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"value": "Note 1 Corporate information The financial statements of V\u00e5r Energi ASA for the twelve months period ended 31 December 2024 were authorised for issue in accordance with a Board resolution on 28 March 2025. V\u00e5r Energi ASA is a public limited liability company incorporated and 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 ASA 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 2024 which are not consolidated into group accounts for 2024 since these subsidiaries are immaterial.V\u00e5r Energi Marine AS and PR Jotun DAThere are no business activities in these companies as of 31 December 2024. The balance sheets of the subsidiaries hold tax positions of USD 12.9 million which are offset by receivables towards V\u00e5r Energi ASA. The tax positions are presented as tax liabilities in V\u00e5r Energi ASA.V\u00e5r Energi CCS ASV\u00e5r Energi consolidated all its CCS activities in this company during 2024. V\u00e5r Energi CCS AS is the operator for Iroko CCS ANS and partner in Trudvang CCS ANS. As of December 31 2024, the company\u2019s total asset base stands at\ue61eUSD 11.9 million.Below table show the group structure per 31 December 2024.Shares in subsidiariesVoting/Name Business locationOwnership 2024V\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 2024PR Jotun DA Sandnes, Norway 95%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__14": {
"value": "V\u00e5r Energi ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__13": {
"value": "V\u00e5r Energi ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s6__6__7": {
"value": "V\u00e5r Energi ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__9": {
"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__12": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Vestre Svanholmen 1, 4313 Sandnes, Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
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"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\ue61ewith\ue61eIFRS\u00ae\ue61e 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 2024 which are not consolidated into group accounts for 2024 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 compa-nies. 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 cumulative translation adjustment (CTA) only include the cumulative differences between 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 flow 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 atcompletion date. The valuation is based on currently available information on fair values as of the acquisition date. Calcula-tion of fair value has been obtained by discounting expected cash flows from future operations to get to the net present value. If new information becomes available within 12 months from the acquisition date and provisional purchase price allocation, the Group 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 depre-ciated, 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 recog-nised on the basis of volumes lifted and sold to customers during the period (sales method). To the extent the Company has lifted and sold more than its entitled share of production based on the ownership interest, an accrual is recognised at cost. To the extent the Company has lifted and sold less than its entitled share of production, costs are deferred for the underlift.Interests in joint arrangementsV\u00e5r Energi has interests in licences on the Norwegian Conti-nental 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 unan-imous 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 operations (oil and gas production licences) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the Company\u2019s financial statements. For those licences that are not deemed to be joint arrangements pursuant to the definition above as there is no joint control (\u201cundivided interests\u201d), the Company recognises its share of related expenses, assets, liabilities and cash flows. The terms \u201cjoint operations\u201d and \u201cundivided interests\u201d are used interchange-ably 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 \u201cuncer-tain 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 outflow or inflow 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 finds are capitalised until the evaluation of the well has been completed. Such capitalised costs may remain capitalised for more than one year. The main criteria for keeping exploration costs capitalised are that there is a plan for future activity in the licence area and a development decision is expected in the near future. To the extent that no resources are discovered, or recovery of the resources is considered 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 depre-ciated 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, where-upon 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 inflows are possible to identify. For oil and gas assets, this is typically the field or licence level, but can also be at a hub level. Impairment is recognised when the carrying amount of the cash gener-ating unit (CGU), including any allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. When estimating value in use and fair value less costs of disposal, expected future cash flows are discounted to the net present value applying a discount rate after tax that reflects the current market valuation of the time value of money and risks specific to the asset or CGU. The discount rate is derived from a weighted average cost of capital (WACC) determina-tion. For the purpose of impairment testing the lifetime of the field is normally determined to be the time when the operating cash flows from the field becomes negative. A previously recognised 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-pro-duction method). The discount rate used to discount the liability is based on a risk-free interest rate that reflects 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 esti-mated 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 adjust-ment 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 and a defined benefit penison plan, that both satisfies the statutory requirements in the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). Defined contributions insurance plans are charged to profit or loss in the period to which the contributions relate. The defined benefit pension plan is accounted for based on a linear vested principle and on expected salaries at the point of retirement. Changes in pension schemes are amortised over the remaining vesting period. Estimated deviations are continuously charged to equity. Social security tax is included in the pension cost and liability. 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 depreciatedover 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 sheetbut expensed or capitalised in line with the accounting treat-ment for other non-lease expenses. The inclusion of non-lease components may vary across different lease categories, but forthe most material classes of assets (rigs and supply vessels), the Company has excluded the non-lease components when measuring the lease liability. V\u00e5r Energi, as operator of an unincorporated joint operation, from time to time, enters into a lease contract as the sole signatory and recognises on the balance sheet: (i) the entire lease liability if, based on the contractual provisions and any other relevant facts and circumstances, it has primary responsibility for the liability towards the third party supplier; and (ii) the entire right-of-use asset, unless, the terms and conditions of the joint operation and other arrangements are separately negotiated with the non-operators and effectively extinguish V\u00e5r Energi\u2019s primary obligation for the lease with the third-party supplier.If a lease contract is signed by all the partners, V\u00e5r Energi recognises its share of the right-of-use asset and lease liability on the balance sheet based on its working interest. If V\u00e5r Energi does not have primary responsibility for the lease liability, it does not recognise any right-of-use asset and lease liability related to the lease contract. Whether a contract is entered into on behalf of the licence is subject to a contract specific assessment. Other lease contracts, such as offices and supply vessels not linked to specific fields, are recognised on a gross basis even when the related cashflows are charged to the licence partners. For such contracts, the partner\u2019s share of the costs recovered by the Company are presented as other income. Operators on licences in which V\u00e5r Energi is a partner may enter into lease contracts in their own name at the initial signing, and subsequently formally sublease the related asset to operated licences. In such cases, the sublease will be the basis for determining both the right of use, commencement, and the duration of the lease (and the application of the short-term lease exemption). Financial assets and liabilitiesV\u00e5r Energi\u2019s financial assets and liabilities comprise non-listed equity 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 flow characteristics and the Company\u2019s business model for managing them.V\u00e5r Energi classifies its financial instruments in the following categories:\u2022 Financial assets and liabilities at amortised cost\u2022 Derivative financial assets and liabilities designated as accounting hedge instruments (cash flow hedges) for which the effective portion is recognised at fair value through other comprehensive income\u2022 Financial assets at fair value through profit and lossV\u00e5r Energi measures financial assets at amortised cost if both of the following conditions are met:\u2022 The financial instrument is held within a business model with the objective to hold the instruments in order to collect contractual cash flows and the contractual terms of the financial instrument give rise on specified dates to or requires cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment testing. Gains and losses are recognised in profit or loss when the instrument is derecognised, modified or impaired. The Company\u2019s financial instruments at amor-tised 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 ultimatelynot 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. Under IAS 32 para 15, 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 flow 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 flow hedges relating to expected future production and sales of crude oil, and applied hedge accounting. The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income (OCI) and the hedge reserve in equity, while any ineffective portion is recognised immediately in profit or loss. Amounts accumulated in the hedge reserve 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 flow hedges in petroleum revenues. As option premiums are paid at exercise or expiry they are presented as current liabilities in the balance sheet. Contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, are accounted for as financial 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 reflected in profit or loss as Petroleum revenues and Other operating expenses, respectively. This is applicable to a number of contracts for the sale of natural gas, which are recognised upon delivery of the volumes.Interest rate swaps are accounted for as fair value hedges. Interest swaps are reflected 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 subse-quently at amortised cost. The carrying value of the hedged item is adjusted to reflect changes in interest level with fair value changes are accounted for as other financial income/expenses. Inefficiencies in the hedging relationship are meas-ured and accounted for as other financial income/expenses.Cash flow statement The statement of cash flows 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 flow (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 shareof the licence in its financial statements. In accordance with the purchase agreement, there is a settlement with the seller of the net cash flows from the asset in the period from the effective date to the completion date (pro & contra settlement).The pro & contra settlement will result in an adjustment to the seller\u2019s losses/gains and to the cost of the assets for the purchaser, in that the settlement (after a tax reduction) is deemed to be part of the consideration in the transaction. Revenues and expenses from the relevant licence are included in the purchaser\u2019s profit or loss from the acquisition date.For tax purposes, the purchaser will include the net cash flow (pro & contra) and any other income and costs as from the effective date. When acquiring licences that are defined as asset acquisitions, no provision is made for deferred tax in accordance with the initial recognition exemption. A gain or loss related to an after-tax-based sale of assets includes the release of tax liabilities previously recognised related to the assets. The resulting after-tax gain or loss is recognised in 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 consti-tutes 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 certi-fied 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 reason-able 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-pro-duction 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 combina-tion, 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 mini-mising the use of unobservable inputs. The fair value of oil fields in the production and development phase is generally based on discounted cash flow models, where the determi-nation of inputs to the models may require significant judge-ment, as described in the section below regarding impairment.Impairment/reversal of impairment Changes in the expected future value/cash flows 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 flows to estimate the CGUs value in use or fair value less costs of disposal.Impairment assessments require long-term assumptions concerning a number of often volatile economic factors, including future oil prices, oil production, currency exchange rates and discount rates. Such assumptions require the estima-tion 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 transac-tion. See individual notes on Property, plant and equipment and intangible assets, including goodwill and note on Impair-ment for details of impairments.Asset retirement obligationsThere is significant uncertainty in the estimate of ARO. These estimates are based on currently applicable laws and regu-lations, and existing technologies. Many decommissioning activities will take place decades into the future, and the tech-nology 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 interpreta-tion of applicable tax laws and regulations regarding amounts in V\u00e5r Energi\u2019s filed tax returns. In cases of uncertain tax treat-ments, it may take a long time to complete the discussions with the tax authorities or to reach resolutions of the appro-priate 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.New standards and amendments issuedNew standards and amendments related to IAS 1, IAS 7 and IFRS 16 are effective from 1 January 2024. The application of these amendments did not have any material impacts on the financial statements in 2024. Certain new accounting standards and amendments to standards are issued, but not yet effective as of 31 December 2024. V\u00e5r Energi is currently working to identify all impacts the IFRS 18 amendments will have on the primary financial statement and the notes to the financial statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__17": {
"value": "2.1 Basis of preparation The financial statements of the Company have been prepared in accordance\ue61ewith\ue61eIFRS\u00ae\ue61e 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 2024 which are not consolidated into group accounts for 2024 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 compa-nies. 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 cumulative translation adjustment (CTA) only include the cumulative differences between 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 flow hedge reserve.Comparative information has been provided for the previous period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 atcompletion date. The valuation is based on currently available information on fair values as of the acquisition date. Calcula-tion of fair value has been obtained by discounting expected cash flows from future operations to get to the net present value. If new information becomes available within 12 months from the acquisition date and provisional purchase price allocation, the Group 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 depre-ciated, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 recog-nised on the basis of volumes lifted and sold to customers during the period (sales method). To the extent the Company has lifted and sold more than its entitled share of production based on the ownership interest, an accrual is recognised at cost. To the extent the Company has lifted and sold less than its entitled share of production, costs are deferred for the underlift.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__21": {
