exploration costs, including seismic studies, are expensed as incurred.Development expenditures The development phase commences when the licence partners have decided field evaluation. Direct and indirect expenditures and financing costs related to development projects are capitalised.Depreciation Offshore 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__23": {
"value": "Exploration costs Exploration drilling costs are treated in accordance with the successful efforts method; each well making the basis for the evaluation. Costs related to exploration wells in progress and exploration wells with discoveries 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 commercially unviable, the capitalised exploration expenditures are charged to the profit or loss. Other exploration costs, including seismic studies, are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__26": {
"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. Maintenance is expensed as incurred, whereas costs for improving and upgrading production facilities are added to the acquisition cost and depreciated with the related asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__29": {
"value": "Depreciation Offshore 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__28": {
"value": "Depreciation Offshore 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:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__30-1": {
"value": "Impairment Tangible 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 impairment is the lowest level for which independent cash in\ufb02ows 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 allo-cated 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 \ufb02ows are discounted to the net present value applying a discount rate after tax that re\ufb02ects 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 \ufb02ows from the field becomes negative. A previously recognised impairment 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 prospective 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 impairment Changes in the expected future value/cash \ufb02ows of CGUs results in impairment 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 (impairment of goodwill is not reversed). Estimation of recoverable amounts involves the use of judgement and assumptions, including the modelling of future cash \ufb02ows 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 transaction. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__31": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__32-1": {
"value": "Asset retirement obligations V\u00e5r Energi recognises an asset retirement obligation (ARO) when an 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 re\ufb02ects current market assessments and does not include the Company\u2019s credit risk. The periodic unwinding 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 recognised 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 estimates of ARO and associated assets that can affect future financial results.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__33": {
"value": "Pension liability 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 profit or loss in the period to which the contributions relate. Once the contributions have been paid, there are no further payment obligations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__34": {
"value": "Leasing commitments At 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. The corresponding right of use 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 treatment 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 sig-natory 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 cash\ufb02ows 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).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__35": {
"value": "Financial assets and liabilitiesV\u00e5r Energi\u2019s financial assets and liabilities comprise non-listed equity instruments, 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 \ufb02ow 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 \ufb02ow hedges) for which the effective portion is recognised at fair value through other comprehensive income\u2022 Financial assets at fair value through profit and loss\u2022 V\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 \ufb02ows and the contractual terms of the financial instrument give rise on specified dates to or requires cash \ufb02ows 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 receivables 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 transaction price. V\u00e5r Energi ASA issued a EUR 750 million Subordinated Fixed Rate Reset Securities due on the 15th of November 2083.Under the terms and conditions of the bond agreement, V\u00e5r Energi has the right at its sole discretion to defer and ultimately not pay interest on the bond. If interest is not paid, dividends cannot be paid. The principal value of the bond is however repayable and due on 15 Nov 2083. V\u00e5r Energi has recognised the net present value of the principal as debt in the balance sheet on initial recognition. The difference between the Proceeds and debt recognised is recorded as equity Costs incurred in issuing the hybrid bond are accounted for as a deduction from equity. Interest incurred will be accounted for as a decrease of equity upon payment of the related contractual payment obligation (the \u201cInterest Payment Date\u201d); consistently with the accounting treatment of dividends. Interests relating to the hybrid bond are not recognised on an accrual basis. The tax benefit from interest deductions is recognised in income taxes in the statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__37": {
"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 \ufb02ow hedges). Such derivative financial instruments are initially recognised 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 \ufb02ow 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 are 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 \ufb02ow 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 instruments. 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 re\ufb02ected 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.Interest rate swaps are accounted for as fair value hedges. Interest swaps are re\ufb02ected at fair value with fair value changes to be accounted for as other financial income/expenses. Bond debt designated as the hedged item is recognised at fair value at initial recognition and subsequently at amortised cost. The carrying value of the hedged item is adjusted to re\ufb02ect changes in interest level with fair value changes are accounted for as other financial income/expenses. Inefficiencies in the hedging relationship are measured and accounted for as other financial income/expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__36": {
"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 \ufb02ow hedges). Such derivative financial instruments are initially recognised 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 \ufb02ow 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 are 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 \ufb02ow 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 instruments. 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 re\ufb02ected 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.Interest rate swaps are accounted for as fair value hedges. Interest swaps are re\ufb02ected at fair value with fair value changes to be accounted for as other financial income/expenses. Bond debt designated as the hedged item is recognised at fair value at initial recognition and subsequently at amortised cost. The carrying value of the hedged item is adjusted to re\ufb02ect changes in interest level with fair value changes are accounted for as other financial income/expenses. Inefficiencies in the hedging relationship are measured and accounted for as other financial income/expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__38": {
"value": "Cash \ufb02ow statement The statement of cash \ufb02ows has been prepared in accordance with the indirect 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__39": {
"value": "Sale and swaps of assets Sale 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 \ufb02ow (usually 1 January in the calendar year, which is also normally the effective date).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 \ufb02ows 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 purchaser\u2019s profit or loss from the acquisition date. For tax purposes, the purchaser will include the net cash \ufb02ow (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 other operating income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__40": {
"value": "Important accounting judgements, estimates and assumptionsThe preparation of financial statements requires management to make judgements, estimates and assumptions that have an effect on the application of accounting principles and the reported assets, liabilities, 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 identifying leases in situations where the asset is being used in a joint arrangement or in relation to an undivided interest, significant judgement 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 reserves Oil and gas reserves are estimated by the Company\u2019s experts in accordance 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 existing 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 depreciation, life of field, impairment of licence-related assets and goodwill, and operating results.Successful Effort Method - exploration and exploration potential Expenses relating to the drilling of exploration wells and exploration potential (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 measurement The fair values of non-financial assets and liabilities are required to be determined, 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 transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants 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 discounted cash \ufb02ow models, where the determination of inputs to the models may require significant judgement, as described in the section below regarding impairment.Impairment/reversal of impairment Changes in the expected future value/cash \ufb02ows of CGUs results in impairment 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 (impairment of goodwill is not reversed). Estimation of recoverable amounts involves the use of judgement and assumptions, including the modelling of future cash \ufb02ows 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 transaction. 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 estimates 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__41": {
"value": "Oil and gas reserves Oil and gas reserves are estimated by the Company\u2019s experts in accordance 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 existing 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 depreciation, life of field, impairment of licence-related assets and goodwill, and operating results.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__42": {
"value": "Fair value measurement The fair values of non-financial assets and liabilities are required to be determined, 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 transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants 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 discounted cash \ufb02ow 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__45": {
"value": "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:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__46": {
"value": "Note 3 Segment informationThe Company operates within the geographical area Norway and the Company\u2019s business is entirely related to exploration for and production of petroleum in Norway. The Company\u2019s activities are considered to have a homogeneous risk and return profile before tax. The Company operates within a single operating segment which matches the internal reporting to the Company\u2019s Executive management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__49": {
"value": "Note 5 Production costs USD 1000 Note 2023 2022Cost of operations 732 648 701 441 Transportation and processing 176 839 213 551 Environmental taxes 128 612 122 988 Insurance premium 56 914 48 786 Production cost based on produced volumes 1 095 012 1 086 766 Back-up cost shuttle tankers 12 171 19 245 Changes in over/(underlift) (5 734) (2 411)Premium expense for crude put options 20 36 229 39 540 Production cost based on sold volumes 1 137 678 1 143 139 Total produced volumes (boe 1000) (unaudited) 77 713 80 319 Production cost per boe produced (USD/boe) (unaudited) 14.1 13.5 The changes in over/(underlift) are due to timing of liftings vs. production.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__48": {
"value": "Note 4 IncomePetroleum revenues (USD 1000) Note 2023 2022Revenue from crude oil sales 30 3 781 590 4 669 095 Revenue from gas sales 30 2 815 254 4 732 282 Revenue from NGL sales 30 219 122 379 166 Total petroleum revenues 6 815 966 9 780 543 Sales of crude (boe 1000) (unaudited) 45 168 45 923 Sales of gas (boe 1000) (unaudited) 24 416 27 115 Sales of NGL (boe 1000) (unaudited) 4 963 5 796 Other operating income (USD 1000) 2023 2022 1Gain/(loss) from sale of assets 15 325 300 Partner share of lease cost 10 936 13 529 Other operating income 7 490 33 259 Total other operating income 33 750 47 0881 Gain from Brage sale in fourth quarter 2023 of USD 15.6 million.The majority of petroleum revenues are derived from sales to Eni SpA companies (see note 30). A significant portion of 2022 petroleum revenues were also derived from sales to ExxonMobil. The majority of petroleum revenues for both 2023 and 2022 were with Eni/ExxonMobil customers outside Norway, but within the EU/UK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__47": {
"value": "Note 4 IncomePetroleum revenues (USD 1000) Note 2023 2022Revenue from crude oil sales 30 3 781 590 4 669 095 Revenue from gas sales 30 2 815 254 4 732 282 Revenue from NGL sales 30 219 122 379 166 Total petroleum revenues 6 815 966 9 780 543 Sales of crude (boe 1000) (unaudited) 45 168 45 923 Sales of gas (boe 1000) (unaudited) 24 416 27 115 Sales of NGL (boe 1000) (unaudited) 4 963 5 796 Other operating income (USD 1000) 2023 2022 1Gain/(loss) from sale of assets 15 325 300 Partner share of lease cost 10 936 13 529 Other operating income 7 490 33 259 Total other operating income 33 750 47 0881 Gain from Brage sale in fourth quarter 2023 of USD 15.6 million.The majority of petroleum revenues are derived from sales to Eni SpA companies (see note 30). A significant portion of 2022 petroleum revenues were also derived from sales to ExxonMobil. The majority of petroleum revenues for both 2023 and 2022 were with Eni/ExxonMobil customers outside Norway, but within the EU/UK.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s6_notes__6__51": {
"value": "Note 6 Staff costs and remunerationUSD 1000 2023 2022Salary expenses 179 557 152 286 Social security tax (incl. pension and social charges for foreign personnel) 30 521 29 766 Pension cost, defined contribution scheme 14 610 14 298 Other personnel expenses 8 506 8 216 Total 233 193 204 567 Average number of employees 1 024 960 The share charged to partners in operated joint ventures amounted to USD 38 265 thousand (USD 34 176 thousand in 2022).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 2023 employees subscribed for USD 3 851 thousand as a part of the share saving plan. 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.Executive and Board of Directors compensationV\u00e5r Energi has made arrangements to provide subsidised loans to local employees. No other loans, guarantees or other commitments have been granted to any member of the Board or to any member of the Executive Committee.The CEO and other members of Executive Committee have a notice period of 6 months. Upon termination of employment initiated by the Company, the CEO and COO are entitled to a severance pay of 12 months. Other members of the Executive Committee 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 based Company performance (Balanced scorecard) multiplied with the Company performance modifier. Maximum level is 25% of base salary. Executive Committee has maximum level between 75% to 120% based on achievement of goals in the goal plan including the Balanced scorecard and individual goals and the effect of the Company performance modifier.The Executive Committee takes part in the general pension plan as described in this note. In addition, V\u00e5r Energi has, on an administrative basis, established an arrangement granting a 15% deposit of salary above 12G. \u201cG\u201d is the basic amount in the National Insurance Scheme. As of 1 May 2023, 1G was USD 11.23 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 guidelines 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.Executive Committee compensation 2023 *\u201cUSD 1000, except total number Position Salary Annual Long-term Other Payment Pension Total number Owing of shares and owing interest\u201dVariable Pay**incentive planin kindcostsof shares***interest 1)Nick WalkerChief Executive Officer 293 206 484 131 0 41 481 185 - 2)Torger R\u00f8d Chief Operating Officer 743 494 242 207 2 102 193 112 - 3)Stefano Pujatti Chief Financial Officer 438 167 - 127 0 - 20 000 - 4)Ellen Waldeland Hoddell EVP Safety & Sustainability 195 79 51 - 11 38 24 460 - Tone Rognstad EVP People & Communication 243 107 63 - 2 35 45 259 - 5)Aksel Luhr EVP Legal and Compliance 231 69 58 33 2 32 43 424 - 8)Rune Oldervoll EVP Exploration & Production 222 75 73 - 11 30 61 039 - 8)Ove Andr\u00e8 \u00c5rdal SVP Commercial 187 76 62 - 10 57 53 790 - 6) /8)Ingrid S\u00f8lvberg EVP Technology, Drilling & Subsurface 205 - 81 - 2 33 - - 7)/ 8)Atle Reinseth SVP & Balder Project Director 207 87 81 - 12 33 28 135 - Total compensation 2 965 1 361 1 195 498 54 402 950 404 1) Startdate 5 September 2023. Remuneration is paid in EUR. Other 2023: Discretionary bonus of EUR 78 667 granted by the BoD for successful Neptune Energy Norge integration and transition period and EUR 40 000 in moving cost2) CEO untill 4 September 2023, continued in the role as COO from 5 September 2023. Other 2023: Discretionary bonus granted by the BoD for Neptune Energy Norge acquisition and transition period from CEO to COO role.3) Expatriated from ENI SPA. Other is housing, tuition fee and a discretionary bonus granted for succesful aquistion of Neptune Energy Norge. Employed by V\u00e5r Energi ASA from 1. January 2024.4) Appointed in November 20225) Other 2023: Discretionary bonus granted for successful acquisition of Neptune Energy Norge6) Startdate 21 December 2022, no AVP earned and paid in 2023. The LTI shares were granted in August 2023, but refunded in December 2023 according to the rules of the LTI plan. 7) AVP paid based on prorated since startdate 1 October 2022.8) Left the the Executive Committee 21 September 2023. Compensation prorated for 2023. *) Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rate**) Numbers represent actual bonus earned in 2023**) Total number of shares is at 31 December 2023Executive Committee compensation 2022 *USD 1000, except total number Annual Long-term Other Payment Pension Total number Owing of shares and owing interest Position SalaryVariable Pay**incentive planin kindcostsof shares***interest1)Torger R\u00f8d Chief Executive Officer 682 333 203 338 2 101 107 784 - Rune Oldervoll EVP Exploration & Production 303 65 73 - 9 42 46 544 - 2)Atle Reinseth EVP Project Development & Supply Chain Mngmt. 81 21 - 68 1 20 - - 3)Ingrid S\u00f8lvberg EVP Technology, Drilling & Subsurface - - - - - - - - Ove Andr\u00e8 \u00c5rdal SVP Commercial 252 74 62 - 8 80 23 792 - 4)Tone RognstadSVP People & Communication 223 76 63 130 2 36 29 434 - Aksel Luhr General Counsel 238 68 58 - 2 33 28 252 - 5)Ellen W. HoddellSVP Safety & Sustainability 34 46 51 - 1 8 11 947 - 6)Stefano Pujatti Chief Financial Officer 453 73 - - 40 - - - Ove Mikal Helle SVP Internal Audit 242 57 58 - 9 34 15 699 - Tor Tangvald VP internal Audit 261 70 - - 2 102 - - 7)Charlotte Ved\u00f8 VP Corporate Services 201 43 - - 8 54 - - 8)Alessandro Barberis VP Exploration 270 28 - - 36 - - - 9)\u00d8rjan Jentoft VP Partner Operated Assets 272 57 - - 8 17 - - 10)Bj\u00f8rn Thore Ribesen VP Field Development & Projects 288 61 - - 8 18 - - 11)Annethe Gjerde VP Contract & Procurement 202 50 - - 2 17 - - Total compensation 4 000 1 121 568 537 139 562 263 452 - 1) Other: as per prospectus - bonus paid by successful IPO 20222) Employed since October 2022. Other: as per contract - compensation for documented loss of bonus with previous employer3) Employed since December 20224) Employed 1 Januray 2022. Other: as per contract - compensation for documented loss of bonus with previous employer5) Appointed in November 20226) Expatriated from ENI SPA7) Left the Executive Management group October 2022, compensation prorated for 20228) Expatriated from ENI SPA. Left the Executive Management group October 20229) Left the Executive Management group October 2022, compensation prorated for 202210) Left the Executive Management group October 2022, compensation prorated for 202211) Left the Executive Management group October 2022, compensation prorated for 2022*) Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rate**) Numbers represent actual bonus earned in 2022***)Total number of shares is at 31 December 2022Board of Directors remuneration 2023*USD 1000, except total number Board of Audit Safety & Sustainability Remuneration Total number Owning of shares and owing interest PositionDirectorsCommitteeCommitteeCommittee Sumof shares**interestThorhild Widvey Chair Board of Directors, Chair Safety & Sustainability Com. 96 - - 7 103 74 320 - 1Liv Monica Bargem Stubholt Deputy Chair Board of Directors, Chair Audit Committee 45 23 - - 68 41 785 - 2Francesco 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 - - 59 - - Fabio Ignazio Romeo Board of Directors member 45 - 14 - 59 - - Jan Inge Nesheim Board of Directors - Employee representative 26 - 4 - 30 34 407 - Martha Skj\u00e6veland Board of Directors - Employee representative 26 - - 4 30 12 874 - Bj\u00f8rn Nysted Board of Directors - Employee representative 26 4 - - 30 23 270 - Hege Susanne Bl\u00e5sternes Board of Directors - Employee representative 26 - 4 - 30 37 227 - Total compensation 336 40 21 10 408 223 883 - Board of Directors remuneration 2022*USD 1000, except total number Board of Audit Safety & Sustainability Remuneration Total number Owning of shares and owing interest PositionDirectorsCommitteeCommitteeCommittee Sumof shares**interestThorhild Widvey Chair Board of Directors, Chair Safety & Sustainability Com. 96 - - 7 103 71 428 - 1Liv Monica Bargem Stubholt Deputy Chair Board of Directors, Chair Audit Committee 45 23 - - 68 40 000 - 2Francesco 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 - - 59 - - Fabio Ignazio Romeo Board of Directors member 45 - 14 - 59 - - Jan Inge Nesheim Board of Directors - Employee representative 26 - 4 - 30 19 589 - Martha Skj\u00e6veland Board of Directors - Employee representative 26 - - 4 30 4 301 - Bj\u00f8rn Nysted Board of Directors - Employee representative 26 4 - - 30 17 639 - Hege Susanne Bl\u00e5sternes Board of Directors - Employee representative 26 - 4 - 30 4 998 - Total compensation 336 40 21 10 408 157 955 - 1) 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-rate**) Total number of shares is at 31 December 2023The Board of Directors received 6 months compensation in December 2023. The remaining annual fee will be paid in June 2024.\ue61c1) 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-rate**) Total number of shares is at 31 December 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__50": {
"value": "Note 6 Staff costs and remunerationUSD 1000 2023 2022Salary expenses 179 557 152 286 Social security tax (incl. pension and social charges for foreign personnel) 30 521 29 766 Pension cost, defined contribution scheme 14 610 14 298 Other personnel expenses 8 506 8 216 Total 233 193 204 567 Average number of employees 1 024 960 The share charged to partners in operated joint ventures amounted to USD 38 265 thousand (USD 34 176 thousand in 2022).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 2023 employees subscribed for USD 3 851 thousand as a part of the share saving plan. 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.Executive and Board of Directors compensationV\u00e5r Energi has made arrangements to provide subsidised loans to local employees. No other loans, guarantees or other commitments have been granted to any member of the Board or to any member of the Executive Committee.The CEO and other members of Executive Committee have a notice period of 6 months. Upon termination of employment initiated by the Company, the CEO and COO are entitled to a severance pay of 12 months. Other members of the Executive Committee 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 based Company performance (Balanced scorecard) multiplied with the Company performance modifier. Maximum level is 25% of base salary. Executive Committee has maximum level between 75% to 120% based on achievement of goals in the goal plan including the Balanced scorecard and individual goals and the effect of the Company performance modifier.The Executive Committee takes part in the general pension plan as described in this note. In addition, V\u00e5r Energi has, on an administrative basis, established an arrangement granting a 15% deposit of salary above 12G. \u201cG\u201d is the basic amount in the National Insurance Scheme. As of 1 May 2023, 1G was USD 11.23 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 guidelines 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.Executive Committee compensation 2023 *\u201cUSD 1000, except total number Position Salary Annual Long-term Other Payment Pension Total number Owing of shares and owing interest\u201dVariable Pay**incentive planin kindcostsof shares***interest 1)Nick WalkerChief Executive Officer 293 206 484 131 0 41 481 185 - 2)Torger R\u00f8d Chief Operating Officer 743 494 242 207 2 102 193 112 - 3)Stefano Pujatti Chief Financial Officer 438 167 - 127 0 - 20 000 - 4)Ellen Waldeland Hoddell EVP Safety & Sustainability 195 79 51 - 11 38 24 460 - Tone Rognstad EVP People & Communication 243 107 63 - 2 35 45 259 - 5)Aksel Luhr EVP Legal and Compliance 231 69 58 33 2 32 43 424 - 8)Rune Oldervoll EVP Exploration & Production 222 75 73 - 11 30 61 039 - 8)Ove Andr\u00e8 \u00c5rdal SVP Commercial 187 76 62 - 10 57 53 790 - 6) /8)Ingrid S\u00f8lvberg EVP Technology, Drilling & Subsurface 205 - 81 - 2 33 - - 7)/ 8)Atle Reinseth SVP & Balder Project Director 207 87 81 - 12 33 28 135 - Total compensation 2 965 1 361 1 195 498 54 402 950 404 1) Startdate 5 September 2023. Remuneration is paid in EUR. Other 2023: Discretionary bonus of EUR 78 667 granted by the BoD for successful Neptune Energy Norge integration and transition period and EUR 40 000 in moving cost2) CEO untill 4 September 2023, continued in the role as COO from 5 September 2023. Other 2023: Discretionary bonus granted by the BoD for Neptune Energy Norge acquisition and transition period from CEO to COO role.3) Expatriated from ENI SPA. Other is housing, tuition fee and a discretionary bonus granted for succesful aquistion of Neptune Energy Norge. Employed by V\u00e5r Energi ASA from 1. January 2024.4) Appointed in November 20225) Other 2023: Discretionary bonus granted for successful acquisition of Neptune Energy Norge6) Startdate 21 December 2022, no AVP earned and paid in 2023. The LTI shares were granted in August 2023, but refunded in December 2023 according to the rules of the LTI plan. 7) AVP paid based on prorated since startdate 1 October 2022.8) Left the the Executive Committee 21 September 2023. Compensation prorated for 2023. *) Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rate**) Numbers represent actual bonus earned in 2023**) Total number of shares is at 31 December 2023Executive Committee compensation 2022 *USD 1000, except total number Annual Long-term Other Payment Pension Total number Owing of shares and owing interest Position SalaryVariable Pay**incentive planin kindcostsof shares***interest1)Torger R\u00f8d Chief Executive Officer 682 333 203 338 2 101 107 784 - Rune Oldervoll EVP Exploration & Production 303 65 73 - 9 42 46 544 - 2)Atle Reinseth EVP Project Development & Supply Chain Mngmt. 