"value": "Interests in joint arrangementsV\u00e5r Energi has interests in licences on the Norwegian Conti-nental 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 unan-imous 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 operations (oil and gas production licences) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the Company\u2019s financial statements. For those licences that are not deemed to be joint arrangements pursuant to the definition above as there is no joint control (\u201cundivided interests\u201d), the Company recognises its share of related expenses, assets, liabilities and cash flows. The terms \u201cjoint operations\u201d and \u201cundivided interests\u201d are used interchange-ably throughout the financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__20": {
"value": "Interests in joint arrangementsV\u00e5r Energi has interests in licences on the Norwegian Conti-nental 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 unan-imous 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 operations (oil and gas production licences) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the Company\u2019s financial statements. For those licences that are not deemed to be joint arrangements pursuant to the definition above as there is no joint control (\u201cundivided interests\u201d), the Company recognises its share of related expenses, assets, liabilities and cash flows. The terms \u201cjoint operations\u201d and \u201cundivided interests\u201d are used interchange-ably throughout the financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 \u201cuncer-tain 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 outflow or inflow 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 finds are capitalised until the evaluation of the well has been completed. Such capitalised costs may remain capitalised for more than one year. The main criteria for keeping exploration costs capitalised are that there is a plan for future activity in the licence area and a development decision is expected in the near future. To the extent that no resources are discovered, or recovery of the resources is considered 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, where-upon 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 finds are capitalised until the evaluation of the well has been completed. Such capitalised costs may remain capitalised for more than one year. The main criteria for keeping exploration costs capitalised are that there is a plan for future activity in the licence area and a development decision is expected in the near future. To the extent that no resources are discovered, or recovery of the resources is considered 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__26": {
"value": "Property, plant and equipmentProperty, plant and equipment (PPE) are measured at depre-ciated 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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, where-upon 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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, where-upon 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 inflows are possible to identify. For oil and gas assets, this is typically the field or licence level, but can also be at a hub level. Impairment is recognised when the carrying amount of the cash gener-ating unit (CGU), including any allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value in use. When estimating value in use and fair value less costs of disposal, expected future cash flows are discounted to the net present value applying a discount rate after tax that reflects the current market valuation of the time value of money and risks specific to the asset or CGU. The discount rate is derived from a weighted average cost of capital (WACC) determina-tion. For the purpose of impairment testing the lifetime of the field is normally determined to be the time when the operating cash flows from the field becomes negative. A previously recognised 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 flows 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 flows to estimate the CGUs value in use or fair value less costs of disposal.Impairment assessments require long-term assumptions concerning a number of often volatile economic factors, including future oil prices, oil production, currency exchange rates and discount rates. Such assumptions require the estima-tion 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 transac-tion. See individual notes on Property, plant and equipment and intangible assets, including goodwill and note on Impair-ment for details of impairments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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-pro-duction method). The discount rate used to discount the liability is based on a risk-free interest rate that reflects 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 esti-mated 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 adjust-ment 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 regu-lations, and existing technologies. Many decommissioning activities will take place decades into the future, and the tech-nology 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__33": {
"value": "Pension liability V\u00e5r Energi has a defined contribution pension plan and a defined benefit penison plan, that both satisfies the statutory requirements in the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). Defined contributions insurance plans are charged to profit or loss in the period to which the contributions relate. The defined benefit pension plan is accounted for based on a linear vested principle and on expected salaries at the point of retirement. Changes in pension schemes are amortised over the remaining vesting period. Estimated deviations are continuously charged to equity. Social security tax is included in the pension cost and liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 depreciatedover 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 sheetbut expensed or capitalised in line with the accounting treat-ment for other non-lease expenses. The inclusion of non-lease components may vary across different lease categories, but forthe most material classes of assets (rigs and supply vessels), the Company has excluded the non-lease components when measuring the lease liability. V\u00e5r Energi, as operator of an unincorporated joint operation, from time to time, enters into a lease contract as the sole signatory and recognises on the balance sheet: (i) the entire lease liability if, based on the contractual provisions and any other relevant facts and circumstances, it has primary responsibility for the liability towards the third party supplier; and (ii) the entire right-of-use asset, unless, the terms and conditions of the joint operation and other arrangements are separately negotiated with the non-operators and effectively extinguish V\u00e5r Energi\u2019s primary obligation for the lease with the third-party supplier.If a lease contract is signed by all the partners, V\u00e5r Energi recognises its share of the right-of-use asset and lease liability on the balance sheet based on its working interest. If V\u00e5r Energi does not have primary responsibility for the lease liability, it does not recognise any right-of-use asset and lease liability related to the lease contract. Whether a contract is entered into on behalf of the licence is subject to a contract specific assessment. Other lease contracts, such as offices and supply vessels not linked to specific fields, are recognised on a gross basis even when the related cashflows are charged to the licence partners. For such contracts, the partner\u2019s share of the costs recovered by the Company are presented as other income. Operators on licences in which V\u00e5r Energi is a partner may enter into lease contracts in their own name at the initial signing, and subsequently formally sublease the related asset to operated licences. In such cases, the sublease will be the basis for determining both the right of use, commencement, and the duration of the lease (and the application of the short-term lease exemption).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 flow characteristics and the Company\u2019s business model for managing them.V\u00e5r Energi classifies its financial instruments in the following categories:\u2022 Financial assets and liabilities at amortised cost\u2022 Derivative financial assets and liabilities designated as accounting hedge instruments (cash flow hedges) for which the effective portion is recognised at fair value through other comprehensive income\u2022 Financial assets at fair value through profit and lossV\u00e5r Energi measures financial assets at amortised cost if both of the following conditions are met:\u2022 The financial instrument is held within a business model with the objective to hold the instruments in order to collect contractual cash flows and the contractual terms of the financial instrument give rise on specified dates to or requires cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment testing. Gains and losses are recognised in profit or loss when the instrument is derecognised, modified or impaired. The Company\u2019s financial instruments at amor-tised 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 ultimatelynot 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. Under IAS 32 para 15, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 flow 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 flow hedges relating to expected future production and sales of crude oil, and applied hedge accounting. The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income (OCI) and the hedge reserve in equity, while any ineffective portion is recognised immediately in profit or loss. Amounts accumulated in the hedge reserve 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 flow hedges in petroleum revenues. As option premiums are paid at exercise or expiry they are presented as current liabilities in the balance sheet. Contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, are accounted for as financial 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 reflected in profit or loss as Petroleum revenues and Other operating expenses, respectively. This is applicable to a number of contracts for the sale of natural gas, which are recognised upon delivery of the volumes.Interest rate swaps are accounted for as fair value hedges. Interest swaps are reflected 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 subse-quently at amortised cost. The carrying value of the hedged item is adjusted to reflect changes in interest level with fair value changes are accounted for as other financial income/expenses. Inefficiencies in the hedging relationship are meas-ured and accounted for as other financial income/expenses.Cash flow statement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 flow 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 flow hedges relating to expected future production and sales of crude oil, and applied hedge accounting. The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income (OCI) and the hedge reserve in equity, while any ineffective portion is recognised immediately in profit or loss. Amounts accumulated in the hedge reserve 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 flow hedges in petroleum revenues. As option premiums are paid at exercise or expiry they are presented as current liabilities in the balance sheet. Contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, are accounted for as financial 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 reflected in profit or loss as Petroleum revenues and Other operating expenses, respectively. This is applicable to a number of contracts for the sale of natural gas, which are recognised upon delivery of the volumes.Interest rate swaps are accounted for as fair value hedges. Interest swaps are reflected 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 subse-quently at amortised cost. The carrying value of the hedged item is adjusted to reflect changes in interest level with fair value changes are accounted for as other financial income/expenses. Inefficiencies in the hedging relationship are meas-ured and accounted for as other financial income/expenses.Cash flow statement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__38": {
"value": "The statement of cash flows 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 flow (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 shareof the licence in its financial statements. In accordance with the purchase agreement, there is a settlement with the seller of the net cash flows from the asset in the period from the effective date to the completion date (pro & contra settlement).The pro & contra settlement will result in an adjustment to the seller\u2019s losses/gains and to the cost of the assets for the purchaser, in that the settlement (after a tax reduction) is deemed to be part of the consideration in the transaction. Revenues and expenses from the relevant licence are included in the purchaser\u2019s profit or loss from the acquisition date.For tax purposes, the purchaser will include the net cash flow (pro & contra) and any other income and costs as from the effective date. When acquiring licences that are defined as asset acquisitions, no provision is made for deferred tax in accordance with the initial recognition exemption. A gain or loss related to an after-tax-based sale of assets includes the release of tax liabilities previously recognised related to the assets. The resulting after-tax gain or loss is recognised in other operating income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 consti-tutes 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 certi-fied 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 reason-able 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-pro-duction 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 combina-tion, 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 mini-mising the use of unobservable inputs. The fair value of oil fields in the production and development phase is generally based on discounted cash flow models, where the determi-nation of inputs to the models may require significant judge-ment, as described in the section below regarding impairment.Impairment/reversal of impairment Changes in the expected future value/cash flows 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 flows to estimate the CGUs value in use or fair value less costs of disposal.Impairment assessments require long-term assumptions concerning a number of often volatile economic factors, including future oil prices, oil production, currency exchange rates and discount rates. Such assumptions require the estima-tion 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 transac-tion. See individual notes on Property, plant and equipment and intangible assets, including goodwill and note on Impair-ment for details of impairments.Asset retirement obligationsThere is significant uncertainty in the estimate of ARO. These estimates are based on currently applicable laws and regu-lations, and existing technologies. Many decommissioning activities will take place decades into the future, and the tech-nology 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 interpreta-tion of applicable tax laws and regulations regarding amounts in V\u00e5r Energi\u2019s filed tax returns. In cases of uncertain tax treat-ments, it may take a long time to complete the discussions with the tax authorities or to reach resolutions of the appro-priate 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 certi-fied 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 reason-able 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-pro-duction 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 combina-tion, 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 mini-mising the use of unobservable inputs. The fair value of oil fields in the production and development phase is generally based on discounted cash flow models, where the determi-nation of inputs to the models may require significant judge-ment, as described in the section below regarding impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__45": {
"value": "Income taxesIncome taxes are significant amounts in V\u00e5r Energi\u2019s financial statements. There may be uncertainties related to interpreta-tion of applicable tax laws and regulations regarding amounts in V\u00e5r Energi\u2019s filed tax returns. In cases of uncertain tax treat-ments, it may take a long time to complete the discussions with the tax authorities or to reach resolutions of the appro-priate 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__46": {
"value": "Note 3 Business combinationOn 31 January 2024, V\u00e5r Energi completed the acquisition of Neptune Energy Norway AS (renamed V\u00e5r Energi Norge AS at completion of the transaction) and was from 31 January operating as a fully-owned subsidiary of V\u00e5r Energi. As of 8 June 2024 the wholly owned subsidiary V\u00e5r Energi Norge AS was merged with the parent company V\u00e5r Energi ASA. The transac-tion was announced on 23 June 2023.V\u00e5r Energi paid a cash consideration of USD 2.1 billion, and the transaction was financed through available liquidity and credit facilities. The acquired assets, all located on the NCS, are complementary to V\u00e5r Energi\u2019s current portfolio and highly cash generative with low production cost and limited near-term investments. The transaction also strengthens V\u00e5r Energi\u2019s position in all existing hub areas and combine two strong organisations with extensive NCS experience. The acquisition date for accounting purposes is 1 January 2024. The acquisition is regarded as a business combination and has been accounted for in accordance with IFRS 3. A purchase price allocation (PPA) has been performed as of 1 January 2024 to allocate the consideration to fair value of the assets and liabilities in Neptune Energy Norway AS.USD 1000 31 Jan 2024Value of cash consideration 2 106 764 Each identifiable asset and liability are measured at fair value on the acquisition date based on guidance in IFRS 13. The standard defines fair value as the price that would be received when selling an asset or paid transfer a liability in an orderly transaction between market participants at the measurement date. This definition emphasises that fair value is a market-based measurement and not an entity-specific measurement. When measuring fair value V\u00e5r Energi has applied the assumptions that market participants would use under current market conditions (including assumptions regarding risk) when valuing the specific asset or liability. Acquired property, plant and equipment has been valued using the income approach. Trade receivables have been recognised at full contractual amounts due as they relate to large and credit-worthy customers, and there have been no significant uncollectible amounts in Neptune Energy Norway AS historically.For accounting purposes, the recognised amounts of asstes and liabilities assumed as at the date of the acquisition were as follows:USD 1000 1 Jan 2024Goodwill 1 463 522 Other intangible assets 192 499 Property, plant and equipment 2 000 305 Right of use assets 10 545 Other non-current assets 8 184 Inventories 19 538 Trade receivables 174 205 Other current receivables and financial assets 191 387 Cash and cash equivalents 776 102 Total assets 4 836 287 Deferred tax liabilities 1 330 429 Asset retirement obligation 368 251 Pension liabilities 23 590 Lease liabilities, non-current 6 997 Other non-current liabilities 32 888 Accounts payable 81 675 Taxes payable 705 916 Lease liabilities, current 3 548 Other current liabilities 176 229 Total liabilities 2 729 523 Net assets and liabilities recognised 2 106 764 Fair value of consideration paid on acquisition 2 106 764 The goodwill of USD 1 464 million arises principally because of the following factors:1. The ability to capture synergies that can be realised from managing a larger portfolio of both acquired and existing fields on the Norwegian Continental Shelf, including workforce (\u201cresidual goodwill\u201d).2. The requirement to recognise deferred tax assets and liabilities for the difference between the assigned fair values and the tax bases of assets acquired and liabilities assumed in a business combination. Licences under development and licences in production can only be sold in a market after tax, based on a decision made by the Norwegian Ministry of Finance pursuant to the Petroleum Taxation Act Section 10. The assessment of fair value of such licences is therefore based on cash flows after tax. Nevertheless, in accordance with IAS 12 para 15 and 19, a provision is made for deferred tax corresponding to the tax rate multiplied by the difference between the acquisition cost and the tax base. The offsetting entry to this deferred tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax (\u201ctechnical goodwill\u201d).None of the goodwill recognised will be deductible for tax purposes.USD 1000 1 Jan 2024Goodwill related to synergies - residual goodwill 133 865 Goodwill as a result of deferred tax - technical goodwill 1 329 657 Net goodwill from the acquisition of Neptune Norway 1 463 522 On 30 August 2024, V\u00e5r Energi completed a sales and purchase agreement with DNO Norge AS, increasing the share in Ringhorne East Unit with 22.62% and farming out of Urd 11.5%, Skuld 11.5%, Norne 6.9%, Verdande 10.5% and Marulk. 20%. The transaction related to Ringhorne East has been accounted for as business combination in accordance with IFRS 3 and IFRS 11. As a result of the transaction the PP&E has increased by USD 16 million and the Technical goodwill has increased by USD 9 million. No residual Goodwill has been identified as part of this purchase price allocation.The purchase price allocations above are preliminary and based on currently available informa-tion about fair values as of the acquisition date. If new information becomes available within 12 months from the acquisition date, the group may change the fair value assessment in the PPA, in accordance with guidance in IFRS 3. A final measurement of the value of PP&E (Property, Plant & Equipment) for specific assets and resulting Goodwill is pending and is expected to be completed in the first quarter of 2025.The proforma revenue from the aquired company V\u00e5r Energi Norge AS was USD 963 million for the period 01.01 - 31.12.2024. Profit and loss for the period has not been calculated as it is considered impractiable since the aquired company has been merged in to V\u00e5r Energi ASA.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__47": {
"value": "Note 4 Segment information The 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 activ-ities 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 Compa-ny\u2019s Executive management who is also the Chief Operating Decision Maker (CODM).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__49": {
"value": "Note 5 IncomePetroleum revenues (USD 1000) Note 2024 2023Revenue from crude oil sales 32 4 557 770 3 781 590 Revenue from gas sales 32 2 428 031 2 815 254 Revenue from NGL sales 32 378 752 219 122 Gains on cash flow hedge - crude put options 22 7 783 -Total petroleum revenues 7 372 336 6 815 966 Sales of crude (boe 1000) 56 260 45 168 Sales of gas (boe 1000) 33 425 24 416 Sales of NGL (boe 1000) 8 000 4 963 Other operating income (USD 1000) 2024 2023 Gain/(loss) from sale of assets 43 257 15 325 Partner share of lease cost 14 901 10 936 Other operating income 19 562 7 490 Total other operating income 77 720 33 750Gain from sale of assets in 2024 relates to sale of Norne, Urd, Skuld, Marulk and B\u00f8yla/Frosk. Gain from sale of assets in 2023 was related to Brage divestment.The majority of petroleum revenues come from sales to Eni SpA companies (see note 32), which are located outside Norway but within the EU/UK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__48": {
"value": "Note 5 IncomePetroleum revenues (USD 1000) Note 2024 2023Revenue from crude oil sales 32 4 557 770 3 781 590 Revenue from gas sales 32 2 428 031 2 815 254 Revenue from NGL sales 32 378 752 219 122 Gains on cash flow hedge - crude put options 22 7 783 -Total petroleum revenues 7 372 336 6 815 966 Sales of crude (boe 1000) 56 260 45 168 Sales of gas (boe 1000) 33 425 24 416 Sales of NGL (boe 1000) 8 000 4 963 Other operating income (USD 1000) 2024 2023 Gain/(loss) from sale of assets 43 257 15 325 Partner share of lease cost 14 901 10 936 Other operating income 19 562 7 490 Total other operating income 77 720 33 750Gain from sale of assets in 2024 relates to sale of Norne, Urd, Skuld, Marulk and B\u00f8yla/Frosk. Gain from sale of assets in 2023 was related to Brage divestment.The majority of petroleum revenues come from sales to Eni SpA companies (see note 32), which are located outside Norway but within the EU/UK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__50": {
"value": "Note 6 Production costs USD 1000 Note 2024 2023Cost of operations 888 618 732 648 Transportation and processing 237 208 176 839 Environmental taxes 133 890 128 612 Insurance premium 54 017 56 914 Production cost based on produced volumes 1 313 734 1 095 012 Back-up cost shuttle tankers 27 066 12 171 Changes in over/(underlift) 29 599 (5 734)Premium expense for crude put options 22 32 549 36 229 Production cost based on sold volumes 1 402 949 1 137 678 Total produced volumes (boe 1000) 102 456 77 713 Production cost per boe produced (USD/boe) 12.8 14.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__52": {
"value": "Note 7 Staff costs and remunerationUSD 1000 Note 2024 2023Salary expenses 261 155 179 557 Social security tax (incl. pension and social charges for foreign personnel) 47 235 30 521 Pension cost 8 40 062 14 610 Other personnel expenses 11 468 8 506 Total 359 920 233 193 Average number of employees 1 397 1 024 The share charged to partners in operated joint ventures amounted to USD 91.4 million (USD 38.3 million in 2023).Employee share savings plan and loansV\u00e5r Energi ASA's 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 2024 employees subscribed for USD 6.1 million as a part of the share saving plan (USD 3.9 million in 2023) . V\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.Compensation to the Board of Directors and Executive Committee*USD 1000 2024 2023Short-term employee benefits 6 280 5 249 Post-employment benefits 530 402 Share-based payments 1 847 1 195 Total 8 657 6 846 *) Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK rate.For further information on compensation to the Board of Directors and Executive Committee, please see Remuneration report on Executive Committee 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__51-1": {
"value": "Note 7 Staff costs and remunerationUSD 1000 Note 2024 2023Salary expenses 261 155 179 557 Social security tax (incl. pension and social charges for foreign personnel) 47 235 30 521 Pension cost 8 40 062 14 610 Other personnel expenses 11 468 8 506 Total 359 920 233 193 Average number of employees 1 397 1 024 The share charged to partners in operated joint ventures amounted to USD 91.4 million (USD 38.3 million in 2023).Employee share savings plan and loansV\u00e5r Energi ASA's 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 2024 employees subscribed for USD 6.1 million as a part of the share saving plan (USD 3.9 million in 2023) . V\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.Compensation to the Board of Directors and Executive Committee*USD 1000 2024 2023Short-term employee benefits 6 280 5 249 Post-employment benefits 530 402 Share-based payments 1 847 1 195 Total 8 657 6 846 *) Remuneration is paid in NOK and converted to USD using a yearly average USD/NOK rate.For further information on compensation to the Board of Directors and Executive Committee, please see Remuneration report on Executive Committee 2024.Note 8 PensionsThe Company is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (\u201clov om obligatorisk tjenestepensjon\u201d). The Company\u2019s pension scheme meets the requirements of that law.The Company has a retirement benefit plan for all permanent staff which gives the employees the right to receive defined future pensions. The main pension plan for the Company are defined contribution plans which also includes certain unfunded plans. In addition there is a closed defined benefit plan for employees and former employees, in total 46 members. The defined benefit plan is managed and financed up to 12G through DNB Livsforsikring AS. The remainder above 12G is financed through normal operation. The cost of pension plans is expensed over the period that the employees are entitled to receive benefits. CostUSD 1000 2024 2023Defined contribution pension scheme 38 259 14 610 Defined benefit pension scheme 1 803 - Total pension cost 40 062 14 610The value of the various penison schemes are mainly dependent on the number of years in service and the level of compensation at retirement. A part of the contributions are provided for as notional contributions, where the liability increases with a promised rate of return, set equal to the actual return of investment through the ordinary defined contribution plan. For the defined benefit plan, the benefit to be received by employees depends on several factors such as employment duration, future salry and retirement date. Asset/liabilityUSD 1000 2024 2023Pension benefit obligations 20 669 - Plan assets (14 345 ) - Yield assets (389) - Defined contribution pension schemes 9 527 - Net pension liability 15 461 - Financial assumptions 2024Discount rate 3.30%Expected increase in salaries 3.50%Expected increase in pensions 1.90%Expected increase of social security base amount (G) 3.25%Expected return on plan assets 3.30%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__54": {
"value": "Note 9 Auditor\u2019s feeUSD 1000 2024 2023Statutory audit - PwC 360 499 Statutory audit - EY 121 - Other attestations - PwC 167 401 Other attestations - EY 60 - Other services - PwC* 239 - Other services - EY 17 - Total fee 963 900 EY was the auditor for V\u00e5r Energi Norge AS (previously Neptune Energy Norge AS) before the merger.*Other services primarily include audit-related services, such as agreed-upon procedures for financing and ESG attestations for 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__56": {
"value": "Note 10 Other operating expensesUSD 1000 Note 2024 2023R&D expenses 38 682 34 980 Pre-production costs 55 327 36 716 Guarantee fee decommissioning obligation 18 920 17 436 Value adjustment contingent considerations 30 (34 478) - Administration expenses 9 35 335 28 771 Integration cost 17 127 11 644 Other expenses 13 710 30 429 Total other operating expenses 144 623 159 976 The contingent consideration towards ExxonMobil related to the Forseti structure was settled and paid during 2024. The final settlement was reduced with USD 34.5 million compared to the liability at the end of 2023. For additional information, please refer to note 29 and 30.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__55": {
"value": "Note 10 Other operating expensesUSD 1000 Note 2024 2023R&D expenses 38 682 34 980 Pre-production costs 55 327 36 716 Guarantee fee decommissioning obligation 18 920 17 436 Value adjustment contingent considerations 30 (34 478) - Administration expenses 9 35 335 28 771 Integration cost 17 127 11 644 Other expenses 13 710 30 429 Total other operating expenses 144 623 159 976 The contingent consideration towards ExxonMobil related to the Forseti structure was settled and paid during 2024. The final settlement was reduced with USD 34.5 million compared to the liability at the end of 2023. For additional information, please refer to note 29 and 30.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__57": {
"value": "Note 11 Exploration expensesUSD 1000 Note 2024 2023Seismic 35 308 27 310 Area Fee 13 841 6 798 Dry well expenses 14 119 847 40 928 Other exploration expenses 23 365 11 455 Total exploration expenses 192 361 86 491 Dry well expenses in 2024 are mainly related to exploration wells targeting the Hubert and Magellan (PL 917), Sn\u00f8ras (PL 1080), Venus (PL 1025S), Brokk/Mju (PL025), Kvernbit (PL 1185) and Kaldafjell (PL 932) prospects. In 2023, the dry well expenses were mainly related to exploration wells targeting the Rondeslottet (PL 1005) and Angulata Brent (PL 554) prospects.",
"dimensions": {