81 21 - 68 1 20 - - 3)Ingrid S\u00f8lvberg EVP Technology, Drilling & Subsurface - - - - - - - - Ove Andr\u00e8 \u00c5rdal SVP Commercial 252 74 62 - 8 80 23 792 - 4)Tone RognstadSVP People & Communication 223 76 63 130 2 36 29 434 - Aksel Luhr General Counsel 238 68 58 - 2 33 28 252 - 5)Ellen W. HoddellSVP Safety & Sustainability 34 46 51 - 1 8 11 947 - 6)Stefano Pujatti Chief Financial Officer 453 73 - - 40 - - - Ove Mikal Helle SVP Internal Audit 242 57 58 - 9 34 15 699 - Tor Tangvald VP internal Audit 261 70 - - 2 102 - - 7)Charlotte Ved\u00f8 VP Corporate Services 201 43 - - 8 54 - - 8)Alessandro Barberis VP Exploration 270 28 - - 36 - - - 9)\u00d8rjan Jentoft VP Partner Operated Assets 272 57 - - 8 17 - - 10)Bj\u00f8rn Thore Ribesen VP Field Development & Projects 288 61 - - 8 18 - - 11)Annethe Gjerde VP Contract & Procurement 202 50 - - 2 17 - - Total compensation 4 000 1 121 568 537 139 562 263 452 - 1) Other: as per prospectus - bonus paid by successful IPO 20222) Employed since October 2022. Other: as per contract - compensation for documented loss of bonus with previous employer3) Employed since December 20224) Employed 1 Januray 2022. Other: as per contract - compensation for documented loss of bonus with previous employer5) Appointed in November 20226) Expatriated from ENI SPA7) Left the Executive Management group October 2022, compensation prorated for 20228) Expatriated from ENI SPA. Left the Executive Management group October 20229) Left the Executive Management group October 2022, compensation prorated for 202210) Left the Executive Management group October 2022, compensation prorated for 202211) Left the Executive Management group October 2022, compensation prorated for 2022*) Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK-rate**) Numbers represent actual bonus earned in 2022***)Total number of shares is at 31 December 2022Board of Directors remuneration 2023*USD 1000, except total number Board of Audit Safety & Sustainability Remuneration Total number Owning of shares and owing interest PositionDirectorsCommitteeCommitteeCommittee Sumof shares**interestThorhild Widvey Chair Board of Directors, Chair Safety & Sustainability Com. 96 - - 7 103 74 320 - 1Liv Monica Bargem Stubholt Deputy Chair Board of Directors, Chair Audit Committee 45 23 - - 68 41 785 - 2Francesco 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 - - 59 - - Fabio Ignazio Romeo Board of Directors member 45 - 14 - 59 - - Jan Inge Nesheim Board of Directors - Employee representative 26 - 4 - 30 34 407 - Martha Skj\u00e6veland Board of Directors - Employee representative 26 - - 4 30 12 874 - Bj\u00f8rn Nysted Board of Directors - Employee representative 26 4 - - 30 23 270 - Hege Susanne Bl\u00e5sternes Board of Directors - Employee representative 26 - 4 - 30 37 227 - Total compensation 336 40 21 10 408 223 883 - Board of Directors remuneration 2022*USD 1000, except total number Board of Audit Safety & Sustainability Remuneration Total number Owning of shares and owing interest PositionDirectorsCommitteeCommitteeCommittee Sumof shares**interestThorhild Widvey Chair Board of Directors, Chair Safety & Sustainability Com. 96 - - 7 103 71 428 - 1Liv Monica Bargem Stubholt Deputy Chair Board of Directors, Chair Audit Committee 45 23 - - 68 40 000 - 2Francesco 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 - - 59 - - Fabio Ignazio Romeo Board of Directors member 45 - 14 - 59 - - Jan Inge Nesheim Board of Directors - Employee representative 26 - 4 - 30 19 589 - Martha Skj\u00e6veland Board of Directors - Employee representative 26 - - 4 30 4 301 - Bj\u00f8rn Nysted Board of Directors - Employee representative 26 4 - - 30 17 639 - Hege Susanne Bl\u00e5sternes Board of Directors - Employee representative 26 - 4 - 30 4 998 - Total compensation 336 40 21 10 408 157 955 - 1) 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-rate**) Total number of shares is at 31 December 2023The Board of Directors received 6 months compensation in December 2023. The remaining annual fee will be paid in June 2024.\ue61c1) 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-rate**) Total number of shares is at 31 December 2022",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__52": {
"value": "Note 7 Auditor\u2019s feeUSD 1000 2023 2022Statutory audit 499 545 Other attestations and quarterly reviews 401 1 051 Other services* - 104 Reinvoiced to Eni S.p.A. - (68) Total fee 900 1 631 *) Services other than audit in 2022 provided by the auditors mainly related to non-financial process improvement activities.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__54": {
"value": "Note 8 Other operating expensesUSD 1000 Note 2023 2022R&D expenses 34 980 31 535 Pre-production costs 36 716 24 761 Guarantee fee decommissioning obligation 28 17 436 22 190 Administration expenses 7 28 771 26 331 Neptune integration cost 11 644 - Other expenses 30 429 32 905 Total other operating expenses 159 976 137 721 Other expenses in 2023 are mainly related to write down of obsolete inventory. 2022 other expenses was mainly related to disposal of the Brasse licenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__53": {
"value": "Note 8 Other operating expensesUSD 1000 Note 2023 2022R&D expenses 34 980 31 535 Pre-production costs 36 716 24 761 Guarantee fee decommissioning obligation 28 17 436 22 190 Administration expenses 7 28 771 26 331 Neptune integration cost 11 644 - Other expenses 30 429 32 905 Total other operating expenses 159 976 137 721 Other expenses in 2023 are mainly related to write down of obsolete inventory. 2022 other expenses was mainly related to disposal of the Brasse licenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__55": {
"value": "Note 9 Exploration expensesUSD 1000 Note 2023 2022Seismic 27 310 4 741 Area Fee 6 798 7 861 Dry well expenses 12 40 928 30 600 Other exploration expenses 11 455 28 861 Total exploration expenses 86 491 72 063 Dry well expenses in 2023 are mainly related to the PL1005 well 6405/7-3 S Rondeslottet and the PL554 well 34/6-6 Angulata Brent. In 2022 the dry well expenses are mainly related to the well PL901 7122/6-3 S R\u00f8dhette and the 34/4-18 S Statfjord Kile Well.",
"dimensions": {
"concept": "VAR:DisclosureOfExpenseArisingFromExplorationAndEvaluationOfMineralResources",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__56": {
"value": "Note 10 Financial itemsUSD 1000 Note 2023 2022Interest income 11 318 9 496 Interest on debts and borrowings 24 (250 001) (129 756)Interest on lease debt (6 210) (9 312)Capitalised interest cost, development projects 251 870 130 974 Amortisation of fees and expenses (14 007) (17 801)Accretion expenses (asset retirement obligation) 25 (98 765) (94 243)Other financial expenses (4 710) (5 248)Change in fair value of interest rate hedges (ineffectiveness) (2 408) - Net financial income / (expenses) (112 913) (115 889)Unrealised exchange rate gain / (loss) 23 907 (81 175)Realised exchange rate gain / (loss) (70 606) (315 864)Net exchange rate gain / (loss) (46 699) (397 039)Net financial items (159 613) (512 929)V\u00e5r Energi\u2019s functional currency is NOK, whilst interest bearing loans and bonds are in USD and EUR. These loans and bonds are the main reason for \ufb02uctuation in the exchange rate gain and loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__58": {
"value": "Note 11 Income taxesUSD 1000 2023 2022Current period tax payable / (receivable) 1 754 506 3 851 161 Prior period adjustments to current tax (11 287) 20 828 Current tax expense / (income) 1 743 219 3 871 989 Increase / (decrease) in deferred tax 1 003 485 1 047 499 Tax expense / (income) in profit and loss 2 746 704 4 919 489 Effective tax rate in % 82% 84%Tax expense / (income) in put option used for hedging 304 (341)Tax expense / (income) in other comprehensive income 2 747 008 4 919 148 Reconciliation of tax expense Tax rate 2023 2022Marginal (78%) tax rate on profit / loss before tax 78% 2 618 542 4 567 829 Tax effect of uplift 71.8% (38 815) (211 687)Impairment of goodwill 78% - 184 022 1Tax effects of items taxed at other than marginal (78%) tax rate56% 182 119 314 393 Tax effects of new legislation on other items - 50 885 2Tax effects on acquisition, sale and swap of licences (10 955) - Other permanent differences, prior period adjustments and change in estimates of uncertain tax positions 78% (4 186) 14 047 Tax expense / (Income) 2 746 704 4 919 489 1 The effects of items taxed at other than marginal (78%) tax rate are mainly impacted by interest and \ufb02uctuation in currency exchange rate on the Company\u2019s external borrowings.2 Working interest in Brage field sold in fourth quarter 2023.Temporary timing differences at end of period 2023 2022Tangible fixed assets 9 708 700 9 787 501 Capitalised exploration cost 276 504 225 287 Other intangible assets 83 060 93 515 Abandonment obligation (3 357 531) (3 274 814)Financial instruments over OCI (18 830) (21 339)Other 175 323 141 719 Basis for deferred ordinary taxes 6 867 227 6 951 868 Additional depreciation for special tax 5 327 399 4 288 592 Temporary differences not relevant for special tax (1 917) (110 830)Ordinary tax deductible for special tax (1 909 874) (2 010 081)Basis for deferred special taxes 10 282 836 9 119 549 Ordinary tax 22.0% (1 510 790) (1 529 411)Special tax 71.8% (7 383 076) (6 547 836)Valuation allowance for lack of statutory tax deduction at (49 153) (50 724)effective rate 6.2% related to abandonmentNet deferred tax asset / (liability) as of closing balance (8 943 019) (8 127 971)The global minimum tax (Pillar II) becomes effective from 2024, and this will also apply for V\u00e5r Energi, with its current setup, however the Company believes that it will not be impacted of the global minimum tax.Breakdown of tax effect on temporary differences 2023 2022Tangible fixed assets (11 149 947) (10 353 775)Capitalised exploration cost (215 685) (175 733)Other intangible assets (64 790) (72 945)Abandonment obligation 2 569 856 2 503 762 Lease liabilities 91 208 165 873 Financial instruments over OCI 4 143 4 695 Other Provisions (177 803) (199 848)Net deferred tax asset / (liability) as of closing balance (8 943 019) (8 127 971)Deferred tax asset / (liability) 2023 2022Deferred tax asset / (liability) at beginning of period (8 127 971) (7 953 676)Current period deferred tax income / (expense) (1 003 485) (1 047 499)1Deferred taxes related to acquisition, sale and swap of licenses (23 449) - Deferred taxes recognised directly in OCI or equity (304) 341 Currency translation effects 212 190 872 864 Net deferred tax asset / (liability) as of closing balance (8 943 019) (8 127 971)1 Working interest in Brage field sold in fourth quarter 2023.Calculated tax payable 2023 2022Tax payable at beginning of period (1 778 222) (801 432)Current period payable taxes (1 754 506) (3 851 161)Net tax payment 2 463 195 2 686 852 Prior period adjustments and change in estimate of uncertain tax positions 11 287 (20 828)Currency translation effects 93 831 208 347 Net tax payable as of closing balance (964 414) (1 778 222)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__57": {