"concept": "VAR:DisclosureOfExpenseArisingFromExplorationAndEvaluationOfMineralResources",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__58": {
"value": "Note 12 Financial itemsUSD 1000 Note 2024 2023Interest income 25 029 11 318 Interest on debts and borrowings 25 (348 908) (250 001)Interest on lease debt (5 358) (6 210)Capitalised interest cost, development projects 358 319 251 870 Amortisation of fees and expenses (8 779) (14 007)Accretion expenses (asset retirement obligation) 27 (115 666) (98 765)Other financial expenses (15 894) (4 710)Change in fair value of interest rate hedges (ineffectiveness) 22 4 368 (2 408)Net financial income / (expenses) (106 888) (112 913)Unrealised exchange rate gain / (loss) (372 085) 23 907 Realised exchange rate gain / (loss) 1 642 (70 606)Net exchange rate gain / (loss) (370 443) (46 699)Net financial items (477 330) (159 613)V\u00e5r Energi\u2019s functional currency is NOK, whilst interest bearing loans and bonds are in USD and EUR. The weakening of NOK during 2024 caused an unrealised exchange rate loss of USD 372 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__60": {
"value": "Note 13 Income taxesUSD 1000 2024 2023Current period tax payable / (receivable) 1 662 046 1 754 506 Prior period adjustments to current tax 3 504 (11 287)Current tax expense / (income) 1 665 550 1 743 219Deferred tax expence / (income) 1 320 461 1 003 485 Tax expense / (income) in profit and loss 2 986 011 2 746 704 Effective tax rate in % 90% 82%Tax expense / (income) in put option used for hedging and pension (1 486) 304 Tax expense / (income) in other comprehensive income 2 984 525 2 747 008 Reconciliation of tax expense Tax rate 2024 2023Marginal (78%) tax rate on profit / loss before tax 78% 2 584 365 2 618 542 Tax effect of uplift 71.8% (40 361) (38 815)Impairment of goodwill 78% 98 783 - 1Tax effects of items taxed at other than marginal (78%) tax rate56% 424 454 182 119 2Tax effects on acquisition, sale and swap of licences (53 972) (10 955)Other permanent differences, prior period adjustments and change in estimates of uncertain tax positions 78% (27 259) (4 186)Tax expense / (Income) 2 986 011 2 746 704 1The effects of items taxed at other than marginal (78%) tax rate are mainly impacted by deferred tax on capitalisation of interest cost and fluctuation in currency exchange rate on the company's external borrowings.2Tax effects related to sale of B\u00f8yla and Norne area in 2024 and Brage in 2023. Temporary timing differences at end of period 2024 2023Tangible fixed assets 11 279 823 9 708 700 Capitalised exploration cost 404 866 276 504 Other intangible assets 241 887 83 060 Abandonment obligation (3 459 858) (3 357 531)Financial instruments over OCI (14 818) (18 830)Other 105 094 175 323 Basis for deferred ordinary taxes 8 556 993 6 867 227 Additional depreciation for special tax 5 579 891 5 327 399 Temporary differences not relevant for special tax (125 122) (1 917)Ordinary tax deductible for special tax (2 069 136) (1 909 874)Basis for deferred special taxes 11 942 627 10 282 836 Ordinary tax 22.0% (1 882 539) (1 510 790)Special tax 71.8% (8 574 806) (7 383 076)Valuation allowance for lack of statutory tax deduction at effective (43 599) (49 153)rate 6.2% related to abandonmentNet deferred tax asset / (liability) as of closing balance (10 500 944) (8 943 019)Breakdown of tax effect on temporary differences 2024 2023Tangible fixed assets (12 653 581) (11 149 947)Capitalised exploration cost (315 812) (215 685)Other intangible assets (188 681) (64 790)Abandonment obligation 2 655 228 2 569 856 Lease liabilities 165 254 91 208 Financial instruments over OCI 3 260 4 143 Other Provisions (166 612) (177 803)Net deferred tax asset / (liability) as of closing balance (10 500 944) (8 943 019)Deferred tax asset / (liability) 2024 2023Deferred tax asset / (liability) at beginning of period (8 943 019) (8 127 971)Current period deferred tax income / (expense) (1 320 461) (1 003 485)3Deferred taxes related to business combinations (1 339 774) - 4Deferred taxes related to acquisition, sale and swap of licences 13 148 (23 449)Deferred taxes recognised directly in OCI or equity 1 486 (304)Currency translation effects 1 087 676 212 190 Net deferred tax asset / (liability) as of closing balance (10 500 944) (8 943 019)Calculated tax payable 2024 2023Tax payable at beginning of period (964 414) (1 778 222)Current period payable taxes (1 662 046) (1 754 506)3Payable taxes related to business combinations (707 547) - Net tax payment 2 523 351 2 463 195 Prior period adjustments and change in estimate of uncertain tax positions (3 504) 11 287 Currency translation effects 132 496 93 832Net tax payable as of closing balance (681 664) (964 414)3 Acquisition of Neptune Energy Norge in the first quarter of 2024 and acquisition of Ringhorne East share in the third quarter of 2024, see note 3 for more on business combinations.4 Tax effect on sale of B\u00f8yla and Norne area in 2024 and Brage in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__59": {
"value": "Note 13 Income taxesUSD 1000 2024 2023Current period tax payable / (receivable) 1 662 046 1 754 506 Prior period adjustments to current tax 3 504 (11 287)Current tax expense / (income) 1 665 550 1 743 219Deferred tax expence / (income) 1 320 461 1 003 485 Tax expense / (income) in profit and loss 2 986 011 2 746 704 Effective tax rate in % 90% 82%Tax expense / (income) in put option used for hedging and pension (1 486) 304 Tax expense / (income) in other comprehensive income 2 984 525 2 747 008 Reconciliation of tax expense Tax rate 2024 2023Marginal (78%) tax rate on profit / loss before tax 78% 2 584 365 2 618 542 Tax effect of uplift 71.8% (40 361) (38 815)Impairment of goodwill 78% 98 783 - 1Tax effects of items taxed at other than marginal (78%) tax rate56% 424 454 182 119 2Tax effects on acquisition, sale and swap of licences (53 972) (10 955)Other permanent differences, prior period adjustments and change in estimates of uncertain tax positions 78% (27 259) (4 186)Tax expense / (Income) 2 986 011 2 746 704 1The effects of items taxed at other than marginal (78%) tax rate are mainly impacted by deferred tax on capitalisation of interest cost and fluctuation in currency exchange rate on the company's external borrowings.2Tax effects related to sale of B\u00f8yla and Norne area in 2024 and Brage in 2023. Temporary timing differences at end of period 2024 2023Tangible fixed assets 11 279 823 9 708 700 Capitalised exploration cost 404 866 276 504 Other intangible assets 241 887 83 060 Abandonment obligation (3 459 858) (3 357 531)Financial instruments over OCI (14 818) (18 830)Other 105 094 175 323 Basis for deferred ordinary taxes 8 556 993 6 867 227 Additional depreciation for special tax 5 579 891 5 327 399 Temporary differences not relevant for special tax (125 122) (1 917)Ordinary tax deductible for special tax (2 069 136) (1 909 874)Basis for deferred special taxes 11 942 627 10 282 836 Ordinary tax 22.0% (1 882 539) (1 510 790)Special tax 71.8% (8 574 806) (7 383 076)Valuation allowance for lack of statutory tax deduction at effective (43 599) (49 153)rate 6.2% related to abandonmentNet deferred tax asset / (liability) as of closing balance (10 500 944) (8 943 019)Breakdown of tax effect on temporary differences 2024 2023Tangible fixed assets (12 653 581) (11 149 947)Capitalised exploration cost (315 812) (215 685)Other intangible assets (188 681) (64 790)Abandonment obligation 2 655 228 2 569 856 Lease liabilities 165 254 91 208 Financial instruments over OCI 3 260 4 143 Other Provisions (166 612) (177 803)Net deferred tax asset / (liability) as of closing balance (10 500 944) (8 943 019)Deferred tax asset / (liability) 2024 2023Deferred tax asset / (liability) at beginning of period (8 943 019) (8 127 971)Current period deferred tax income / (expense) (1 320 461) (1 003 485)3Deferred taxes related to business combinations (1 339 774) - 4Deferred taxes related to acquisition, sale and swap of licences 13 148 (23 449)Deferred taxes recognised directly in OCI or equity 1 486 (304)Currency translation effects 1 087 676 212 190 Net deferred tax asset / (liability) as of closing balance (10 500 944) (8 943 019)Calculated tax payable 2024 2023Tax payable at beginning of period (964 414) (1 778 222)Current period payable taxes (1 662 046) (1 754 506)3Payable taxes related to business combinations (707 547) - Net tax payment 2 523 351 2 463 195 Prior period adjustments and change in estimate of uncertain tax positions (3 504) 11 287 Currency translation effects 132 496 93 832Net tax payable as of closing balance (681 664) (964 414)3 Acquisition of Neptune Energy Norge in the first quarter of 2024 and acquisition of Ringhorne East share in the third quarter of 2024, see note 3 for more on business combinations.4 Tax effect on sale of B\u00f8yla and Norne area in 2024 and Brage in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__61": {
"value": "Note 14 Intangible assets 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 Additions through business combination - - - - Reclassification - (7 292) (14 381) (21 674)Expensed exploration wells - - (40 928) (40 928)Disposals 1 463 (0) 0 1 463 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 - - - - Impairment reversal / (loss) - - - - Disposals - - - -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 OtherCapitalised intangible exploration USD 1000 Note Goodwillassetswells TotalCost as at 1 January 2024 4 344 628 83 060 276 504 4 704 193 Additions - 88 310 473 310 561 Additions through business combination 1 472 867 192 499 0 1 665 366 Reclassification - (3 724) (2 888) (6 612)Expensed exploration wells 11 - - (119 847) (119 847)Disposals (1 446) (564) (20 698) (22 708)Currency translation effects (566 569) (28 590) (38 679) (633 838)Cost as at 31 December 2024 5 249 479 242 769 404 866 5 897 115 Depreciation and impairment as 1 January 2024 (2 386 150) - - (2 386 150)Depreciation - (934) - (934)Impairment reversal / (loss) 17 (126 638) - - (126 638)Disposals - - - -Currency translation effects 251 148 52 - 251 199 Depreciation and impairment as at 31 December 2024 (2 261 641) (883) - (2 262 524)Net book value as at 31 December 2024 2 987 837 241 887 404 866 3 634 590 Other intangible assets include exploration potentials acquired through business combinations and measured according to the successful efforts method.The total goodwill of USD 2 988 million per 31 December 2024 consists of ordinary goodwill (USD 282 million) and technical goodwill (USD 2 706 million). The total goodwill of USD 1 958 million per 31 December 2023 consisted of ordinary goodwill (USD 178 million) and technical goodwill (USD 1780 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__62": {
"value": "Note 15 Tangible assetsOther 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 27 177 485 - - 177 485 Additions through business combinations - - - - 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) (0) (21 268) (5 909 156)1 January 2023Depreciation (1 385 470) (0) (15 974) (1 401 444)Impairment reversal / (loss) (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 Other Wells and Facilities property, production under plant and USD 1000 Notefacilitiesconstructionequipment TotalCost as at 1 January 2024 16 490 192 6 310 238 86 934 22 887 364 Additions 867 237 2 041 254 36 599 2 945 090 Estimate change asset retirement cost 27 169 010 - - 169 010 Additions through business combinations 2 014 192 2 027 2 016 219 Reclassification 161 397 (125 869) - 35 528 Disposals (708 327) (17 922) - (726 249)Currency translation effects (1 892 436) (762 057) (11 450) (2 665 943)Cost as at 31 December 2024 17 101 265 7 445 644 114 111 24 661 020 Depreciation and impairment as at (7 404 725) (208 297) (37 265) (7 650 287)1 January 2024Depreciation (1 868 727) (6) (24 124) (1 892 857)Impairment reversal / (loss) 17 (12 334) 135 153 - 122 819 Disposals 622 975 - - 622 975 Currency translation effects 834 066 34 204 5 181 873 451 Depreciation and impairment as at (7 828 745) (38 945) (56 208) (7 923 898)31 December 2024Net book value as at 31 December 2024 9 272 520 7 406 699 57 903 16 737 122 Capitalised interest for facilities under construction were USD 358 million in 2024 and USD 250 million in 2023.The applied rate for capitalisation of interests was 7.21% in 2024 and 7.65% in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__63-1": {
"value": "Note 16 Right of use assetsRigs, helicopters and USD 1000 Officessupply vessels Warehouse TotalCost as at 1 January 2023 66 732 205 300 15 155 287 188 Additions - - - -Additions through business combinations - - - -Reclassification - (71 474) - (71 474)Disposals - - - -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 765as 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 73 812 Rigs, helicopters and USD 1000 Officessupply vessels Warehouse TotalCosts as at 1 January 2024 64 011 125 523 14 537 204 072 Additions 13 492 164 020 816 178 327 Additions through business combinations 3 350 1 575 5 620 10 545 Reclassification (471) (27 553) (893) (28 916)Disposals (956) - - (956)Currency translation effects (5 903) (16 117) (1 430) (23 450)Cost as at 31 December 2024 73 524 247 448 18 651 339 622 Depreciation and impairment (21 648) (98 288) (10 325) (130 260)as at 1 January 2024Depreciation (6 290) (12 474) (3 298) (22 063)Currency translation effects 1 913 8 003 927 10 843 Depreciation and impairment (26 024) (102 761) (12 695) (141 479)as at 31 December 2024Net book value as at 31 December 2024 47 500 144 687 5 956 198 142Note 31 Lease agreementsV\u00e5r Energi has entered into lease agreements for a drilling rig, supply vessels, and warehouses supporting operation at Balder, Gj\u00f8a and Goliat, where the most significant lease is the rig COSL Prospector operating in the Barents Sea. The group also has leases for offices in Sandnes, Flor\u00f8, Oslo and Hammerfest, with the most significant contract being the main office building in Vestre Svanholmen 1, Sandnes. There were two new leases in 2024 \u2013 the rig COSL Prospector and a new office building in Oslo, in addition to extended contracts for the vessels. See note 16 for the Right of use assets.USD 1000 2024 2023Opening Balance lease debt 116 928 212 646 New lease debt in period 178 327 - Additions through business combinations 10 545 - Payments of lease debt (83 300) (98 809)Lease debt derecognised in period 956 - Interest expense on lease debt 5 358 6 195 Currency exchange differences (16 960) (3 104)Total lease debt 211 854 116 928 Breakdown of the lease debt to short-term and long-term liabilities 31 Dec 2024 31 Dec 2023Short-term 70 400 99 265 Long-term 141 454 17 663 Total lease debt 211 854 116 928 Lease debt split by activities 31 Dec 2024 31 Dec 2023Offices 55 674 50 194 Rigs, helicopters and supply vessels 149 883 62 479 Warehouse 6 296 4 255 Total 211 854 116 928 Nominal lease debt maturity breakdown 31 Dec 2024 31 Dec 2023Within one year 77 078 99 265 Two to five years 121 397 5 745 After five years 35 935 33 096 Total 234 409 138 106",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__64": {