"value": "Note 11 Income taxesUSD 1000 2023 2022Current period tax payable / (receivable) 1 754 506 3 851 161 Prior period adjustments to current tax (11 287) 20 828 Current tax expense / (income) 1 743 219 3 871 989 Increase / (decrease) in deferred tax 1 003 485 1 047 499 Tax expense / (income) in profit and loss 2 746 704 4 919 489 Effective tax rate in % 82% 84%Tax expense / (income) in put option used for hedging 304 (341)Tax expense / (income) in other comprehensive income 2 747 008 4 919 148 Reconciliation of tax expense Tax rate 2023 2022Marginal (78%) tax rate on profit / loss before tax 78% 2 618 542 4 567 829 Tax effect of uplift 71.8% (38 815) (211 687)Impairment of goodwill 78% - 184 022 1Tax effects of items taxed at other than marginal (78%) tax rate56% 182 119 314 393 Tax effects of new legislation on other items - 50 885 2Tax effects on acquisition, sale and swap of licences (10 955) - Other permanent differences, prior period adjustments and change in estimates of uncertain tax positions 78% (4 186) 14 047 Tax expense / (Income) 2 746 704 4 919 489 1 The effects of items taxed at other than marginal (78%) tax rate are mainly impacted by interest and \ufb02uctuation in currency exchange rate on the Company\u2019s external borrowings.2 Working interest in Brage field sold in fourth quarter 2023.Temporary timing differences at end of period 2023 2022Tangible fixed assets 9 708 700 9 787 501 Capitalised exploration cost 276 504 225 287 Other intangible assets 83 060 93 515 Abandonment obligation (3 357 531) (3 274 814)Financial instruments over OCI (18 830) (21 339)Other 175 323 141 719 Basis for deferred ordinary taxes 6 867 227 6 951 868 Additional depreciation for special tax 5 327 399 4 288 592 Temporary differences not relevant for special tax (1 917) (110 830)Ordinary tax deductible for special tax (1 909 874) (2 010 081)Basis for deferred special taxes 10 282 836 9 119 549 Ordinary tax 22.0% (1 510 790) (1 529 411)Special tax 71.8% (7 383 076) (6 547 836)Valuation allowance for lack of statutory tax deduction at (49 153) (50 724)effective rate 6.2% related to abandonmentNet deferred tax asset / (liability) as of closing balance (8 943 019) (8 127 971)The global minimum tax (Pillar II) becomes effective from 2024, and this will also apply for V\u00e5r Energi, with its current setup, however the Company believes that it will not be impacted of the global minimum tax.Breakdown of tax effect on temporary differences 2023 2022Tangible fixed assets (11 149 947) (10 353 775)Capitalised exploration cost (215 685) (175 733)Other intangible assets (64 790) (72 945)Abandonment obligation 2 569 856 2 503 762 Lease liabilities 91 208 165 873 Financial instruments over OCI 4 143 4 695 Other Provisions (177 803) (199 848)Net deferred tax asset / (liability) as of closing balance (8 943 019) (8 127 971)Deferred tax asset / (liability) 2023 2022Deferred tax asset / (liability) at beginning of period (8 127 971) (7 953 676)Current period deferred tax income / (expense) (1 003 485) (1 047 499)1Deferred taxes related to acquisition, sale and swap of licenses (23 449) - Deferred taxes recognised directly in OCI or equity (304) 341 Currency translation effects 212 190 872 864 Net deferred tax asset / (liability) as of closing balance (8 943 019) (8 127 971)1 Working interest in Brage field sold in fourth quarter 2023.Calculated tax payable 2023 2022Tax payable at beginning of period (1 778 222) (801 432)Current period payable taxes (1 754 506) (3 851 161)Net tax payment 2 463 195 2 686 852 Prior period adjustments and change in estimate of uncertain tax positions 11 287 (20 828)Currency translation effects 93 831 208 347 Net tax payable as of closing balance (964 414) (1 778 222)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__59": {
"value": "Note 12 Intangible assets OtherCapitalised intangible exploration USD 1000 Note Goodwillassetswells TotalCost as at 1 January 2022 5 009 390 104 520 199 981 5 313 891 Additions - - 77 050 77 050 Additions through business combination - - - - Reclassification - - - - Disposals / expensed exploration wells 9 - - (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 4 800 740 Depreciation and impairment as at 1 January 2022 (2 477 492) - - (2 477 492)Provision for impairment reversal / (loss) 15 (235 913) - - (235 913)Currency translation effects 250 980 - - 250 980 Depreciation 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 2 338 314 OtherCapitalised intangible exploration USD 1000 Note Goodwillassetswells TotalCost as at 1 January 2023 4 481 939 93 515 225 287 4 800 740 Additions - - 113 107 113 107 Reclassification - (7 292) (14 381) (21 674)Disposals / expensed exploration wells 9 1 463 - (40 928) (39 465)Currency translation effects (138 774) (3 162) (6 580) (148 516)Cost as at 31 December 2023 4 344 628 83 060 276 504 4 704 193 Depreciation and impairment as 1 January 2023 (2 462 426) - - (2 462 426)Depreciation - - - - Provision for impairment reversal / (loss) - - - - Currency translation effects 76 276 - - 76 276 Depreciation and impairment as at 31 December 2023 (2 386 150) - - (2 386 150)Net book value as at 31 December 2023 1 958 478 83 060 276 504 2 318 042 Other intangible assets include exploration potentials acquired through business combinations and measured according to the successful efforts method. The total goodwill of USD 1 958 million per 31 December 2023 consists of ordinary goodwill (USD 178 million) and technical goodwill (USD 1 780 million). Ordinary goodwill unchanged from 31 December 2022 except for currency translation effects.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__60": {
"value": "Note 13 Tangible assetsOther Wells and Facilities property, production under plant and USD 1000 Notefacilitiesconstructionequipment TotalCost as at 1 January 2022 14 617 577 5 113 429 39 350 19 770 356 Additions 665 016 1 832 590 18 491 2 516 097 Estimate change asset retirement cost 25 266 380 - - 266 380 Reclassification 143 700 (29 043) - 114 657 Disposals - (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 20 471 393 Depreciation and impairment as at 1 January 2022 (4 567 768) - (13 671) (4 581 439)Depreciation (1 408 937) - (9 180) (1 418 117)Impairment reversal / (loss) 15 (422 008) - - (422 008)Disposals - - - - Currency translation effects 510 826 - 1 583 512 408 Depreciation and impairment as at 31 December 2022 (5 887 887) - (21 268) (5 909 156)Net book value as at 31 December 2022 8 222 411 6 307 507 32 319 14 562 237 Other Wells and Facilities property, production under plant and USD 1000 Notefacilitiesconstructionequipment TotalCost as at 1 January 2023 14 110 298 6 307 507 53 587 20 471 393 Additions 1 024 517 1 719 764 33 480 2 777 761 Estimate change asset retirement cost 25 177 485 - - 177 485 Reclassification 1 549 298 (1 456 151) - 93 147 Disposals (82 332) (24 591) - (106 923)Currency translation effects (289 075) (236 291) (134) (525 500)Cost as at 31 December 2023 16 490 192 6 310 238 86 934 22 887 364 Depreciation and impairment as at (5 887 887) - (21 268) (5 909 156)1 January 2023Depreciation (1 385 470) (0) (15 974) (1 401 444)Impairment reversal / (loss) 15, 33 (326 127) (200 300) - (526 427)Disposals 75 621 - - 75 621 Currency translation effects 119 138 (7 996) (23) 111 119 Depreciation and impairment as at (7 404 725) (208 296) (37 265) (7 650 287)31 December 2023Net book value as at 31 December 2023 9 085 467 6 101 942 49 669 15 237 078 Capitalised interests for facilities under construction were USD 249 835 in 2023 and USD 130 974 thousand in 2022.Rate used for capitalisation of interests was 7.65% in 2023 and 3.8% in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__61-1": {
"value": "Note 14 Right of use assetsRigs, helicopters and USD 1000 Officessupply vessels Warehouse TotalCost as at 1 January 2022 75 830 304 183 13 546 393 558 Additions 4 081 2 596 - 6 677 Reclassification - (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 15 155 287 188 Depreciation and impairment (15 707) (72 924) (6 496) (95 126)as at 1 January 2022Depreciation (4 091) (23 748) (2 010) (29 849)Currency translation effects 2 115 10 486 609 13 211 Depreciation and impairment (17 683) (86 186) (7 896) (111 765)as at 31 December 2022Net book value as at 31 December 2022 49 049 119 114 7 259 175 423 Rigs, helicopters and USD 1000 Officessupply vessels Warehouse TotalCost as at 1 January 2023 66 732 205 300 15 155 287 188 Reclassification - (71 474) - (71 474)Currency translation effects (2 721) (8 303) (618) (11 642)Cost as at 31 December 2023 64 011 125 523 14 537 204 072 Depreciation and impairment (17 683) (86 186) (7 896) (111 765)as at 1 January 2023Depreciation (4 692) (13 514) (2 949) (21 155)Currency translation effects 728 1 412 520 2 660 Depreciation and impairment (21 648) (98 288) (10 325) (130 260)as at 31 December 2023Net book value as at 31 December 2023 42 363 27 236 4 213 73 812Note 29 Lease agreementsV\u00e5r Energi has entered into lease agreements for supply vessels, helicopters and warehouses supporting operation at Balder and Goliat, where the most significant are for the supply vessels operating at Goliat. The Company also has lease agreements for offices in Sandnes, Oslo and Hammerfest, with the most significant contract being the lease of the main office building in Vestre Svanholmen 1, Sandnes. There are no new lease agreements in 2023. Right of use assets is shown in note 14.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 2023, the service share of these contracts amount to USD 10 million (USD 113 million in 2022).The total expenditure realted to short-term leases which are not recognised as part of lease liabilities was USD 36 million (USD 4 million in 2022).USD 1000 2023 2022Opening Balance lease debt 212 646 325 088 New lease debt in period - 6 149 Payments of lease debt (98 809) (116 893)Interest expense on lease debt 6 195 9 245 Currency exchange differences (3 104) (10 942)Total lease debt 116 928 212 646 Breakdown of the lease debt to short-term and long-term liabilities 31 Dec 2023 31 Dec 2022Short-term 99 265 99 312 Long-term 17 663 113 334 Total lease debt 116 928 212 646 Lease debt split by activities 31 Dec 2023 31 Dec 2022Offices 50 194 55 941 Rigs, helicopters and supply vessels 62 479 149 140 Warehouse 4 255 7 566 Total 116 928 212 646 Nominal lease debt maturity breakdown 31 Dec 2023 31 Dec 2022Within one year 99 265 99 312 Two to five years 5 745 104 792 After five years 33 096 41 390 Total 138 106 245 494",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__62": {
"value": "Note 15 ImpairmentImpairment testingImpairment tests of individual cash-generating units (CGUs) are performed quarterly when impairment triggers are identified, 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 2023. Key assumptions applied for impairment testing purposes as of 31 December 2023 are based on V\u00e5r Energi\u2019s macroeconomic assumptions. Below is an overview of the key assumptions applied: PricesThe 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 Company\u2019s long-term price assumptions. V\u00e5r Energi\u2019s long term oil price assumption is 70 USD/bbl (real) and long-term gas price assumption is 56 USD/boe (real). Long-term price assumptions are unchanged from assumptions per 31 December 2022.The nominal oil prices (USD/bbl) applied in the impairment tests are as follows:Year 31 Dec 2022 31 Dec 20232024 75.5 76.32025 75.3 75.22026 77.3 77.4The nominal gas prices (USD/BOE) applied in the impairment tests are as follows:Year 31 Dec 2022 31 Dec 20232024 106.0 63.02025 70.4 65.52026 62.1 62.9Oil and gas reservesFuture cash \ufb02ows 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 2022 31 Dec 20232024 - 2026 351 3282027 - 2031 353 3662032 - 2036 163 1702037 - 2041 83 852042 - 2054 62 61Future 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 con-sidered 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 used is 8.0% per 31 December 2023, consistent with the rate applied per 31 December 2022.Currency rates The currency rates assumed per 31 December 2023 are based on the forward curve for the next three-year period and from the fourth year the currency rates are based on the Company\u2019s l ong-term assumptions. V\u00e5r Energi\u2019s long term currency rates are 9.0 NOK/USD and 9.7 NOK/EUR. NOK/EUR NOK/USDYear 31 Dec 31 Dec 31 Dec 31 Dec 20222023202220232024 9.9 11.1 9.0 10.02025 9.9 10.6 9.0 9.62026 9.9 10.0 9.0 9.22027 onwards 9.9 9.7 9.0 9.0In\ufb02ationThe in\ufb02ation rate assumed per 31 December 2023 is 4% for 2024 with long-term in\ufb02ation rates beyond 2024 of 2.0%. Long-term in\ufb02ation rates are unchanged from assumptions per 31 December 2022.Impairment testing of goodwillThe technical goodwill recognised in previous business combinations is allocated to each CGU for the purpose of impairment 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 per 31 December 2023 identified impairment to the Balder CGU of USD 526\ue61c427. The impairment is mainly related to updated cost, schedule and production profile for the Balder X project. The impairment is fully allocated to PP&E.No impairment triggers for ordinary goodwill. Cash generating unitNet carrying Recoverable Impairmant/Deferred tax (USD 1000)valueamountreversal (-)impactBalder Area 1 204 267 1 088 453 526 427 (410 613)Total 1 204 267 1 088 453 526 427 (410 613)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 afterAssumption USD 1000 Change Increase in assumption Decrease in assumptionOil and gas prices +/-25% (921 000) 2 767 000Production profile +/- 5% (431 000) 431 000Discount rate +/- 1% point 158 000 (164 000)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 estimating 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 risks The climate related risk assessment is generally described in note 33 Climate Risk. Financial reporting and impairment testing includes a step up of CO tax/fees from current levels to 2 approximately NOK 2 240 per ton in 2030 (real 2023)Scenarios from the International Energy Agency (IEA) 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 2022 real terms. For the sensitivity calculation, a linear development between spot price at year-end 2023 and IEA price in 2030, as well as between 2030 and 2050 has 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: Oil USD/bbl Gas USD/mmbtuScenario price ranges 2030 2050 2030 2050Net Zero 42 25 4.3 4.1Annonced pledges 74 60 6.5 5.4Stated policies 85 83 6.9 7.1 Change in impairmentIEA Scenario (USD 1000) Net Zero Annonced pledges Stated policiesBalder Area 2 079 000 (325 000) (918 000)Snorre 120 000 - -Grane 93 000 - -Ekofisk 56 000 - -Other 56 000 - -Total 2 404 000 (325 000) (918 000)Impairment testing in 2021 The 2022 macro assumptions are shown in tables and text in this note. The 2022 impairments of USD 657 922 thousand were mainly related to updated cost, schedule and production profile for the Balder X project. The following impairments were recorded in 2022: Cash generating unit (USD 1000) Impairment goodwill Impairment PP&E TotalBalder Area 233 998 406 250 640 248Fenja - 15 758 15 758Other 1 916 - 1 916Total 235 913 422 008 657 922",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__63": {
"value": "Note 16 Investment in shares USD 1000 Business Location Ownership 31 Dec 2023 31 Dec 2022Norpipe Oil AS Tananger, Norway 6.52% 150 155 Tjeldbergodden Utvikling AS Kj\u00f8rsvikbugen, Norway 0.48% 59 61 Ormen Lange Eiendom DA Tananger, Norway 6.34% 530 547 Investment in shares 739 763",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__64": {
"value": "Note 17 InventoriesUSD 1000 31 Dec 2023 31 Dec 2022Inventories - measured at cost 223 660 223 529 Provisions for obsolete stock (24 538) - Physical oil inventory 52 381 42 281 Total inventory 251 503 265 811",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__65": {
"value": "Note 18 Trade receivablesUSD 1000 Note 31 Dec 2023 31 Dec 2022Trade receivables - related parties 30 516 429 478 714 Trade receivables - external parties 137 221 382 405 Sale of trade receivables (290 756) (64 802)Total trade receivables 362 895 796 317 V\u00e5r Energi has Credit Discount Agreements with several banks. Under the arrangements the ownership, including credit risk, of invoices for oil and gas sales 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 \ufb02ows to the banks without material delay, but only to the extent V\u00e5r Energi collects the payments from the customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__66": {
"value": "Note 19 Other current receivables and financial assetsUSD 1000 Note 31 Dec 2023 31 Dec 2022Net underlift of hydrocarbons 125 747 101 889 Prepaid expenses 53 437 30 672 Brent crude put options - financial assets 20 10 974 14 805 Net receivables from joint operations 102 038 67 776 Other 17 276 (1 856)Total other current receivables and financial assets 309 472 213 286",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__67": {
"value": "Note 20 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 value.\ue61cThe 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 hybrid bonds or 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 Management V\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 Executive 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 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 \ufb02uctuations 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 \ufb02ows from sale of crude oil through entering into commodity price hedging instruments and cash \ufb02ows from sale of natural gas through entering into fixed price gas sales contracts. In order to reduce the risk related to oil price \ufb02uctuations, the Company has established an oil price hedging program for 2024 where approxi-mately 100% of planned after-tax volumes for oil have been hedged by acquiring monthly settled oil price put options. To align after-tax cash \ufb02ows and adjust for different tax treatment of financial derivatives and the underlying oil production, 28% of the planned production volume is hedged. Approximately 20% of the Company\u2019s expected gas production in 2024 has been sold on fixed price terms as of 31 December 2023, at an average price of ~132 USD per boe.Financial risksThe Company is exposed to market \ufb02uctuations in commodity prices, foreign exchange rates and interest rates. The main financial risks V\u00e5r Energi is exposed to are:- Fluctuation in foreign exchange rates due to currency mismatch between income and cost currencies, including tax payments- Fluctuation in interest rates leading to a \ufb02uctuation in finance costs- Funding and liquidity risk due to unavailability of funding, deposits or loss of income- 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 and EUR. 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 and EUR, but also exposure to receivables and payables per year end has been included in the below sensitivity tables. The table below shows the Company\u2019s main exposure in USD as of 31 December 2023:Exposure (USD 1 000) 31 Dec 2023 31 Dec 2022Interest-bearing loans and bonds in USD 2 500 000 3 000 000 Interest-bearing bonds in EUR 691 860 - Receivables due in USD (449 752) (385 841) Receivables due in EUR (170 614) (352 148) Payables due in USD 447 486 53 453 3 018 980 2 315 464 The 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 Effect on profit before tax Increase/decrease in foreign exchange rate for the year ended for the year ended USD/NOK31 December 202331 December 2022Increase/(Decrease) Increase/(Decrease)10% (301 898) (231 546)-10% 301 898 231 546 Interest rate sensitivityInterest rate risk arises from the effects \ufb02uctuations in underlying market rates may have on future cash \ufb02ows. At present, the main source of interest rate risk for V\u00e5r Energi is the \ufb02oating interest rate payable under the Interest Rate Swap linked to the 5/29 EUR 600 million Senior Notes issue. As of 31 December 2023, the Company had not utilised its\u2019 \ufb02oating interest rate credit facilities, see note 24. 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 \ufb02oating interest rate with all other variables held constant. 2023 upward and downward sensitivity has been set to 1%. In the current volatile economic environment reasonable possible changes could be significantly higher. A 2% sensitivity would double the effect and a 3% would triple the effect. Exposure (USD 1 000) Effect on profit before tax for Effect on profit before taxthe year ended for the year ended Increase/decrease in interest rate 31 December 202331 December 2022Increase/(Decrease) Increase/(Decrease)1.00% (6 829) (5 000)-1.00% 6 829 5 000Liquidity 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 \ufb02ow 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 \ufb02exibility 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 contractual payments:Year ended 31 December 2023 On demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total USD 1000Interest-bearing loans - - - - - - Bond USD Senior Notes - 180 000 180 000 1 965 000 1 320 000 3 645 000 Bond EUR Senior Notes - 35 281 35 281 105 843 676 752 853 157 Subord. EUR Fixed Rate Sec. - - - - 815 659 815 659 Accounts payable - 328 951 - - - 328 951Lease liabilities - 99 265 - 5 745 33 096 138 106 Sum none-derivative fin. liab. - 643 497 215 281 2 076 588 2 845 507 5 780 873Interest Rate Swap EUR (in\ufb02ow) - (61 692) (61 692) (185 076) (48 486) (356 946) Interest Rate Swap EUR (out\ufb02ow) - 65 356 65 356 196 069 32 678 359 459 Sum derivative fin. liab. - 3 664 3 664 10 993 (15 808) 2 513 647 161 218 945 2 087 581 2 829 699 5 783 386Year ended 31 December 2022 On demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total USD 1000Interest-bearing loans - 523 747 - - - 523 747 Bond USD Senior Notes - 155 000 180 000 1 027 500 2 437 500 3 800 000 Accounts payable - 368 589 - - - 368 589Lease liabilities - 99 312 - 104 792 41 390 245 494 - 1 146 648 180 000 1 132 292 2 478 890 4 937 830Credit 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 2023 V\u00e5r Energi sold the crude oil to Eni trading entities and natural gas primarily to Eni trading entities and other major international oil and gas players. The risk related to Eni is considered 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 has 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 \ufb02ow 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. USD 1000Financial assets/liabilities at fair Cash, cash equivalents Financial liabilities measured Cash \ufb02ow hedge fair value 2023 Notevalue through profit and lossand receivables, payablesat amortised costthrough OCI TotalAssetsTrade receivable 18 - 362 895 - - 362 895 Investments in shares 16 739 - - - 739 Cash and cash equivalents 21 - 734 914 - - 734 914 Oil put options asset 19 - - - 10 974 10 974 Other short term receivables 19 - 119 315 - - 119 315 Total financial assets 739 1 217 123 - 10 974 1 228 837 Liabilities Accounts payable - 328 951 - - 328 951 Net payables to joint operations 27 - 375 871 - - 375 871 Employees, accrued public charges and other payables 27 - 29 472 - - 29 472 Deferred payment for option premiums 27 - - 29 804 - 29 804 Bond USD Senior Notes 24 - - 2 500 000 - 2 500 000 Bond EUR Senior Notes 24 - - 682 938 - 682 938 Bridge credit facility 24 - - - - - Prepaid loan and bond expenses 24 - - (45 278) - (45 278)Total financial liabilities - 734 293 3 176 386 - 3 910 679 USD 1000Financial assets/liabilities at fair Cash, cash equivalents Financial liabilities measured Cash \ufb02ow hedge fair value 2022 Notevalue through profit and lossand receivables, payablesat amortised costthrough OCI TotalAssetsTrade receivable 18 - 796 317 - - 796 317 Investments in shares 16 763 - - - 763 Cash and cash equivalents 21 - 444 607 - - 444 607 Oil put options asset 19 - - - 14 805 14 805 Other short term receivables 19 - 65 920 - - 65 920 Total financial assets 763 1 306 843 - 14 805 1 322 411 Liabilities Accounts payable - 368 589 - - 368 589 Net payables to joint operations 27 - 378 167 - - 378 167 Employees, accrued public charges and other payables 27 - 28 089 - - 28 089 Deferred payment for option premiums 27 - - 36 143 - 36 143 Bond USD Senior Notes 24 - - 2 500 000 - 2 500 000 Bridge credit facility 24 - - 500 000 - 500 000 Prepaid loan expenses 24 - - (47 411) - (47 411)Total financial liabilities - 774 845 2 988 732 - 3 763 577 Fair ValueManagement assessed that the fair values of cash and short-term deposits, trade receivables, trade payables, bank overdrafts, 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 determined 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 \ufb02oating 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 measured Fair value based on USD 1000 Noteat amortised costtrading at year end*Bond USD & EUR Senior Notes 24 3 182 938 3 394 970Prepaid expenses bond 24 (45 402) -Total 3 137 536 3 394 970 * Year end meaning closest to 31 December 2023Derivative financial instrumentsThe Company uses derivative financial instruments, such as Brent crude put options to hedge its commodity price risks. As of 31 December 2022 and 2023, 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 Excercise price Hedging instrumentssheet date) in thousands (BBL)(USD per BBL)Brent crude oil put options per 31 Dec 2022, exercisable in 2023 14 038 50 Brent crude oil put options per 31 Dec 2023, exercisable in 2024 15 550 50Brent crude put options - financial assetsUSD 1000 2023 2022The beginning of the period 14 805 17 407 New Brent crude put options 29 804 36 143 Change in fair value (33 635) (38 745 )The end of the period 10 974 14 805 As of 31 December\ue61c2023, the fair value of outstanding Brent Crude oil put options amounted to USD 10 974 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 1000 Note 2023 2022The beginning of the period (36 143) (39 339 )Settlement 5 36 229 39 540 New Brent crude put options (29 804) (36 143) FX-effect (86) (201)The end of the period (29 804 ) (36 143) All outstanding put option contracts at 31 December 2023 are due to expire in 2024. 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 2022 and 2023. The premiums paid for the put options of USD 39 339 thousand in 2022 and USD 36 143 thousand in 2023 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 2023 2022The beginning of the period (21 338) (21 932) Realised cost of hedge 36 143 39 339 Change in fair value (33 635) (38 745) The end of the period (18 830 ) (21 338) End of period 2023 after tax balance is USD 14 687 thousand.Reconciliation of liabilities arising from financing activities The table below shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activities.Non-cash changes31 Dec Amortisation/USD 10002022 Cash \ufb02ows Accretion Currency Other 31 Dec 2023Short-term interest-bearing debt 500 000 (500 000) - - - - Bond USD Senior Notes 2 500 000 - - - - 2 500 000 Bond EUR Senior Notes - 664 437 - (1 438) 19 939 682 938 Subord. EUR Fixed Rate Sec. - 808 170 84 128 - 808 382 Prepaid loan expenses (47 411) (13 077) 14 007 1 203 - (45 278)Totals 2 952 589 959 530 14 091 (107) 19 939 3 946 042 Non-cash changesAmortisation/USD 1000 31 Dec 2021 Cash \ufb02ows Accretion Currency Other 31 Dec 2022Long-term interest-bearing debt 4 520 500 (4 020 500) - - (500 000) - Short-term interest-bearing debt - - - - 500 000 500 000 Bond USD Senior Notes - 2 500 000 - - - 2 500 000 Deferred 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) 2 952 589 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 measureusing 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 counterparties and forward rate curves of the underlying commodity. As at 31 December 2023, 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:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__68": {
"value": "Capital 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 value.\ue61cThe 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 hybrid bonds or 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__69-1": {