"value": "Note 17 ImpairmentImpairment tests for individual cash-generating units (CGUs) are conducted annually. Additionally, quarterly tests are performed when specific impairment triggers are identified. This ensures that any potential impairment is detected and addressed promptly. \ue61eThe impairment testing covers both fixed assets and related intangible assets. This includes technical and ordinary goodwill, ensuring that all significant assets are evaluated for potential impairment. 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 testingKey assumptions applied for impairment testing purposes as of 31 December 2024 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 assump-tions. V\u00e5r Energi\u2019s long term oil price assumption is 75 USD/bbl (real 2024) and long-term gas price assumption is \u20ac29/MWh (real 2024). The long-term price assumptions per 31 December 2023 were 70 USD/bbl for oil and \u20ac31/MWh for gas.The nominal oil prices (USD/bbl) applied in the impairment tests are as follows:Year 31 Dec 2023 31 Dec 20242025 75.2 74.02026 7 7.4 74.52027 80.3 78.5The nominal gas prices (USD/BOE) applied in the impairment tests are as follows:Year 31 Dec 2023 31 Dec 20242025 65.5 83.12026 62.9 65.62027 64.0 59.1Oil and gas reservesFuture cash flows are calculated based on expected production profiles and estimated proven, probable and risked possible reserves. Production (mmboe) per period as applied in the impairment test: Year 31 Dec 2023 31 Dec 20242025 - 2029 498 6112030 - 2034 221 3112035 - 2039 116 1602040 - 2060 88 132Future 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 considered 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 2024, consistent with the rate applied per 31 December 2023.Currency ratesThe currency rates assumed per 31 December 2024 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 long-term assumptions. V\u00e5r Energi\u2019s long term currency rates are 9.5 NOK/USD and 10.6 NOK/EUR.NOK/EUR NOK/USDYear 31 Dec 2023 31 Dec 2024 31 Dec 2023 31 Dec 20242025 10.6 11.8 9.6 11.2 2026 10.0 11.5 9.2 10.5 2027 9.7 10.9 9.0 9.8 2028 onwards 9.7 10.6 9.0 9.5 InflationThe inflation rate assumed per 31 December 2024 is 3% for 2025 with long-term inflation rates beyond 2025 of 2.0%. Assumptions per 31 December 2023 were 2% from 2025 and onwards. Impairment charge/reversalThe impairment testing for 2024 identified goodwill impairment to three CGUs; Njord area (USD 87 million), Gj\u00f8a area (USD 14 million) and Sn\u00f8hvit (USD 14million) in addition to an impairment reversal to Balder area (USD -114 million). Exploration disposals during 2024 included related impairment of technical goodwill of USD 3 million. No impairment triggers for ordinary goodwill.The Njord impairment is mainly related to significant reserve reduction for the Bauge field wereas the impairment reversal for Balder is mainly due to updated production profiles.Implement allocatedCash generating unitNet carrying Recoverable Impairment/Deferred tax (USD 1000)valueamountreversal(-) Goodwill PP&EimpactBalder Area 1 202 092 1 292 957 (113 557) 9 262 (122 819) 95 800Njord 716 399 629 688 86 711 86 711Gj\u00f8a 189 596 200 378 14 187 14 187Sn\u00f8vit 611 307 597 734 13 576 13 576Other 2 905 2 905Total 3 819 126 638 (122 819) 95 800Sensitivity 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% (792 000) 3 277 000Production profile +/- 5% (496 000) 542 000Discount rate +/- 1% point 175 000 (145 000)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 busi-ness 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 35 Climate Risk. Financial reporting and impairment testing includes a step up of CO tax/fees from current levels to 2approximately NOK 2 240 per tonne in 2030 (real 2023).Scenarios from the International Energy Agency have been included in a sensitivity test as presented to the right. The price assumptions in those senarios have been provided by IEA at 2030, 2040 and 2050 in 2023 real terms. For the sensitivity calculation, a linear development between spot price at year end 2024 and IEA price in 2030, as well as between 2030, 2040 and 2050 have been applied. The table below summarises how the impairment charge would increase (+) or decrease (-) using the oil and gas price assumptions in the following scenarios: Oil USD/bbl Gas USD/mmbtuScenario price ranges 2030 2040 2050 2030 2040 2050Net Zero 42 30 25 4.4 4.1 4.0 Annonced pledges 72 63 58 6.0 5.2 5.2 Stated policies 79 77 75 6.5 7.6 7.7 Change in impairmentIEA Scenario (USD 1000) Net zero Announced pledges Stated policiesBalder area 2 147 000 (98 000) (692 000)Sn\u00f8hvit 270 000 137 000 31 000Grane area 189 000Snorre 178 000Njord 153 000 7 000 (44 000)Ekofisk 58 000Total 2 995 000 46 000 (705 000)Impairment testing in 2023 The 2023 impairment of USD 526 million were mainly related to updated cost, schedule and production profile for the Balder X project. The impairment wasis fully allocated to Balder area PP&E.The 2023 macro assumptions are shown in tables and text in this note.",
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"value": "Note 18 Financial assets USD 1000 Business Location Ownership 31 Dec 2024 31 Dec 2023Norpipe Oil AS Tananger, Norway 6.52% 134 150 Tjeldbergodden Utvikling AS Kj\u00f8rsvikbugen, Norway 0.48% 53 59 Ormen Lange Eiendom DA Tananger, Norway 6.34% 475 530 Investment in shares 662 739 Fair value of SWAP asset 19 117 - Alve slot fee - 57 Other 11 685 688 Total other non-current assets 30 802 745 Other mainly consists of prepayments.",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Note 19 InventoriesUSD 1000 31 Dec 2024 31 Dec 2023Inventories - measured at cost 221 931 223 660 Provisions for obsolete stock (22 064) (24 538)Physical oil inventory 41 485 52 381 Total inventory 241 353 251 503",
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"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Note 20 Trade receivablesUSD 1000 Note 31 Dec 2024 31 Dec 2023Trade receivables - related parties 32 448 874 516 429 Trade receivables - external parties 181 735 137 221 Sale of trade receivables (257 391) (290 756)Total trade receivables 373 219 362 895 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 flows to the banks without material delay, but only to the extent V\u00e5r Energi collects the payments from the customers.",
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"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Note 21 Other current receivables and financial assetsUSD 1000 Note 31 Dec 2024 31 Dec 2023Net underlift of hydrocarbons 223 090 125 747 Net receivables from joint operations 121 118 102 038 Prepaid expenses 16 767 53 437 Commodity derivatives - financial assets 22 17 211 10 974 Other receivables (4 792) 17 275 Total other current receivables and financial assets 373 394 309 472",
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"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Note 22 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.\ue61eThe 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. 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 25 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 regulatory framework on the NCS provides a sound framework for handling these risks, and the Company takes an active and responsible approach as a partner. Future production of oil and gas is dependent on the Company\u2019s ability to find, or acquire, and develop reserves.Costs of development projects or exploration efforts are also uncertain. As a result of these risks, the Company may incur costs that could adversely affect the Company\u2019s financial position or its reputation as a player on the NCS. The Company intends to act as a sound, responsible and technically competent partner across the whole spectrum of activities in all its operations. V\u00e5r Energi works actively with our partners and has established mitigating actions to reduce the possibility of operational incidents occurring. Commodity price riskV\u00e5r Energi operates in the crude oil and natural gas market and fluctuations in hydrocarbon prices have a significant effect on the Company\u2019s revenues. Commodity price risk represent the Company\u2019s most important market risk. To manage this risk, V\u00e5r Energi protects cash flows from sale of crude oil through entering into commodity price hedging instruments and cash flows from sale of natural gas through entering into fixed price gas sales contracts. In order to reduce the risk related to oil price fluctuations, the Company has established an oil price hedging program for 2025 where approximately 100 per cent of planned after-tax volumes for oil have been hedged by acquiring monthly settled oil price put options. To align after-tax cash flows and adjust for different tax treatment of financial derivatives and the underlying oil production, approximately 28 per cent of the planned production volume is hedged. V\u00e5r Energi has elected to sell part of its gas production in 2025 on a fixed price/forward basis. Per 31 December 2024 V\u00e5r Energi has sold approximately 4% of the gas production for the first quarter in 2025 at USD 70 per boe and approximately 17% of the gas production for the second and third quarter of 2025 at USD 80 per boe. Financial risksThe Company is exposed to market fluctuations in commodity prices, foreign exchange rates and interest rates. The main financial risks V\u00e5r Energi is exposed to are:- Fluctuation in foreign exchange rates due to currency mismatch between income and cost currencies, including tax payments- Fluctuation in interest rates leading to a fluctuation 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. \ue61eThe table below shows the Company\u2019s main exposure in USD as of 31 December 2024:Exposure (USD 1 000) 31 Dec 2024 31 Dec 2023Interest-bearing loans and bonds in USD 4 470 000 2 500 000 Interest-bearing bonds in EUR 649 719 691 860 Receivables due in USD (386 370) (449 752) Receivables due in EUR (39 791) (170 614) Payables due in USD 35 819 44 473Payables due in EUR 361 1 252 Total 4 729 737 2 617 219 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 202431 December 2023Increase/(Decrease) Increase/(Decrease)10% (472 974) (261 722)-10% 472 974 261 722 Interest rate sensitivityInterest rate risk arises from the effects fluctuations in underlying market rates may have on future cash flows. At present, the main source of interest rate risk for V\u00e5r Energi is the floating interest rate payable under the Interest Rate Swap linked to the 5/29 EUR 600 million senior notes issue and the borrowings under the Company\u2019s credit facilities. See note 25. 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 floating interest rate with all other variables held constant. 2024 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 tax for the year ended the year ended Increase/decrease in interest rate 31 December 202431 December 2023Increase/(Decrease) Increase/(Decrease)1.00% (26 107) (6 829)-1.00% 26 107 6 829Liquidity riskThe Company\u2019s future capital requirements depend on many factors, and the Company may need additional funds to fulfil its commitments and further develop exploration and development programs to support the strategic direction of the Company. Liquidity risk is the risk that the Company will not be able to meet the obligations of financial liabilities when they become due. Risk levels are analysed by at least quarterly updates of cash flow projections for the strategic plan period and comparing with available liquidity during the period. Additional updates will be made if significant macroeconomic changes occur. The Company\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of credit facilities, bank loans and debt capital markets. See note 25 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 On 31 December 2024demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total USD 1000Interest-bearing loans - - - 1 970 000 - 1 970 000 Bond USD Senior Notes - 180 000 180 000 1 865 000 1 240 000 3 465 000 Bond EUR Senior Notes - 34 284 34 284 726 188 - 794 755 Subord. EUR Fixed Rate Sec. - - - - 779 172 779 172 Accounts Payable - 356 093 - - - 356 093 Lease liabilities - 77 078 - 121 397 35 935 234 409 Sum none-derivative fin. liab. 647 454 214 284 4 682 585 2 055 107 7 599 430 Interest Rate Swap EUR (inflow) - (50 375) (50 375 ) (142 437 ) - (243 187) Interest Rate Swap EUR (outflow) - 51 591 51 591 128 978 - 232 160 Sum derivative fin. liab. - 1 216 1 216 (13 460 ) - (11 027) Total - 648 670 215 500 4 669 125 2 055 107 7 588 402 Note 22 Financial instruments continuedYear ended On 31 December 2023demand < 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 (inflow) - (61 692) (61 692) (185 076) (48 486) (356 946) Interest Rate Swap EUR (outflow) - 65 356 65 356 196 069 32 678 359 459 Sum derivative fin. liab. - 3 664 3 664 10 993 (15 808) 2 513 Total - 647 161 218 945 2 087 581 2 829 699 5 783 386Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instru-ment 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 2024 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. We consider the risk related to Eni to be negli-gible. The Company only uses investment grade and highly reputable banks as counterparties. Based on this, credit risk is considered limited.The Company primarily sells to investment grade customers and have established procedures to assess credit risk. Payment performance is closely monitored for both licence partners and customers. Overall, the credit risk is considered to be low based on the financial strenght of the counterparties and the procedures in place. Categories of financial assets and liabilitiesThe Company has the following categories of financial assets and liabilities: derivative financial assets and liabilities recognised at fair value through profit or loss, derivative financial assets and liabilities designated as accounting hedge instruments (cash flow hedges) for which the effective portion is recognised at fair value through other comprehensive income, accounts receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15, cash and cash equivalents measured at fair value, loans and borrow-ings and other liabilities measured at amortised cost.USD 1000Financial assets/liabilities at fair Cash, cash equivalents Financial liabilities measured Cash flow hedge fair value 2024 Notevalue through profit and lossand receivables, payablesat amortised costthrough OCI TotalAssetsTrade receivable 20 - 373 219 - - 373 219 Investments in shares 18 662 - - - 662 Cash and cash equivalents 23 - 278 880 - - 278 880 Oil put options asset 21 - - - 17 211 17 211 Other short term receivables 21 - 116 326 - - 116 326 Total financial assets 662 768 425 - 17 211 786 299 Liabilities Accounts payable - 356 093 - - 356 093 Net payables to joint operations 29 - 365 482 - - 365 482 Employee payables and accrued public charges 29 - 47 521 - - 47 521 Other payables 29 - 21 423 - - 21 423 Deferred payment for option premiums 29 - - 31 923 - 31 923 Bond USD Senior Notes 25 - - 2 500 000 - 2 500 000 Bond EUR Senior Notes* 25 - - 640 672 - 640 672 Subord. EUR Fixed Rate Sec. 25 - - 9 047 - 9 047 RCF Working capital facility 25 - - 1 475 000 - 1 475 000 RCF Liquidity facility 25 - - 495 000 - 495 000 Prepaid loan and bond expenses 25 - - (37 546) - (37 546)Total financial liabilities - 790 519 5 114 096 - 5 904 615 * Adjusted for the fair value movement due to interest swaps/interest rate risk hedgingUSD 1000Financial assets/liabilities at fair Cash, cash equivalents Financial liabilities measured Cash flow hedge fair value 2023 Notevalue through profit and lossand receivables, payablesat amortised costthrough OCI TotalAssetsTrade receivable 20 - 362 895 - - 362 895 Investments in shares 18 739 - - - 739 Cash and cash equivalents 23 - 734 914 - - 734 914 Oil put options asset 21 - - - 10 974 10 974 Other short term receivables 21 - 119 315 - - 119 315 Total financial assets 739 1 220 123 - 10 974 1 228 837Liabilities Accounts payable - 328 951 - - 328 951 Net payables to joint operations 29 - 375 871 - - 375 871 Employees, accrued public charges and other payables 29 - 36 770 - - 36 770 Deferred payment for option premiums 29 - - 29 804 - 29 804 Bond USD Senior Notes 25 - - 2 500 000 - 2 500 000 Bond EUR Senior Notes* 25 - - 682 938 - 682 938 Subord. EUR Fixed Rate Sec. 25 - - 8 921 - 8 921 Prepaid loan and bond expenses 25 - - (45 278) - (45 278)Total financial liabilities - 741 592 3 176 386 - 3 917 978* Adjusted for the fair value movement due to interest swaps/interest rate risk hedgingNote 22 Financial instruments continuedFair 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 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 floating rate loans are assumed to approximate fair value due to short term interest rate periods. See below table for a comparison of carrying amounts of bonds measured at amortised cost with the fair value based on trading values:Financial liabilities measured Fair value based on USD 1000 Noteat amortised costtrading at year end*Bond USD & EUR Senior Notes 25 3 140 672 3 351 862 Prepaid expenses bond 25 (30 611)Total 3 110 061 3 351 862 * Year End meaning closest to 31.12.2024Derivative financial instrumentsThe Company uses derivative financial instruments, such as Brent crude put options to hedge its commodity price risks. As of 31 December 2024, 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 Excercise outstanding at balance sheet price (USD Hedging instrumentsdate) in thousands (BBL)per BBL)Brent crude oil put options per 31 Dec 2023, exercisable in 2024 15 550 50 Brent crude oil put options per 31 Dec 2024, exercisable in 2025 23 790 50 Volume (no of put options outstanding at Excercise balance sheet date) in price (EUR Hedging instrumentsthousands (MWH)per MWH)Gas TTF long put options per 31 Dec 2023, exercisable in 2024 - - Gas TTF short call options per 31 Dec 2023, exercisable in 2024 - - Gas TTF long put options per 31 Dec 2024, exercisable in 2025 90 25 Gas TTF short call options per 31 Dec 2024, exercisable in 2025 (90) 100 Note 22 Financial instruments continuedCommodity derivatives - financial assetsUSD 1000 Note 2024 2023The beginning of the period 10 974 14 805 Additions through business combinations 25 229 - New derivatives 31 923 29 804 Realised hedges exercised 5 (9 179)Change in fair value realised hedges (21 521) (14 805)Change in fair value unrealised hedges (20 216) (18 830)The end of the period 17 211 10 974 As of 31 December 2024, the fair value of outstanding commodity derivatives amounted to USD 17.2 million. Unrealised gains and losses are recognised in OCI. Note that the cost price (time value 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.Commodity derivatives - financial liabilitiesUSD 1000 Note 2024 2023The beginning of the period - - Additions through business combinations (8 010) - New derivatives - - Realised hedges exercised 5 1 396 - Change in fair value realised hedges 3 622 - Change in fair value unrealised hedges 2 886 - The end of the period (106) - As of 31 December\ue61e2024, the fair value of outstanding commodity derivatives liabilities are USD (106) thousand. Unrealised gains and losses are recognised in OCI. Brent crude put options \u2013 deferred premiumsUSD 1000 Note 2024 2023The beginning of the period (29 804) (36 143)Additions through business combinations (2 627) - Settlement 6 32 549 36 229 New Brent crude put options (31 923) (29 804)FX-effect (117) (86)The end of the period (31 924) (29 804)All outstanding put option contracts at 31 December 2024 are due to expire in 2025. 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. In 2024 a gain of USD 7.8 million has been recognised as a result of gas put options herited from the Neptune transaction. No gain included in petroleum revenue for 2023. The premiums paid for the put options was USD 32.5 million in 2024 and USD 36.2 million in 2023 and 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 Reserve USD 1000 Note 2024 2023The beginning of the period 18 830 21 338 Additions through business combinations (14 592) - Realised hedges exercised 5 7 783 - Realised cost of hedge expired options (14 534) (21 338)Hedge ineffectiveness recorded in net financial income/expense 12 - - Change in fair value unrealised hedges 17 331 18 830 The end of the period 14 818 18 830 As of 31 December 2024 the after tax balance is USD 11.6 million.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 changesAmortisation/Fair Value USD 1000 31 Dec 2023 Cash flows Accretion CurrencyAdj. 31 Dec 2024Long-term interest-bearing debt - 1 970 000 - - - 1 970 000 Short-term interest-bearing debt - - - - - - Bond USD Senior Notes 2 500 000 - - - - 2 500 000 Bond EUR Senior Notes 682 939 - - (39 662) (2 604) 640 672 Subord. EUR Fixed Rate Sec. (23/83) 808 382 - 689 (563) - 808 508 Prepaid loan expenses (45 278) (2 223) 8 776 1 179 - (37 546)Totals 3 946 043 1 967 777 9 465 (39 046) (2 604) 5 881 634 Non-cash changesAmortisation/ USD 1000 31 Dec 2022 Cash flows 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 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, princi-pally financial institutions with investment grade credit ratings. Derivatives measured using valu-ation 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 2024, 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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"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.\ue61eThe 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. 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 25 for more details related to financial liabilities and borrowings.",
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"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 regulatory framework on the NCS provides a sound framework for handling these risks, and the Company takes an active and responsible approach as a partner. Future production of oil and gas is dependent on the Company\u2019s ability to find, or acquire, and develop reserves.Costs of development projects or exploration efforts are also uncertain. As a result of these risks, the Company may incur costs that could adversely affect the Company\u2019s financial position or its reputation as a player on the NCS. The Company intends to act as a sound, responsible and technically competent partner across the whole spectrum of activities in all its operations. V\u00e5r Energi works actively with our partners and has established mitigating actions to reduce the possibility of operational incidents occurring. Commodity price riskV\u00e5r Energi operates in the crude oil and natural gas market and fluctuations in hydrocarbon prices have a significant effect on the Company\u2019s revenues. Commodity price risk represent the Company\u2019s most important market risk. To manage this risk, V\u00e5r Energi protects cash flows from sale of crude oil through entering into commodity price hedging instruments and cash flows from sale of natural gas through entering into fixed price gas sales contracts. In order to reduce the risk related to oil price fluctuations, the Company has established an oil price hedging program for 2025 where approximately 100 per cent of planned after-tax volumes for oil have been hedged by acquiring monthly settled oil price put options. To align after-tax cash flows and adjust for different tax treatment of financial derivatives and the underlying oil production, approximately 28 per cent of the planned production volume is hedged. V\u00e5r Energi has elected to sell part of its gas production in 2025 on a fixed price/forward basis. Per 31 December 2024 V\u00e5r Energi has sold approximately 4% of the gas production for the first quarter in 2025 at USD 70 per boe and approximately 17% of the gas production for the second and third quarter of 2025 at USD 80 per boe. Financial risksThe Company is exposed to market fluctuations in commodity prices, foreign exchange rates and interest rates. The main financial risks V\u00e5r Energi is exposed to are:- Fluctuation in foreign exchange rates due to currency mismatch between income and cost currencies, including tax payments- Fluctuation in interest rates leading to a fluctuation 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. \ue61eThe table below shows the Company\u2019s main exposure in USD as of 31 December 2024:Exposure (USD 1 000) 31 Dec 2024 31 Dec 2023Interest-bearing loans and bonds in USD 4 470 000 2 500 000 Interest-bearing bonds in EUR 649 719 691 860 Receivables due in USD (386 370) (449 752) Receivables due in EUR (39 791) (170 614) Payables due in USD 35 819 44 473Payables due in EUR 361 1 252 Total 4 729 737 2 617 219 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 202431 December 2023Increase/(Decrease) Increase/(Decrease)10% (472 974) (261 722)-10% 472 974 261 722 Interest rate sensitivityInterest rate risk arises from the effects fluctuations in underlying market rates may have on future cash flows. At present, the main source of interest rate risk for V\u00e5r Energi is the floating interest rate payable under the Interest Rate Swap linked to the 5/29 EUR 600 million senior notes issue and the borrowings under the Company\u2019s credit facilities. See note 25. 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 floating interest rate with all other variables held constant. 2024 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 tax for the year ended the year ended Increase/decrease in interest rate 31 December 202431 December 2023Increase/(Decrease) Increase/(Decrease)1.00% (26 107) (6 829)-1.00% 26 107 6 829Liquidity riskThe Company\u2019s future capital requirements depend on many factors, and the Company may need additional funds to fulfil its commitments and further develop exploration and development programs to support the strategic direction of the Company. Liquidity risk is the risk that the Company will not be able to meet the obligations of financial liabilities when they become due. Risk levels are analysed by at least quarterly updates of cash flow projections for the strategic plan period and comparing with available liquidity during the period. Additional updates will be made if significant macroeconomic changes occur. The Company\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of credit facilities, bank loans and debt capital markets. See note 25 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 On 31 December 2024demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total USD 1000Interest-bearing loans - - - 1 970 000 - 1 970 000 Bond USD Senior Notes - 180 000 180 000 1 865 000 1 240 000 3 465 000 Bond EUR Senior Notes - 34 284 34 284 726 188 - 794 755 Subord. EUR Fixed Rate Sec. - - - - 779 172 779 172 Accounts Payable - 356 093 - - - 356 093 Lease liabilities - 77 078 - 121 397 35 935 234 409 Sum none-derivative fin. liab. 647 454 214 284 4 682 585 2 055 107 7 599 430 Interest Rate Swap EUR (inflow) - (50 375) (50 375 ) (142 437 ) - (243 187) Interest Rate Swap EUR (outflow) - 51 591 51 591 128 978 - 232 160 Sum derivative fin. liab. - 1 216 1 216 (13 460 ) - (11 027) Total - 648 670 215 500 4 669 125 2 055 107 7 588 402 Note 22 Financial instruments continuedYear ended On 31 December 2023demand < 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 (inflow) - (61 692) (61 692) (185 076) (48 486) (356 946) Interest Rate Swap EUR (outflow) - 65 356 65 356 196 069 32 678 359 459 Sum derivative fin. liab. - 3 664 3 664 10 993 (15 808) 2 513 Total - 647 161 218 945 2 087 581 2 829 699 5 783 386Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instru-ment 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 2024 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. We consider the risk related to Eni to be negli-gible. The Company only uses investment grade and highly reputable banks as counterparties. Based on this, credit risk is considered limited.The Company primarily sells to investment grade customers and have established procedures to assess credit risk. Payment performance is closely monitored for both licence partners and customers. Overall, the credit risk is considered to be low based on the financial strenght of the counterparties and the procedures in place. Categories of financial assets and liabilitiesThe Company has the following categories of financial assets and liabilities: derivative financial assets and liabilities recognised at fair value through profit or loss, derivative financial assets and liabilities designated as accounting hedge instruments (cash flow hedges) for which the effective portion is recognised at fair value through other comprehensive income, accounts receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15, cash and cash equivalents measured at fair value, loans and borrow-ings and other liabilities measured at amortised cost.USD 1000Financial assets/liabilities at fair Cash, cash equivalents Financial liabilities measured Cash flow hedge fair value 2024 Notevalue through profit and lossand receivables, payablesat amortised costthrough OCI TotalAssetsTrade receivable 20 - 373 219 - - 373 219 Investments in shares 18 662 - - - 662 Cash and cash equivalents 23 - 278 880 - - 278 880 Oil put options asset 21 - - - 17 211 17 211 Other short term receivables 21 - 116 326 - - 116 326 Total financial assets 662 768 425 - 17 211 786 299 Liabilities Accounts payable - 356 093 - - 356 093 Net payables to joint operations 29 - 365 482 - - 365 482 Employee payables and accrued public charges 29 - 47 521 - - 47 521 Other payables 29 - 21 423 - - 21 423 Deferred payment for option premiums 29 - - 31 923 - 31 923 Bond USD Senior Notes 25 - - 2 500 000 - 2 500 000 Bond EUR Senior Notes* 25 - - 640 672 - 640 672 Subord. EUR Fixed Rate Sec. 25 - - 9 047 - 9 047 RCF Working capital facility 25 - - 1 475 000 - 1 475 000 RCF Liquidity facility 25 - - 495 000 - 495 000 Prepaid loan and bond expenses 25 - - (37 546) - (37 546)Total financial liabilities - 790 519 5 114 096 - 5 904 615 * Adjusted for the fair value movement due to interest swaps/interest rate risk hedgingUSD 1000Financial assets/liabilities at fair Cash, cash equivalents Financial liabilities measured Cash flow hedge fair value 2023 Notevalue through profit and lossand receivables, payablesat amortised costthrough OCI TotalAssetsTrade receivable 20 - 362 895 - - 362 895 Investments in shares 18 739 - - - 739 Cash and cash equivalents 23 - 734 914 - - 734 914 Oil put options asset 21 - - - 10 974 10 974 Other short term receivables 21 - 119 315 - - 119 315 Total financial assets 739 1 220 123 - 10 974 1 228 837Liabilities Accounts payable - 328 951 - - 328 951 Net payables to joint operations 29 - 375 871 - - 375 871 Employees, accrued public charges and other payables 29 - 36 770 - - 36 770 Deferred payment for option premiums 29 - - 29 804 - 29 804 Bond USD Senior Notes 25 - - 2 500 000 - 2 500 000 Bond EUR Senior Notes* 25 - - 682 938 - 682 938 Subord. EUR Fixed Rate Sec. 25 - - 8 921 - 8 921 Prepaid loan and bond expenses 25 - - (45 278) - (45 278)Total financial liabilities - 741 592 3 176 386 - 3 917 978* Adjusted for the fair value movement due to interest swaps/interest rate risk hedgingNote 22 Financial instruments continuedFair 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 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 floating rate loans are assumed to approximate fair value due to short term interest rate periods. See below table for a comparison of carrying amounts of bonds measured at amortised cost with the fair value based on trading values:Financial liabilities measured Fair value based on USD 1000 Noteat amortised costtrading at year end*Bond USD & EUR Senior Notes 25 3 140 672 3 351 862 Prepaid expenses bond 25 (30 611)Total 3 110 061 3 351 862 * Year End meaning closest to 31.12.2024Derivative financial instrumentsThe Company uses derivative financial instruments, such as Brent crude put options to hedge its commodity price risks. As of 31 December 2024, 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 Excercise outstanding at balance sheet price (USD Hedging instrumentsdate) in thousands (BBL)per BBL)Brent crude oil put options per 31 Dec 2023, exercisable in 2024 15 550 50 Brent crude oil put options per 31 Dec 2024, exercisable in 2025 23 790 50 Volume (no of put options outstanding at Excercise balance sheet date) in price (EUR Hedging instrumentsthousands (MWH)per MWH)Gas TTF long put options per 31 Dec 2023, exercisable in 2024 - - Gas TTF short call options per 31 Dec 2023, exercisable in 2024 - - Gas TTF long put options per 31 Dec 2024, exercisable in 2025 90 25 Gas TTF short call options per 31 Dec 2024, exercisable in 2025 (90) 100 Note 22 Financial instruments continuedCommodity derivatives - financial assetsUSD 1000 Note 2024 2023The beginning of the period 10 974 14 805 Additions through business combinations 25 229 - New derivatives 31 923 29 804 Realised hedges exercised 5 (9 179)Change in fair value realised hedges (21 521) (14 805)Change in fair value unrealised hedges (20 216) (18 830)The end of the period 17 211 10 974 As of 31 December 2024, the fair value of outstanding commodity derivatives amounted to USD 17.2 million. Unrealised gains and losses are recognised in OCI. Note that the cost price (time value 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.Commodity derivatives - financial liabilitiesUSD 1000 Note 2024 2023The beginning of the period - - Additions through business combinations (8 010) - New derivatives - - Realised hedges exercised 5 1 396 - Change in fair value realised hedges 3 622 - Change in fair value unrealised hedges 2 886 - The end of the period (106) - As of 31 December\ue61e2024, the fair value of outstanding commodity derivatives liabilities are USD (106) thousand. Unrealised gains and losses are recognised in OCI. Brent crude put options \u2013 deferred premiumsUSD 1000 Note 2024 2023The beginning of the period (29 804) (36 143)Additions through business combinations (2 627) - Settlement 6 32 549 36 229 New Brent crude put options (31 923) (29 804)FX-effect (117) (86)The end of the period (31 924) (29 804)All outstanding put option contracts at 31 December 2024 are due to expire in 2025. 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. In 2024 a gain of USD 7.8 million has been recognised as a result of gas put options herited from the Neptune transaction. No gain included in petroleum revenue for 2023. The premiums paid for the put options was USD 32.5 million in 2024 and USD 36.2 million in 2023 and 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 Reserve USD 1000 Note 2024 2023The beginning of the period 18 830 21 338 Additions through business combinations (14 592) - Realised hedges exercised 5 7 783 - Realised cost of hedge expired options (14 534) (21 338)Hedge ineffectiveness recorded in net financial income/expense 12 - - Change in fair value unrealised hedges 17 331 18 830 The end of the period 14 818 18 830 As of 31 December 2024 the after tax balance is USD 11.6 million.