"value": "Risk Management V\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 Executive 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 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 \ufb02uctuations 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 \ufb02ows from sale of crude oil through entering into commodity price hedging instruments and cash \ufb02ows from sale of natural gas through entering into fixed price gas sales contracts. In order to reduce the risk related to oil price \ufb02uctuations, the Company has established an oil price hedging program for 2024 where approxi-mately 100% of planned after-tax volumes for oil have been hedged by acquiring monthly settled oil price put options. To align after-tax cash \ufb02ows and adjust for different tax treatment of financial derivatives and the underlying oil production, 28% of the planned production volume is hedged. Approximately 20% of the Company\u2019s expected gas production in 2024 has been sold on fixed price terms as of 31 December 2023, at an average price of ~132 USD per boe.Financial risksThe Company is exposed to market \ufb02uctuations in commodity prices, foreign exchange rates and interest rates. The main financial risks V\u00e5r Energi is exposed to are:- Fluctuation in foreign exchange rates due to currency mismatch between income and cost currencies, including tax payments- Fluctuation in interest rates leading to a \ufb02uctuation in finance costs- Funding and liquidity risk due to unavailability of funding, deposits or loss of income- 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 and EUR. 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 and EUR, but also exposure to receivables and payables per year end has been included in the below sensitivity tables. The table below shows the Company\u2019s main exposure in USD as of 31 December 2023:Exposure (USD 1 000) 31 Dec 2023 31 Dec 2022Interest-bearing loans and bonds in USD 2 500 000 3 000 000 Interest-bearing bonds in EUR 691 860 - Receivables due in USD (449 752) (385 841) Receivables due in EUR (170 614) (352 148) Payables due in USD 447 486 53 453 3 018 980 2 315 464 The 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 Effect on profit before tax Increase/decrease in foreign exchange rate for the year ended for the year ended USD/NOK31 December 202331 December 2022Increase/(Decrease) Increase/(Decrease)10% (301 898) (231 546)-10% 301 898 231 546 Interest rate sensitivityInterest rate risk arises from the effects \ufb02uctuations in underlying market rates may have on future cash \ufb02ows. At present, the main source of interest rate risk for V\u00e5r Energi is the \ufb02oating interest rate payable under the Interest Rate Swap linked to the 5/29 EUR 600 million Senior Notes issue. As of 31 December 2023, the Company had not utilised its\u2019 \ufb02oating interest rate credit facilities, see note 24. 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 \ufb02oating interest rate with all other variables held constant. 2023 upward and downward sensitivity has been set to 1%. In the current volatile economic environment reasonable possible changes could be significantly higher. A 2% sensitivity would double the effect and a 3% would triple the effect. Exposure (USD 1 000) Effect on profit before tax for Effect on profit before taxthe year ended for the year ended Increase/decrease in interest rate 31 December 202331 December 2022Increase/(Decrease) Increase/(Decrease)1.00% (6 829) (5 000)-1.00% 6 829 5 000Liquidity 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 \ufb02ow 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 \ufb02exibility 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 contractual payments:Year ended 31 December 2023 On demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total USD 1000Interest-bearing loans - - - - - - Bond USD Senior Notes - 180 000 180 000 1 965 000 1 320 000 3 645 000 Bond EUR Senior Notes - 35 281 35 281 105 843 676 752 853 157 Subord. EUR Fixed Rate Sec. - - - - 815 659 815 659 Accounts payable - 328 951 - - - 328 951Lease liabilities - 99 265 - 5 745 33 096 138 106 Sum none-derivative fin. liab. - 643 497 215 281 2 076 588 2 845 507 5 780 873Interest Rate Swap EUR (in\ufb02ow) - (61 692) (61 692) (185 076) (48 486) (356 946) Interest Rate Swap EUR (out\ufb02ow) - 65 356 65 356 196 069 32 678 359 459 Sum derivative fin. liab. - 3 664 3 664 10 993 (15 808) 2 513 647 161 218 945 2 087 581 2 829 699 5 783 386Year ended 31 December 2022 On demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total USD 1000Interest-bearing loans - 523 747 - - - 523 747 Bond USD Senior Notes - 155 000 180 000 1 027 500 2 437 500 3 800 000 Accounts payable - 368 589 - - - 368 589Lease liabilities - 99 312 - 104 792 41 390 245 494 - 1 146 648 180 000 1 132 292 2 478 890 4 937 830Credit 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 2023 V\u00e5r Energi sold the crude oil to Eni trading entities and natural gas primarily to Eni trading entities and other major international oil and gas players. The risk related to Eni is considered 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 has 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 \ufb02ow 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. USD 1000Financial assets/liabilities at fair Cash, cash equivalents Financial liabilities measured Cash \ufb02ow hedge fair value 2023 Notevalue through profit and lossand receivables, payablesat amortised costthrough OCI TotalAssetsTrade receivable 18 - 362 895 - - 362 895 Investments in shares 16 739 - - - 739 Cash and cash equivalents 21 - 734 914 - - 734 914 Oil put options asset 19 - - - 10 974 10 974 Other short term receivables 19 - 119 315 - - 119 315 Total financial assets 739 1 217 123 - 10 974 1 228 837 Liabilities Accounts payable - 328 951 - - 328 951 Net payables to joint operations 27 - 375 871 - - 375 871 Employees, accrued public charges and other payables 27 - 29 472 - - 29 472 Deferred payment for option premiums 27 - - 29 804 - 29 804 Bond USD Senior Notes 24 - - 2 500 000 - 2 500 000 Bond EUR Senior Notes 24 - - 682 938 - 682 938 Bridge credit facility 24 - - - - - Prepaid loan and bond expenses 24 - - (45 278) - (45 278)Total financial liabilities - 734 293 3 176 386 - 3 910 679 USD 1000Financial assets/liabilities at fair Cash, cash equivalents Financial liabilities measured Cash \ufb02ow hedge fair value 2022 Notevalue through profit and lossand receivables, payablesat amortised costthrough OCI TotalAssetsTrade receivable 18 - 796 317 - - 796 317 Investments in shares 16 763 - - - 763 Cash and cash equivalents 21 - 444 607 - - 444 607 Oil put options asset 19 - - - 14 805 14 805 Other short term receivables 19 - 65 920 - - 65 920 Total financial assets 763 1 306 843 - 14 805 1 322 411 Liabilities Accounts payable - 368 589 - - 368 589 Net payables to joint operations 27 - 378 167 - - 378 167 Employees, accrued public charges and other payables 27 - 28 089 - - 28 089 Deferred payment for option premiums 27 - - 36 143 - 36 143 Bond USD Senior Notes 24 - - 2 500 000 - 2 500 000 Bridge credit facility 24 - - 500 000 - 500 000 Prepaid loan expenses 24 - - (47 411) - (47 411)Total financial liabilities - 774 845 2 988 732 - 3 763 577 Fair ValueManagement assessed that the fair values of cash and short-term deposits, trade receivables, trade payables, bank overdrafts, 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 determined 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 \ufb02oating 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 measured Fair value based on USD 1000 Noteat amortised costtrading at year end*Bond USD & EUR Senior Notes 24 3 182 938 3 394 970Prepaid expenses bond 24 (45 402) -Total 3 137 536 3 394 970 * Year end meaning closest to 31 December 2023Derivative financial instrumentsThe Company uses derivative financial instruments, such as Brent crude put options to hedge its commodity price risks. As of 31 December 2022 and 2023, 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 Excercise price Hedging instrumentssheet date) in thousands (BBL)(USD per BBL)Brent crude oil put options per 31 Dec 2022, exercisable in 2023 14 038 50 Brent crude oil put options per 31 Dec 2023, exercisable in 2024 15 550 50Brent crude put options - financial assetsUSD 1000 2023 2022The beginning of the period 14 805 17 407 New Brent crude put options 29 804 36 143 Change in fair value (33 635) (38 745 )The end of the period 10 974 14 805 As of 31 December\ue61c2023, the fair value of outstanding Brent Crude oil put options amounted to USD 10 974 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 1000 Note 2023 2022The beginning of the period (36 143) (39 339 )Settlement 5 36 229 39 540 New Brent crude put options (29 804) (36 143) FX-effect (86) (201)The end of the period (29 804 ) (36 143) All outstanding put option contracts at 31 December 2023 are due to expire in 2024. 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 2022 and 2023. The premiums paid for the put options of USD 39 339 thousand in 2022 and USD 36 143 thousand in 2023 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 2023 2022The beginning of the period (21 338) (21 932) Realised cost of hedge 36 143 39 339 Change in fair value (33 635) (38 745) The end of the period (18 830 ) (21 338) End of period 2023 after tax balance is USD 14 687 thousand.Reconciliation of liabilities arising from financing activities The table below shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activities.Non-cash changes31 Dec Amortisation/USD 10002022 Cash \ufb02ows Accretion Currency Other 31 Dec 2023Short-term interest-bearing debt 500 000 (500 000) - - - - Bond USD Senior Notes 2 500 000 - - - - 2 500 000 Bond EUR Senior Notes - 664 437 - (1 438) 19 939 682 938 Subord. EUR Fixed Rate Sec. - 808 170 84 128 - 808 382 Prepaid loan expenses (47 411) (13 077) 14 007 1 203 - (45 278)Totals 2 952 589 959 530 14 091 (107) 19 939 3 946 042 Non-cash changesAmortisation/USD 1000 31 Dec 2021 Cash \ufb02ows Accretion Currency Other 31 Dec 2022Long-term interest-bearing debt 4 520 500 (4 020 500) - - (500 000) - Short-term interest-bearing debt - - - - 500 000 500 000 Bond USD Senior Notes - 2 500 000 - - - 2 500 000 Deferred 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) 2 952 589 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 measureusing 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 counterparties and forward rate curves of the underlying commodity. As at 31 December 2023, 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 33 Climate riskClimate risk may have a significant impact on the financial reporting. Climate risk may be related to transitional risk and physical risk. Transitional risks relate to risks associated with transitioning 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 develop ment from the business and activities. V\u00e5r Energi is mainly impacted by transitional risks but could also be impacted by physical risk in a longer perspective.\ue61cScenario analysis\ue61dV\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 Note 33 Climate risk continued performance. The Global Energy and Climate (GEC) Model in-cludes key input data for three modelled scenarios; Stated Policies Scenario (STEPS), Announced Pledges Scenario (APS) and Net Zero Emissions by 2050 Scenario (NZE).\ue61cThe 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 2023 further describes the scenarios mentioned above and can be found at www.iea.org.\ue61cChange in NPV of V\u00e5r Energi portfolio under IEA scenarios0,215 %0,12 %0-0,1-0,2-0,3-33 %-0,4Notes1) The NPV of V\u00e5r Energi portfolio under the selected 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 2022 terms. V\u00e5r Energi assumes a linear development between spot price at year end 2023 and IEA prices in 2030, as well as linear prices between 2030 and 2050.Oil and gas price scenarios by the IEA:Oil USD/bbl Gas USD/mmbtuScenario price rangesReal terms (USD 2022)2030 2050 2030 2050Net Zero 42 25 4.3 4.1Announced pledges 74 60 6.5 5.4State Policies 85 83 6.9 7.1Prices applied in the scenario assume a linear forecasted price development and do not take price \ufb02uctuations, changes in portfolio and costs into account. Further, the scenarios imply that no new oil and gas fields will be approved for development beyond already committed projects as of year end 2023. NGL prices are estimated to 70% of oil prices and foreign exchange rates are kept unchanged compared to base assumptions used for impairment purposes.\ue61cAs illustrated in the figure above, the NPV of V\u00e5r Energi\u2019s portfolio is 15% 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 2% higher than the V\u00e5r Energi base case.\ue61cThe 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 2022 and 2050, the demand for oil is expected to decline by around 75%, and natural gas to decline by around 78%. 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 33% lower compared to the base assumptions under this scenario.\ue61cPotential financial impacts\ue61dThe main potential climate risk related financial impacts identified by V\u00e5r Energi relates to market risk and regulatory risk. Market risk impacts, such as decrease in demand and prices related to fossil fuels, are described in the scenario analysis above. Regulatory risks are related to diminished exploration capabilities and end date of production for ARO purposes.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 2023 financials. This is due to limited assumed production and decommissioning cost after 2050.If no exploration activity is allowed after 2023, an impairment of exploration bonus potential included in Other tangible assets of USD 38 million is estimated to be suffered.\ue61cAn increase in the fixed interest rates on the Senior Notes by 100 points would impact the expected interest payments by around USD 32 million (15% increase), whereas an increase by 200 points would increase the interest payments by around USD 64 million (29% increase). Although such an increase is not applicable on the fixed rates at present, the scenario illustrates the possible exposure in the longer term.Opportunities\ue61dThe main identified climate-related opportunities with potential substantial financial impact identified by V\u00e5r Energi are:\ue61c\u2022 Shift in supplier: V\u00e5r Energi\u2019s assets being preferred in terms of lower emissions per produced boe, e.g. compared to non-NCS suppliers\ue61c\u2022 Electrification of assets may reduce production costs\ue61c\u2022 Underinvestment in the oil and gas industry may lead to increased prices of the commodities, in which may generate higher revenues\ue61c\u2022 Lower interest rates on loans due to lower emissions\ue61ccompared to other non-NCS producers\u2022 Availability of capital; loan issuers may prefer companies with lower emissions\ue61c\u2022 Investment in CCS may decrease carbon costs",