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 changesAmortisation/Fair Value USD 1000 31 Dec 2023 Cash flows Accretion CurrencyAdj. 31 Dec 2024Long-term interest-bearing debt - 1 970 000 - - - 1 970 000 Short-term interest-bearing debt - - - - - - Bond USD Senior Notes 2 500 000 - - - - 2 500 000 Bond EUR Senior Notes 682 939 - - (39 662) (2 604) 640 672 Subord. EUR Fixed Rate Sec. (23/83) 808 382 - 689 (563) - 808 508 Prepaid loan expenses (45 278) (2 223) 8 776 1 179 - (37 546)Totals 3 946 043 1 967 777 9 465 (39 046) (2 604) 5 881 634 Non-cash changesAmortisation/ USD 1000 31 Dec 2022 Cash flows 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 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, princi-pally financial institutions with investment grade credit ratings. Derivatives measured using valu-ation 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 2024, 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 35 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 development from its business and activities. V\u00e5r Energi is mainly impacted by transitional risks, but could also be impacted by physical risk in a longer perspective.\ue61e\ue61eScenario analysis\ue61fV\u00e5r Energi reports under the European Sustainability Reporting Standards (ESRS) and take climate risks and opportunities into account when developing strategies and financial plans. V\u00e5r Energi has conducted a scenario analysis under the International Energy Agency (IEA) scenarios of future energy trends, in order to assess the impacts on the Company\u2019s business and financial performance.Note 35 Climate risk continued The Global Energy and Climate (GEC) Model includes key input data for three modelled scenarios; Stated Policies Scenario (STEPS), Announced Pledges Scenario (APS) and Net Zero Emissions by 2050 Scenario (NZE).\ue61eThe figure below illustrates the changes in the net present value (NPV) of V\u00e5r Energi's portfolio under the scenarios described in IEA's World Energy Outlook (WEO) report subject to assumptions described below. The latest WEO report, published in October 2024, further describes the scenarios mentioned above and can be found at www.iea.org.\ue61eNotesChange in NPV of V\u00e5r Energi portfolio under IEA scenarios2010%101%0-10-20-30-32%-40IEA - STEPS IEA - APS IEA - NZE1) The NPV of V\u00e5r Energi portfolio under the selected scenarios is compared to the NPV of the portfolio valued at V\u00e5r Energi's latest economic assumptions. Fixed exchange rates are applied for all scenarios.2) IEA defines the prices for 2030, 2040 and 2050 in real 2023 terms. V\u00e5r Energi assumes a linear development between spot price at year end 2024 and IEA prices in 2030, as well as linear prices between 2030, 2040 and 2050.Oil and gas price scenarios by the IEA:Oil USD/bbl Gas USD/mmbtuIEA scenario price rangesReal terms (USD 2022)2030 2040 2050 2030 2040 2050Net Zero 42 30 25 4.4 4.1 4.0 Announced pledges 72 63 58 6.0 5.2 5.2 State Policies 79 77 75 6.5 7.6 7.7 Prices applied in the scenario assume a linear forecasted price development and do not take price fluctuations, changes in portfolio and costs into account. Further, the scenarios imply that no new oil and gas fields will be approved for development beyond already committed projects as of year end 2024. NGL prices are estimated to 70% of oil prices and foreign exchange rates are kept unchanged compared to base assumptions used for impairment purposes.\ue61eAs illustrated in the figure, the NPV of V\u00e5r Energi's portfolio is 10% higher under the IEA's STEPS scenario compared to the Company's latest planning and budget assumptions. Under the APS scenario, the NPV of the portfolio is 1% lower than the V\u00e5r Energi base case.\ue61eThe 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 figure, the NPV of V\u00e5r Energi's portfolio is valued 32% lower compared to the base assumptions under this scenario.\ue61e\ue61e\ue61ePotential financial impacts\ue61fThe 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 2024 financials. This is due to limited assumed production and decommissioning cost after 2050.If no exploration activity is allowed after 2024, an impairment of exploration bonus potential included in Other tangible assets of USD 56 million is estimated to be suffered.\ue61eAn increase in the fixed interest rates on the Senior Notes by 100 points would impact the expected interest payments by around USD 51 million (15% increase), whereas an increase by 200 points would increase the interest payments by around USD 102 million (30% increase). Although such an increase is not applicable on the fixed rates at present, the scenario illustrates the possible exposure in the longer term. For interest rates sensitivities on finaicial liabilities that will be affected by interest rates movements in the short term see note 22.Opportunities\ue61fThe main identified climate-related opportunities with potential substantial financial impact identified by V\u00e5r Energi are:\ue61e\u2022 Shift in supplier: V\u00e5r Energi's assets being preferred in terms of lower emissions per produced boe, e.g. compared to non-NCS suppliers\ue61e\u2022 Electrification of assets may reduce production costs\ue61e\u2022 Underinvestment in the oil and gas industry may lead to increased prices on the commodities, in which may generate higher revenues\ue61e\u2022 Lower interest rates on loans due to lower emis-sions\ue61ecompared to other non-NCS producers\u2022 Availability of capital; loan issuers may prefer companies with lower emissions\ue61e\u2022 Investment in CCS may decrease carbon costs",
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"f1__s6__6__72": {
"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. \ue61eThe table below shows the Company\u2019s main exposure in USD as of 31 December 2024:Exposure (USD 1 000) 31 Dec 2024 31 Dec 2023Interest-bearing loans and bonds in USD 4 470 000 2 500 000 Interest-bearing bonds in EUR 649 719 691 860 Receivables due in USD (386 370) (449 752) Receivables due in EUR (39 791) (170 614) Payables due in USD 35 819 44 473Payables due in EUR 361 1 252 Total 4 729 737 2 617 219 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 202431 December 2023Increase/(Decrease) Increase/(Decrease)10% (472 974) (261 722)-10% 472 974 261 722 Interest rate sensitivityInterest rate risk arises from the effects fluctuations in underlying market rates may have on future cash flows. At present, the main source of interest rate risk for V\u00e5r Energi is the floating interest rate payable under the Interest Rate Swap linked to the 5/29 EUR 600 million senior notes issue and the borrowings under the Company\u2019s credit facilities. See note 25. 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 floating interest rate with all other variables held constant. 2024 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 tax for the year ended the year ended Increase/decrease in interest rate 31 December 202431 December 2023Increase/(Decrease) Increase/(Decrease)1.00% (26 107) (6 829)-1.00% 26 107 6 829",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__73": {
"value": "Liquidity riskThe Company\u2019s future capital requirements depend on many factors, and the Company may need additional funds to fulfil its commitments and further develop exploration and development programs to support the strategic direction of the Company. Liquidity risk is the risk that the Company will not be able to meet the obligations of financial liabilities when they become due. Risk levels are analysed by at least quarterly updates of cash flow projections for the strategic plan period and comparing with available liquidity during the period. Additional updates will be made if significant macroeconomic changes occur. The Company\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of credit facilities, bank loans and debt capital markets. See note 25 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 On 31 December 2024demand < 1 year 1 - 2 years 2 - 5 years > 5 years Total USD 1000Interest-bearing loans - - - 1 970 000 - 1 970 000 Bond USD Senior Notes - 180 000 180 000 1 865 000 1 240 000 3 465 000 Bond EUR Senior Notes - 34 284 34 284 726 188 - 794 755 Subord. EUR Fixed Rate Sec. - - - - 779 172 779 172 Accounts Payable - 356 093 - - - 356 093 Lease liabilities - 77 078 - 121 397 35 935 234 409 Sum none-derivative fin. liab. 647 454 214 284 4 682 585 2 055 107 7 599 430 Interest Rate Swap EUR (inflow) - (50 375) (50 375 ) (142 437 ) - (243 187) Interest Rate Swap EUR (outflow) - 51 591 51 591 128 978 - 232 160 Sum derivative fin. liab. - 1 216 1 216 (13 460 ) - (11 027) Total - 648 670 215 500 4 669 125 2 055 107 7 588 402 Note 22 Financial instruments continuedYear ended On 31 December 2023demand < 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 (inflow) - (61 692) (61 692) (185 076) (48 486) (356 946) Interest Rate Swap EUR (outflow) - 65 356 65 356 196 069 32 678 359 459 Sum derivative fin. liab. - 3 664 3 664 10 993 (15 808) 2 513 Total - 647 161 218 945 2 087 581 2 829 699 5 783 386",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__74": {
"value": "Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instru-ment 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 2024 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. We consider the risk related to Eni to be negli-gible. The Company only uses investment grade and highly reputable banks as counterparties. Based on this, credit risk is considered limited.The Company primarily sells to investment grade customers and have established procedures to assess credit risk. Payment performance is closely monitored for both licence partners and customers. Overall, the credit risk is considered to be low based on the financial strenght of the counterparties and the procedures in place.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s6__6__77": {
"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 2024, 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 Excercise outstanding at balance sheet price (USD Hedging instrumentsdate) in thousands (BBL)per BBL)Brent crude oil put options per 31 Dec 2023, exercisable in 2024 15 550 50 Brent crude oil put options per 31 Dec 2024, exercisable in 2025 23 790 50 Volume (no of put options outstanding at Excercise balance sheet date) in price (EUR Hedging instrumentsthousands (MWH)per MWH)Gas TTF long put options per 31 Dec 2023, exercisable in 2024 - - Gas TTF short call options per 31 Dec 2023, exercisable in 2024 - - Gas TTF long put options per 31 Dec 2024, exercisable in 2025 90 25 Gas TTF short call options per 31 Dec 2024, exercisable in 2025 (90) 100 Note 22 Financial instruments continuedCommodity derivatives - financial assetsUSD 1000 Note 2024 2023The beginning of the period 10 974 14 805 Additions through business combinations 25 229 - New derivatives 31 923 29 804 Realised hedges exercised 5 (9 179)Change in fair value realised hedges (21 521) (14 805)Change in fair value unrealised hedges (20 216) (18 830)The end of the period 17 211 10 974 As of 31 December 2024, the fair value of outstanding commodity derivatives amounted to USD 17.2 million. Unrealised gains and losses are recognised in OCI. Note that the cost price (time value 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.Commodity derivatives - financial liabilitiesUSD 1000 Note 2024 2023The beginning of the period - - Additions through business combinations (8 010) - New derivatives - - Realised hedges exercised 5 1 396 - Change in fair value realised hedges 3 622 - Change in fair value unrealised hedges 2 886 - The end of the period (106) - As of 31 December\ue61e2024, the fair value of outstanding commodity derivatives liabilities are USD (106) thousand. Unrealised gains and losses are recognised in OCI.",
"dimensions": {
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"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s6__6__76": {
"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 2024, 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 Excercise outstanding at balance sheet price (USD Hedging instrumentsdate) in thousands (BBL)per BBL)Brent crude oil put options per 31 Dec 2023, exercisable in 2024 15 550 50 Brent crude oil put options per 31 Dec 2024, exercisable in 2025 23 790 50 Volume (no of put options outstanding at Excercise balance sheet date) in price (EUR Hedging instrumentsthousands (MWH)per MWH)Gas TTF long put options per 31 Dec 2023, exercisable in 2024 - - Gas TTF short call options per 31 Dec 2023, exercisable in 2024 - - Gas TTF long put options per 31 Dec 2024, exercisable in 2025 90 25 Gas TTF short call options per 31 Dec 2024, exercisable in 2025 (90) 100 Note 22 Financial instruments continuedCommodity derivatives - financial assetsUSD 1000 Note 2024 2023The beginning of the period 10 974 14 805 Additions through business combinations 25 229 - New derivatives 31 923 29 804 Realised hedges exercised 5 (9 179)Change in fair value realised hedges (21 521) (14 805)Change in fair value unrealised hedges (20 216) (18 830)The end of the period 17 211 10 974 As of 31 December 2024, the fair value of outstanding commodity derivatives amounted to USD 17.2 million. Unrealised gains and losses are recognised in OCI. Note that the cost price (time value 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.Commodity derivatives - financial liabilitiesUSD 1000 Note 2024 2023The beginning of the period - - Additions through business combinations (8 010) - New derivatives - - Realised hedges exercised 5 1 396 - Change in fair value realised hedges 3 622 - Change in fair value unrealised hedges 2 886 - The end of the period (106) - As of 31 December\ue61e2024, the fair value of outstanding commodity derivatives liabilities are USD (106) thousand. Unrealised gains and losses are recognised in OCI.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s6__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 2024, 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 Excercise outstanding at balance sheet price (USD Hedging instrumentsdate) in thousands (BBL)per BBL)Brent crude oil put options per 31 Dec 2023, exercisable in 2024 15 550 50 Brent crude oil put options per 31 Dec 2024, exercisable in 2025 23 790 50 Volume (no of put options outstanding at Excercise balance sheet date) in price (EUR Hedging instrumentsthousands (MWH)per MWH)Gas TTF long put options per 31 Dec 2023, exercisable in 2024 - - Gas TTF short call options per 31 Dec 2023, exercisable in 2024 - - Gas TTF long put options per 31 Dec 2024, exercisable in 2025 90 25 Gas TTF short call options per 31 Dec 2024, exercisable in 2025 (90) 100 Note 22 Financial instruments continuedCommodity derivatives - financial assetsUSD 1000 Note 2024 2023The beginning of the period 10 974 14 805 Additions through business combinations 25 229 - New derivatives 31 923 29 804 Realised hedges exercised 5 (9 179)Change in fair value realised hedges (21 521) (14 805)Change in fair value unrealised hedges (20 216) (18 830)The end of the period 17 211 10 974 As of 31 December 2024, the fair value of outstanding commodity derivatives amounted to USD 17.2 million. Unrealised gains and losses are recognised in OCI. Note that the cost price (time value 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.Commodity derivatives - financial liabilitiesUSD 1000 Note 2024 2023The beginning of the period - - Additions through business combinations (8 010) - New derivatives - - Realised hedges exercised 5 1 396 - Change in fair value realised hedges 3 622 - Change in fair value unrealised hedges 2 886 - The end of the period (106) - As of 31 December\ue61e2024, the fair value of outstanding commodity derivatives liabilities are USD (106) thousand. Unrealised gains and losses are recognised in OCI.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__78": {
"value": "Note 23 Cash and cash equivalentsUSD 1000 31 Dec 2024 31 Dec 2023Bank deposits, unrestricted 266 583 724 726 Bank deposit, restricted, employee taxes 12 298 10 188 Total bank deposits 278 880 734 914",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__79-1": {