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"s6_notes__6__70": {
"value": "Currency 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 and EUR. 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 and EUR, but also exposure to receivables and payables per year end has been included in the below sensitivity tables. The table below shows the Company\u2019s main exposure in USD as of 31 December 2023:Exposure (USD 1 000) 31 Dec 2023 31 Dec 2022Interest-bearing loans and bonds in USD 2 500 000 3 000 000 Interest-bearing bonds in EUR 691 860 - Receivables due in USD (449 752) (385 841) Receivables due in EUR (170 614) (352 148) Payables due in USD 447 486 53 453 3 018 980 2 315 464 The 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 Effect on profit before tax Increase/decrease in foreign exchange rate for the year ended for the year ended USD/NOK31 December 202331 December 2022Increase/(Decrease) Increase/(Decrease)10% (301 898) (231 546)-10% 301 898 231 546 Interest rate sensitivityInterest rate risk arises from the effects \ufb02uctuations in underlying market rates may have on future cash \ufb02ows. At present, the main source of interest rate risk for V\u00e5r Energi is the \ufb02oating interest rate payable under the Interest Rate Swap linked to the 5/29 EUR 600 million Senior Notes issue. As of 31 December 2023, the Company had not utilised its\u2019 \ufb02oating interest rate credit facilities, see note 24. 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 \ufb02oating interest rate with all other variables held constant. 2023 upward and downward sensitivity has been set to 1%. In the current volatile economic environment reasonable possible changes could be significantly higher. A 2% sensitivity would double the effect and a 3% would triple the effect. Exposure (USD 1 000) Effect on profit before tax for Effect on profit before taxthe year ended for the year ended Increase/decrease in interest rate 31 December 202331 December 2022Increase/(Decrease) Increase/(Decrease)1.00% (6 829) (5 000)-1.00% 6 829 5 000",
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"s6_notes__6__71": {
"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 \ufb02ow 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 \ufb02exibility 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 contractual payments:Year ended 31 December 2023 On demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total USD 1000Interest-bearing loans - - - - - - Bond USD Senior Notes - 180 000 180 000 1 965 000 1 320 000 3 645 000 Bond EUR Senior Notes - 35 281 35 281 105 843 676 752 853 157 Subord. EUR Fixed Rate Sec. - - - - 815 659 815 659 Accounts payable - 328 951 - - - 328 951Lease liabilities - 99 265 - 5 745 33 096 138 106 Sum none-derivative fin. liab. - 643 497 215 281 2 076 588 2 845 507 5 780 873Interest Rate Swap EUR (in\ufb02ow) - (61 692) (61 692) (185 076) (48 486) (356 946) Interest Rate Swap EUR (out\ufb02ow) - 65 356 65 356 196 069 32 678 359 459 Sum derivative fin. liab. - 3 664 3 664 10 993 (15 808) 2 513 647 161 218 945 2 087 581 2 829 699 5 783 386Year ended 31 December 2022 On demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total USD 1000Interest-bearing loans - 523 747 - - - 523 747 Bond USD Senior Notes - 155 000 180 000 1 027 500 2 437 500 3 800 000 Accounts payable - 368 589 - - - 368 589Lease liabilities - 99 312 - 104 792 41 390 245 494 - 1 146 648 180 000 1 132 292 2 478 890 4 937 830",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__72": {
"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 2023 V\u00e5r Energi sold the crude oil to Eni trading entities and natural gas primarily to Eni trading entities and other major international oil and gas players. The risk related to Eni is considered 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 has 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.",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s6_notes__6__75": {
"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 2022 and 2023, 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 Excercise price Hedging instrumentssheet date) in thousands (BBL)(USD per BBL)Brent crude oil put options per 31 Dec 2022, exercisable in 2023 14 038 50 Brent crude oil put options per 31 Dec 2023, exercisable in 2024 15 550 50",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__74-1": {
"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 2022 and 2023, 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 Excercise price Hedging instrumentssheet date) in thousands (BBL)(USD per BBL)Brent crude oil put options per 31 Dec 2022, exercisable in 2023 14 038 50 Brent crude oil put options per 31 Dec 2023, exercisable in 2024 15 550 50Fair 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 measureusing 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 counterparties and forward rate curves of the underlying commodity. As at 31 December 2023, 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).",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
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},
"s6_notes__6__73": {
"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 2022 and 2023, 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 Excercise price Hedging instrumentssheet date) in thousands (BBL)(USD per BBL)Brent crude oil put options per 31 Dec 2022, exercisable in 2023 14 038 50 Brent crude oil put options per 31 Dec 2023, exercisable in 2024 15 550 50",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s6_notes__6__76": {
"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 measureusing 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 counterparties and forward rate curves of the underlying commodity. As at 31 December 2023, 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).",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s6_notes__6__78": {
"value": "Note 21 Cash and cash equivalentsUSD 1000 31 Dec 2023 31 Dec 2022Bank deposits, unrestricted 724 726 434 693 Bank deposit, restricted, employee taxes 10 188 9 914 Total bank deposits 734 914 444 607",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s6_notes__6__79-1": {
"value": "Note 22 Share capital and shareholdersAs of 31 December 2023, 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 4 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. Four 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. 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. The dilutive effect of equity settled shares under the saving program is immaterial to the EPS calculation.USD 1000 2023 2022Profit for the year attributable to ordinary equity holders 610 229 936 402 EPS adjustement for dividends on hybrid capital (8 218) -Number of shares after the listing on Oslo Stock Exchange (in thousand) 2 496 406 2 496 406 Earnings per share in USD 0.24 0.38 Overview of the 20 largest shareholders registered Type of Number of shares Owing as of 31 December 2023account(in 1000)interestENI INTERNATIONAL BV Ordinary 1 573 714 63.0%SPRINGPOINT HOLDING II AS Ordinary 328 392 13.2%FOLKETRYGDFONDET Ordinary 33 260 1.3%Geveran Trading Company LTd Ordinary 29 948 1.2%The Northern Trust Comp, London Br Nominee 22 525 0.9%VERDIPAPIRFONDET DNB NORGE Ordinary 13 521 0.5%JPMorgan Chase Bank, N.A., London Nominee 11 758 0.5%State Street Bank and Trust Comp Nominee 10 795 0.4%SKANDINAVISKA ENSKILDA BANKEN AB Nominee 10 642 0.4%State Street Bank and Trust Comp Nominee 10 228 0.4%VERDIPAPIRFONDET ALFRED BERG GAMBA Ordinary 10 176 0.4%SIX SIS AG Nominee 10 128 0.4%VPF DNB AM NORSKE AKSJER Ordinary 9 764 0.4%Deutsche Bank Aktiengesellschaft Nominee 8 712 0.3%DANSKE INVEST NORSKE INSTIT. II. Ordinary 8 542 0.3%VERDIPAPIRFOND ODIN NORGE Ordinary 8 145 0.3%UBS Switzerland AG Nominee 8 112 0.3%VPF DNB NORGE SELEKTIV Ordinary 7 273 0.3%CACEIS Bank Nominee 7 154 0.3%PARETO INVEST NORGE AS Ordinary 5 760 0.2%OTHERS 367 856 14.7%Total number of shares 2 496 406 100%Note 23 Hybrid capitalV\u00e5r Energi ASA issued EUR 750 million of subordinated fixed rate reset securities due on the 15th of November 2083. This is broadening the Company\u2019s funding sources and investor base and is reinforcing the Company\u2019s balance sheet with a new layer of capital. V\u00e5r Energi has the right to defer coupon payments and ultimately decide not to pay at maturity. Deferred coupon payments become payable, however, if the Company decides to pay dividends to shareholders.Maturity 2083Type SubordinatedFinancial classification Equity (99%)Carrying Amount EUR 744 millionNotional Amount EUR 750 millionIssued 15 Nov 2023Maturing 15 Nov 2083Quoted in LuxembourgFirst redemption at par 15 Nov 2028Coupon for the first 7.862% fixed rate until 15 Feb 2029Margin Step-ups +0.25% points from 15 February 2034 and+0.75% points after 15 February 2049Deferral of interest payment OptionalHybrid capital movementsUSD 1000 Equity Debt Total Balance as of 31 Dec 2022 - - - Addition 806 822 8 837 815 659 Fees (7 361) - (7 361) Accretion - 84 84 Interest - - - Balance as of 31 Dec 2023 799 461 8 921 808 382",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__80-1": {
"value": "Note 23 Hybrid capitalV\u00e5r Energi ASA issued EUR 750 million of subordinated fixed rate reset securities due on the 15th of November 2083. This is broadening the Company\u2019s funding sources and investor base and is reinforcing the Company\u2019s balance sheet with a new layer of capital. V\u00e5r Energi has the right to defer coupon payments and ultimately decide not to pay at maturity. Deferred coupon payments become payable, however, if the Company decides to pay dividends to shareholders.Maturity 2083Type SubordinatedFinancial classification Equity (99%)Carrying Amount EUR 744 millionNotional Amount EUR 750 millionIssued 15 Nov 2023Maturing 15 Nov 2083Quoted in LuxembourgFirst redemption at par 15 Nov 2028Coupon for the first 7.862% fixed rate until 15 Feb 2029Margin Step-ups +0.25% points from 15 February 2034 and+0.75% points after 15 February 2049Deferral of interest payment OptionalHybrid capital movementsUSD 1000 Equity Debt Total Balance as of 31 Dec 2022 - - - Addition 806 822 8 837 815 659 Fees (7 361) - (7 361) Accretion - 84 84 Interest - - - Balance as of 31 Dec 2023 799 461 8 921 808 382Note 24 Financial liabilities and borrowingsInterest-bearing loans and bondsUSD 1000 Coupon/Int. Rate Maturity 31 Dec 2023 31 Dec 2022Bond USD Senior Notes (22/27) 5.00% May 2027 500 000 500 000 Bond USD Senior Notes (22/28) 7.50% Jan 2028 1 000 000 1 000 000 Bond USD Senior Notes (22/32) 8.00% Nov 2032 1 000 000 1 000 000 Bond EUR Senior Notes (23/29) 5.50% May 2029 682 938 - Subord. EUR Fixed Rate Sec. (23/83) 7.862% Nov 2083 8 921 -Bridge credit facility 1.50%+SOFR +CAS Nov 2023 - 500 000 RCF Working capital facility 1.08%+SOFR +CAS Nov 2026 - - RCF Liquidity facility 1.13%+SOFR +CAS Nov 2026 - - Prepaid loan expenses (45 278) (47 411)Total interest-bearing loans and borrowings 3 146 582 2 952 589 Of which current and non-current:Interest-bearing loans, current - 500 000 Interest-bearing loans and borrowings 3 146 582 2 452 589 Credit facilities - utilised and unused amountUSD 1000 31 Dec 2023 31 Dec 2022Drawn amount credit facility - 500 000 Undrawn amount credit facilities 3 000 000 3 600 000 In 2023, V\u00e5r Energi ASA established the EMTN program and issued Senior Notes of EUR 600 million in May 2023 with a 5.5% coupon. In addition, V\u00e5r Energi ASA has three senior USD notes outstanding. The Senior Notes are registered on the Luxembourg Stock Exchange (\u201cLuxSE\u201d) and coupon payments are made semi-annually for the USD notes and annually for the EUR notes. The Senior Notes have no financial covenants. V\u00e5r Energi ASA issued EUR 750 million subordinated fixed rate reset securities due on 15th November 2083. The liability is re\ufb02ected as interest bearing debt. For more details on the EUR subordinated fixed rate reset securities, see note 23.An interest rate swap was entered into in May 2023 for the same amount as the EUR senior note. Under the swap, the Company receive a fixed amount equal to the coupon payment for the EUR Senior Notes and pay a \ufb02oating rate to the swap providers. Accounting treatment of the interest rate swap is described under accounting policies in note 2.V\u00e5r Energi\u2019s senior unsecured facilities at year end consist of the working capital revolving credit facility of USD 1.5 billion and the liquidity facility of USD 1.5 billion. On 18th September the working capital revolving credit facility was extended to 1 November 2026. The liquidity facility maturing 1 November 2026 remains unchanged. 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 rat-ing taking the aggregate of the Secured Overnight Financing Rate (SOFR) and the Credit Adjustment Spread (CAS) and adding the applicable margin for the present period as shown in the table above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s6_notes__6__83": {
"value": "Note 25 Asset retirement obligationsUSD 1000 2023 2022Beginning of period 3 216 138 3 297 176 Change in estimate 177 485 266 380 Accretion discount 98 765 94 243 Payment for decommissioning of oil and gas fields (40 688) (70 318)Disposals (54 630)Currency translation effects (102 018) (371 343)Total asset retirement obligations 3 295 052 3 216 138 Short-term 87 385 60 012 Long-term 3 207 667 3 156 126 Breakdown by decommissioning period 31 Dec 2023 31 Mar 20222022-2030 431 819 339 511 2031-2040 1 689 489 1 721 737 2041-2057 1 173 744 1 154 890 Change in estimate for 2023 mainly is due to revised cost estimates.The estimate is based on executing a concept for abandonment in accordance with the Petroleum Activities Act and international regulations and guidelines. The calculations assume an in\ufb02ation rate of 4% for 2024 and 2.0% forward and discount rates between 3.2% - 3.5% per 31 December 2023. The assumptions per 31 December 2022 were an in\ufb02ation rate of 4% for 2023 and 2.0% forward and discount rates between 3.1% - 3.2%. 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__84": {
"value": "Note 26 Other non-current liabilities USD 1000 Note 31 Dec 2023 31 Dec 2022Contingent consideration 27, 28 - 76 950 Deferred gain 8 536 9 259 Removal provision Gassled 2 73 613 70 336 Total other non-current liabilities 82 149 156 544",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__85": {
"value": "Note 27 Other current liabilitiesUSD 1000 Note 31 Dec 2023 31 Dec 2022Net payables to joint operations 375 871 378 167 Net overlift of hydrocarbons 67 561 37 961 Contingent consideration, current 26, 28 79 137 - Accrued interest 54 936 22 659 Employees, accrued public charges and other payables 29 472 28 089 Deferred payment for option premiums - oil puts 20 29 804 36 143 Change in market value/fair value of SWAP 20 7 299 -Total other current liabilities 644 079 503 019 The contingent consideration is a conservative estimate based on maximum liability under the SPA agreement. An updated assessment from February 2024 indicates a materially lower payment due in 2024. See note 28 for additional details.The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__86": {
"value": "Note 28 Commitments, provisions and contingent considerationOther contractual obligations Minimum 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 2023 are seven wells, with an estimated cost of USD 84 346 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 and Balder Future. The table below excludes contracts reported as lease, as disclosed in note 29 Lease agreements. \ue61cUSD 1000 31 Dec 2023 31 Dec 2022Within one year 137 343 272 660 After one year but not more than five years 249 225 80 366 More than five years 8 514 2 738 Total commitments other than leases 395 081 355 764 Liability 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 8. The total estimated net present value of the fee payments as of 31 December 2023 is USD 276 000 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. A maximum payment in 2024 of USD 80 million has conservatively been carried as a liability since 2020. An updated assessment from February 2024 indicate a materially lower payment due in 2024.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.On 23 June V\u00e5r Energi entered into an agreement with Neptune Energy Group Holdings Limited to acquire 100% of the shares of Neptune Energy Norge AS for a cash consideration based on an agreed enterprise value of USD 2 275 million. The effective date of the transaction is 1 January 2023, and the acquisition was completed 31 January 2024. For additional details, please refer to note 34.After disagreement between the participants in the Breidablikk Unit on the apportionment of the Breidablikk field, the Ministry of Energy decided on the apportionment of the Breidablikk field on 29 June 2021, and later confirmed by the King in Counsel on 8 October 2021. Based on this tract participation V\u00e5r Energi\u2019s equity in the Breidablikk field was 34.4%. V\u00e5r Energi claimed that the Company had received approximately 5% less than the Company was entitled to. V\u00e5r Energi brought the case up for S\u00f8r-Rogaland District Court in Stavanger. The hearing took place from 31 October to 24 November 2023. The court on 30 January 2024 rejected V\u00e5r Energi\u2019s claim. V\u00e5r Energi has appealed the case. There are no effects on the Financial Statements related to this trial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__88": {
"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 are 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 2023 31 Dec 2022Trade receivablesEni Trade & Biofuels SpA 422 807 251 129 Eni SpA 74 606 129 270 Eni Global Energy Markets 18 107 97 768 Other 909 546 Total trade receivables 516 429 478 714 All receivables are due within 1 year.Sales revenueUSD 1000 2023 2022Eni Trade & Biofuels SpA 3 945 390 2 759 010 Eni SpA 870 327 1 472 251 Eni Global Energy Markets 177 307 629 765 Total sales revenue 4 993 024 4 861 026 Current liabilitiesUSD 1000 31 Dec 2023 31 Dec 2022Account PayablesEni International BV 17 740 21 740 Eni Global Energy Markets - 22 063 Eni SpA 11 654 11 751 Other 7 950 1 340 Total account payables 37 344 56 894 Operating and capital expendituresUSD 1000 2023 2022Eni Trade & Biofuels SpA 13 321 43 686 Eni International BV 17 333 22 138 Eni SpA 17 749 21 462 Other 1 383 2 481 Total operating and capital expenditures 49 786 89 768",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__89": {
"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 2029BREIDABLIKK 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 2040FROSK 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/2042PL312/PL312B/PL473HEIDRUN 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 2030MIKKEL 48.4% Equinor PL 092/PL 121 2028MIKKEL 48.4% Equinor PL 092/PL 121 2024MORVIN 30.0% Equinor PL 134B/P L034C 2027Concession Fields WI % Operator Licensesperiod expiresNORNE 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 2030SIGYN 40.0% Equinor PL 072 2035SKULD 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/PL 089 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/PL 094 B2027/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% EquinorPL057 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% EquinorLicenses WI % OperatorPL090 I 25% EquinorPL091 41% EquinorPL091 D 41% EquinorPL091 E 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% EquinorPL134E 30% EquinorPL169 13% EquinorPL169 B1 7% EquinorPL169 B2 10% EquinorPL169 E 13% DNO NorgePL199 15% EquinorLicenses WI % OperatorPL209 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% EquinorPL293 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% EquinorPL554E 30% EquinorLicenses WI % OperatorPL586 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 EnergiPL932 20% Aker BPPL938 20% NeptunePL947 40% V\u00e5r EnergiPL947 B 40% V\u00e5r EnergiPL956 50% V\u00e5r EnergiPL984 20% DNO NorgePL984 BS 20% DNO NorgePL985 30% V\u00e5r EnergiPL1002 42% V\u00e5r EnergiPL1002B 42% V\u00e5r EnergiPL1002C 42% V\u00e5r EnergiPL1005 40% Aker BPPL1025 S 30% V\u00e5r EnergiPL1025 SB 30% V\u00e5r EnergiPL1041 20% Aker BPPL1042 30% Aker BPPL1043 40% V\u00e5r EnergiPL1043B 40% V\u00e5r EnergiPL1072 70% V\u00e5r EnergiPL1072 B 70% V\u00e5r EnergiPL1073 70% V\u00e5r EnergiLicenses WI % OperatorPL1074 40% V\u00e5r EnergiPL1075 60% V\u00e5r EnergiPL1076 50% EquinorPL1078 30% EquinorPL1079 30% V\u00e5r EnergiPL1080 30% EquinorPL1090 50% V\u00e5r EnergiPL1096 30% V\u00e5r EnergiPL1114 30% Chrysaor Norge PL1117 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% EquinorPL1173 60% V\u00e5r EnergiPL1179 25% EquinorPL1185 20% EquinorPL1188 23% EquinorPL1189 23% EquinorPL1192 50% V\u00e5r EnergiPL1194 30% OMVPL1196 70% V\u00e5r EnergiPL1197 50% V\u00e5r Energi",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s6_notes__6__90": {
"value": "Note 32 Proved developed reserves (un-audited)mmboeProduction 2022 (80.3) Change in gas conversion factor (6.7) Change in estimate 2022 25.0 Proved developed reserves as at 31.12.22 311.8 Production 2023 (77.7) Change in estimate 2023 69.3 Proved developed reserves as at 31.12.23 303.4 Proved developed reserves as of 31 December 2023 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 2023 were 609 mmboe, a decrease of 64 mmboe compared to 31 December 2022.As of 31 December 2023, the Company\u2019s total proved and probable reserves (2P) net to V\u00e5r Energi were 985 mmboe, down from 1 070 mmboe as of 31 December 2022. The reduction is mainly due to a combination of high production (78 mmboe) in 2023 and selling of Brage assets as part of portfolio optimisation process (1 mmboe).V\u00e5r Energi\u2019s total proved and probable reserves are distributed with 30% in the Balder Area, 23% in the Barents Sea, 23% in the North Sea and 24% in the Norwegian Sea. The Company\u2019s proved and probable reserves were split on 73% oil, 22% gas and 5% NGL. The Company\u2019s five largest fields, Balder/Ringhorne, \u00c5sgard, Johan Castberg, Breidablikk and Snorre account for approximately 57% of total proved and probable reserves at year-end 2023.The Company\u2019s reserve life index (RLI) at year-end 2023, calculated on the basis of proved and probable reserves, was 12.7 years.Total contingent resources (2C) at year-end 2023 were 629 mmboe, an increase of 85 mmboe when compared with year-end 2022. The increase was driven by several discoveries (Lupa, Countach ,Calypso) as well the inclusion of additional production optimisation activities that are part of the portfolio. The Company is actively de-risking and progressing these resources into new development projects.For further information see the Annual Statement of Reserves published on www.varenergi.no",
"dimensions": {
"concept": "VAR:DisclosureOfOilAndGasAssets",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__92": {
"value": "Note 34 Subsequent eventsNeptune transactionOn 31 January 2024, V\u00e5r Energi ASA completed the acquisition of Neptune Energy Norge AS with 100% of the shares in Neptune Energy Norge AS transferred to V\u00e5r Energi.\ue61cThe acquisition includes 12 producing assets, three of which are own operated. The acquired assets fit well to current portfolio, with increased presence and owne rship in the Njord, Fram and Gj\u00f8a areas and ownership in the strategically important Sn\u00f8hvit gas field and the associated Melk\u00f8ya LNG plant, the only existing gas export infrastructure in the area.The transaction with Neptune Energy Norge AS will be recorded as a Business Combination and was completed on 31 January 2024.V\u00e5r Energi has decided to use 1 January 2024 as the transaction date for accounting purposes. The valuation of the acquired assets will be based on currently available information about fair values as of the acquisition date. It is expected that the transaction will generate technical goodwill given the difference between fair value and tax value.The cash consideration of USD 2 275 million was financed through available liquidity and credit facilities. The net cash consideration paid upon completion less cash available in Neptune Energy Norge was approximately USD 1 200 million. If the acquisition had taken place 1 January, 2023 revenue would have increased by USD 2 351 million. Proforma figures related to net profit/loss have not been prepared as part of the annual report as the Company considers this to be impractical due to time constraints between completion of the transaction and publishing of the annual report.Other subsequent eventsIn January 2024, V\u00e5r Energi was awarded 20 licenses in the APA 2023 licensing round covering mature areas, of which seven as operator. V\u00e5r Energi is offered licenses in the North Sea, the Norwegian Sea and the Barents Sea - most of them in areas close to existing infrastructure, supporting the Company hub strategy.V\u00e5r Energi has elected to sell part of its gas on a fixed price/ forward basis. Per 31 December 2023, V\u00e5r Energi has sold approximately 22% of the gas production for the first quarter 2024 on a fixed price basis at an average price around 133 USD per boe. For the second and third quarter of 2024, V\u00e5r Energi has sold approximately 27% of its estimated gas production on a fixed price basis at an average price around 132 USD per boe. Oslo District Court on 18 January 2024 delivered a decision where Greenpeace Norden and Natur og Ungdom had sued the Norwegian state. The court concluded that the approval of Plan for Development and Operation (\u201cPDO\u201d) for the fields Breidablikk, Tyrving and Yggdrasil were declared invalid due to insufficient impact assessments of certain climate effects. V\u00e5r Energi has a 34,4% ownershare in the Breidablikk field. The District Court has further granted a temporary injunction prohibiting the state from making other decisions for these fields that require valid PDO approval until the validity of the relevant PDO decisions have been finally decided. Breidablikk has an approved production permit pursuant to section 4-4 of the Petroleum Act for the entire calendar year 2024. Production in accordance with the approved production permit will thus be allowed up until 31 December 2024The state has appealed the case. After disagreement between the participants in the Breidablikk Unit on the apportionment of the Breidablikk field, the Ministry of Energy decided on the apportionment of the Breidablikk field on 29 June 2021, and later confirmed by the King in Counsel (\u201cKiC\u201d) on 8\ue61cOctober 2021. Based on this tract participation V\u00e5r Energi\u2019s equity in the Breidablikk field was 34.4%. V\u00e5r Energi claimed that the Company had received approximately 5% less than the Company was entitled to. V\u00e5r Energi brought the case up for S\u00f8r-Rogaland District Court in Stavanger. The hearing took place from 31 October to 24 November 2023. The court on 30 January 2024 rejected V\u00e5r Energi\u2019s claim. The Company has appealed the case.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}