"value": "Note 24 Share capital and shareholdersAs of 31 December 2024, the total share capital of the Company is USD 46 million or NOK 399 million. 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 with respect of board appointments. 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 share saving program is immaterial to the EPS calculation.USD 1000 2024 2023Profit for the year attributable to ordinary equity holders 327 108 610 229 EPS adj. for calculated interest / dividends on hybrid capital *) (61 809) (8 218)Number of shares (in millions) 2 496 2 496 Earnings per share in USD basic and diluted 0.11 0.24 *) EPS for 1Q 2024 was adjusted for inclusion of the full quarter of calculated interest.Overview of the 20 largest shareholders registered Type of Number of shares Owing as of 31 December 2024account(in 1000)interestENI INTERNATIONAL BV Ordinary 1 573 714 63.0%FOLKETRYGDFONDET Ordinary 105 683 4.2%Geveran Trading Company LTd Ordinary 46 948 1.9%VERDIPAPIRFONDET DNB NORGE Ordinary 28 115 1.1%The Northern Trust Comp, London Br Nominee 25 198 1.0%VPF DNB AM NORSKE AKSJER Ordinary 24 414 1.0%VERDIPAPIRFONDET ALFRED BERG GAMBA Ordinary 20 707 0.8%JPMorgan Chase Bank, N.A., London Nominee 19 772 0.8%State Street Bank and Trust Comp Nominee 18 313 0.7%VERDIPAPIRFOND ODIN NORGE Ordinary 15 653 0.6%The Bank of New York Mellon SA/NV Nominee 15 545 0.6%State Street Bank and Trust Comp Nominee 13 303 0.5%SIX SIS AG Nominee 12 795 0.5%CLEARSTREAM BANKING S.A. Nominee 11 247 0.5%UBS AG Nominee 10 999 0.4%UBS Switzerland AG Nominee 10 816 0.4%VERDIPAPIRFONDET KLP AKSJENORGE IN Ordinary 10 563 0.4%Morgan Stanley & Co. LLC Nominee 10 330 0.4%Deutsche Bank Aktiengesellschaft Nominee 8 857 0.4%The Bank of New York Mellon SA/NV Nominee 8 000 0.3%OTHERS 505 436 20.2%Total number of shares 2 496 406 100%Note 26 Hybrid capitalV\u00e5r Energi ASA has issued a EUR 750 million Subordinated Fixed Rate Reset Securities due on the 15th of November 2083. This is broadening our range of funding sources and investor base and is reinforcing our balance sheet with a new layer of capital. For our hybrid bond, we have the right to defer coupon payments and ultimately decide not to pay at maturity. Deferred coupon payments become payable, however, if we decide to pay dividends to our shareholders. Hybrid bond 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 Profit/loss allocated to Hybrid owners - - - Fees (7 361) (7 361)Accretion 84 84 Interest classified as dividend - - - Balance as of 31 Dec 2023 799 461 8 921 808 382 USD 1000 Equity Debt Total Balance as of 31 Dec 2023 799 461 8921 808 382 Addition - - -Profit/loss allocated to Hybrid owners 15 600 - 15 600 Fees - - -Accretion - 126 126 Interest classified as dividend (15 600) - (15 600) Balance as of 31 Dec 2024 799 461 9 047 808 508",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__81-1": {
"value": "Note 25 Financial liabilities and borrowingsInterest-bearing loans and bondsUSD 1000 Coupon/Int. Rate Maturity 31 Dec 2024 31 Dec 2023Bond 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 640 672 682 938 Subord. EUR Fixed Rate Sec. (23/83) 7.862% Nov 2083 9 047 8 921 RCF Working capital facility 1.08%+SOFR +CAS Nov 2027 1 475 000 - RCF Liquidity facility 1.13%+SOFR +CAS Nov 2027 495 000 - Prepaid loan expenses (37 546) (45 278)Total interest-bearing loans and borrowings 5 082 173 3 146 582 Of which current and non-current:Interest-bearing loans, current - - Interest-bearing loans and borrowings 5 082 173 3 146 582 Bond EUR Senior Notes (23/29)Fair value of hedge related to EUR senior notes 19 117 17 370 Hedge inefficiency related to EUR senior notes (1 783) 2 568 Bond EUR Senior Notes net including FV hedge 623 338 663 000 Credit facilities - utilised and unused amountUSD 1000 31 Dec 2024 31 Dec 2023Drawn amount credit facility 1 970 000 -Undrawn amount credit facilities 1 030 000 3 000 000 V\u00e5r Energi ASA have three senior USD notes outstanding in addition to one tranche of EUR denominated senior notes. 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. The estimated fair value (level 2) of the bonds as of 31 December 2024 was USD 3 352 million.In November 2023, V\u00e5r Energi ASA issued EUR 750 million Subordinated Fixed Rate Reset Securities due in 2083. The liability is reflected as interest bearing debt. For more details on the EUR Fixed Rate Reset Security, see note 26.An interest rate swap was entered into in May 2023 for the same amount as the EUR Senior Note. Under the swap, the Company receives a fixed amount equal to the coupon payment for the EUR senior notes and pay a floating rate to the swap providers.V\u00e5r Energi\u2019s senior unsecured facilities per 31 December 2024 consist of the working capital credit facility of USD 1.5 billion and the liquidity facility of USD 1.5 billion. From 1 November 2026 until 1 November 2027 the maximum loan amount is USD 1 286 million and USD 1 250 million for the working capital facility and liquidity facility, respectively. 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 is tested at the end of each calendar quarter. V\u00e5r Energi is in compliance with these covenants. The interest rate payable for each of the facilities is determined by timing and the company\u2019s credit rating taking the aggregate of the Secured Overnight Financing Rate (SOFR) and the Credit Adjustment Spread (CAS) and adding the applicable margin for the present period as shown in the table.Note 27 Asset retirement obligationsUSD 1000 2024 2023Beginning of period 3 295 052 3 216 138 Additions through business combinations 371 512 - Change in estimate 373 179 183 879 Change in discount rate (204 169) (6 394)Accretion discount 115 666 98 765 Incurred removal cost (66 794) (40 688)Disposals (103 843) (54 630)Currency translation effects (391 682) (102 018)Total asset retirement obligations 3 388 921 3 295 052 Short-term 105 190 87 385 Long-term 3 283 731 3 207 667 Breakdown by decommissioning period 31 Dec 2024 31 Dec 20232024-2030 216 455 431 819 2031-2040 1 949 169 1 689 489 2041-2061 1 223 297 1 173 744 The estimate is based on executing a concept for abandonment in accordance with the Petro-leum Activities Act and international regulations and guidelines. The calculations assume an inflation rate of 3% for 2025 and 2% forward and discount rates between 3.8% - 4.1% per 31 December 2024. The assumptions per 31 December 2023 for inflation rates were 4% for 2024 and 2% forward and discount rates from 3.2% - 3.5% . The discount rates are based on risk-free interest without addition of credit margin.2024 payments for decommissioning of oil and gas fields (abex) is mainly related to Ekofisk, Statfjord and Balder area. In 2023 the payments for decommissioning of oil and gas fields (abex) was mainly related to Balder area.V\u00e5r Energi has a retirement obligation as a shipper in Gassled booked to other non-current liabilities in the balance sheet statement. V\u00e5r Energi has accrued USD 78.8 million and for this purpose per 31 December 2024 the corresponding amount per 31 December 2023 was USD 73.6 million.",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__80-1": {
"value": "Note 25 Financial liabilities and borrowingsInterest-bearing loans and bondsUSD 1000 Coupon/Int. Rate Maturity 31 Dec 2024 31 Dec 2023Bond 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 640 672 682 938 Subord. EUR Fixed Rate Sec. (23/83) 7.862% Nov 2083 9 047 8 921 RCF Working capital facility 1.08%+SOFR +CAS Nov 2027 1 475 000 - RCF Liquidity facility 1.13%+SOFR +CAS Nov 2027 495 000 - Prepaid loan expenses (37 546) (45 278)Total interest-bearing loans and borrowings 5 082 173 3 146 582 Of which current and non-current:Interest-bearing loans, current - - Interest-bearing loans and borrowings 5 082 173 3 146 582 Bond EUR Senior Notes (23/29)Fair value of hedge related to EUR senior notes 19 117 17 370 Hedge inefficiency related to EUR senior notes (1 783) 2 568 Bond EUR Senior Notes net including FV hedge 623 338 663 000 Credit facilities - utilised and unused amountUSD 1000 31 Dec 2024 31 Dec 2023Drawn amount credit facility 1 970 000 -Undrawn amount credit facilities 1 030 000 3 000 000 V\u00e5r Energi ASA have three senior USD notes outstanding in addition to one tranche of EUR denominated senior notes. 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. The estimated fair value (level 2) of the bonds as of 31 December 2024 was USD 3 352 million.In November 2023, V\u00e5r Energi ASA issued EUR 750 million Subordinated Fixed Rate Reset Securities due in 2083. The liability is reflected as interest bearing debt. For more details on the EUR Fixed Rate Reset Security, see note 26.An interest rate swap was entered into in May 2023 for the same amount as the EUR Senior Note. Under the swap, the Company receives a fixed amount equal to the coupon payment for the EUR senior notes and pay a floating rate to the swap providers.V\u00e5r Energi\u2019s senior unsecured facilities per 31 December 2024 consist of the working capital credit facility of USD 1.5 billion and the liquidity facility of USD 1.5 billion. From 1 November 2026 until 1 November 2027 the maximum loan amount is USD 1 286 million and USD 1 250 million for the working capital facility and liquidity facility, respectively. 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 is tested at the end of each calendar quarter. V\u00e5r Energi is in compliance with these covenants. The interest rate payable for each of the facilities is determined by timing and the company\u2019s credit rating taking the aggregate of the Secured Overnight Financing Rate (SOFR) and the Credit Adjustment Spread (CAS) and adding the applicable margin for the present period as shown in the table.Note 26 Hybrid capitalV\u00e5r Energi ASA has issued a EUR 750 million Subordinated Fixed Rate Reset Securities due on the 15th of November 2083. This is broadening our range of funding sources and investor base and is reinforcing our balance sheet with a new layer of capital. For our hybrid bond, we have the right to defer coupon payments and ultimately decide not to pay at maturity. Deferred coupon payments become payable, however, if we decide to pay dividends to our shareholders. Hybrid bond 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 Profit/loss allocated to Hybrid owners - - - Fees (7 361) (7 361)Accretion 84 84 Interest classified as dividend - - - Balance as of 31 Dec 2023 799 461 8 921 808 382 USD 1000 Equity Debt Total Balance as of 31 Dec 2023 799 461 8921 808 382 Addition - - -Profit/loss allocated to Hybrid owners 15 600 - 15 600 Fees - - -Accretion - 126 126 Interest classified as dividend (15 600) - (15 600) Balance as of 31 Dec 2024 799 461 9 047 808 508",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s6__6__85": {
"value": "Note 28 Other non-current liabilities USD 1000 Note 31 Dec 2024 31 Dec 2023Removal provision Gassled 27 78 767 73 613 Decommissioning deposit 10 865 - 1Deferred gain 7 483 8 536 Other 17 934 - Total other non-current liabilities 115 048 82 149 1 In 2017 Point Resources AS, sold the shares in ExxonMobil Property Norway (2) AS, and immediately entered into a finance lease for the office building located in Grenseveien 6, 4313 Sandnes. The excess of sales proceeds is deferred and amortised over the lease term (20 years).",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__86": {
"value": "Note 29 Other current liabilitiesUSD 1000 Note 31 Dec 2024 31 Dec 2023Net payables to joint operations 365 482 375 871 Net overlift of hydrocarbons 162 455 67 561 Employee payables and accrued public charges 47 521 22 698Accrued interests 54 695 54 936 Contingent consideration, current - 79 137Deferred payment for option premiums - oil puts 22 31 923 29 804 Other payables 21 423 14 072Total other current liabilities 683 499 644 079 A contingent consideration to ExxonMobil of USD 80 million has been conservatively carried as a liability since 2020. The liability was reduced during 2024, and settled in the fourth quarter with USD 46.8 million (see note 10 and 30).The liability for oil put options relates to cost of oil put options that under the purchase agree-ment is due for payment at the time of settlement of the option (exercise/expiry) and is not a measure of fair value.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__87": {
"value": "Note 30 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 licence agreements.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 31 Lease agreements. \ue61e\ue61eUSD 1000 31 Dec 2024 31 Dec 2023Within one year 234 685 137 343 After one year but not more than five years 59 285 249 225 More than five years 196 8 514 Total commitments other than leases 294 167 395 081 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 10. The total estimated net present value of the fee payments as of 31 December 2024 is USD 288 million, 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 ContingenciesDuring the normal course of its business, V\u00e5r Energi will be involved in disputes, including tax disputes. The Company makes accruals for probable liabilities related to litigation and claims based on management\u2019s best judgment. As 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 of USD 80 million has been conservatively carried as a liability since 2020. The liability was reduced during 2024, reflecting an updated evaluation. The liability was settled in the fourth quarter of 2024 with USD 46.8 million.After disagreement between the participants in the Breidablikk Unit, the Ministry Energy decided on the apportionment of the Breidablikk field on 29 June 2021, the decision was 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 approxi-mately 5% less than the Company was entitled to. S\u00f8r-Rogaland District Court rejected V\u00e5r Energi\u2019s claim on 30 January 2024. V\u00e5r Energi has appealed the case. The first part of the appeal will be heard in the period 26 March \u2013 11 April 2025 and the second part (if relevant) will be heard Tuesday 14 April \u2013 15 May 2026.\ue61e There are no effects on the Financial Statements related to this dispute.Oslo District Court on 18 January 2024 delivered a decision in the so-called \u201cClimate Case II\u201d, where Greenpeace and Natur og Ungdom have sued the Norwegian State represented by the Ministry of Energy. The Court concluded that the government\u2019s approvals of the respective Plan for Development and Operation (\u201cPDO\u201d) for the three fields; Breidablikk, Tyrving and Yggdrasil were invalid due to insufficient impact assessments of climate effects of CO emissions related 2to the use of produced petroleum by the end user. The Court further granted a temporary injunction prohibiting the State from making other decisions for these fields that require valid PDO approvals until the validity of the relevant PDO decisions has been resolved. V\u00e5r Energi is not a party to this dispute, but the outcome may have implications for V\u00e5r Energi as a licencee holding 34.4% interests in the Breidablikk field. The Ministry has appealed to the Borgarting Court of Appeal. The appeal will be heard in September 2025. The Court of Appeal dismissed the motion for a temporary injunction to halt the development and production from the three fields, and this decision has been appealed to the Supreme Court. There are no effects on the Financial Statements related to this court case.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Note 32 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 2024 31 Dec 2023Trade receivablesEni Trade & Biofuels SpA 376 578 422 807 Eni SpA 71 680 74 606 Eni Global Energy Markets - 18 107 Other 615 909 Total trade receivables 448 874 516 429 All receivables are due within 1 year.Sales revenueUSD 1000 2024 2023Eni Trade & Biofuels SpA 4 728 774 3 945 390 Eni SpA 751 352 870 327 Eni Global Energy Markets 61 437 177 307 Total sales revenue 5 541 563 4 993 024 Current liabilitiesUSD 1000 31 Dec 2024 31 Dec 2023Account PayablesEni International BV 17 071 17 740 Eni SpA 10 398 11 654 Eni Trade & Biofuels SpA 21 337 7 033 Other 814 917 Total account payables 49 620 37 344 Operating and capital expendituresUSD 1000 2024 2023Eni Trade & Biofuels SpA 33 830 13 321 Eni International BV 18 918 17 333 Eni SpA 16 997 17 749 Other 4 853 1 383 Total operating and capital expenditures 74 598 49 786",
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"f1__s6__6__90": {
"value": "Note 33 Licence ownershipsConcession Fields WI % Operator Licencesperiod expiresBALDER 90.0% V\u00e5r Energi PL 001/PL 027/PL 027C/PL 169/PL 028 2030BAUGE 30.0% Equinor PL 348/PL 348B 2029BREIDABLIKK 34.4% Equinor PL 001DS/PL 027FS/PL 169/PL 169B2 2030BYRDING 15.0% Equinor PL 090B/PL 090C/PL 248 2026DUVA 30.0% V\u00e5r Energi PL 636/PL 636C 2044EKOFISK 12.4% ConocoPhillips PL 018/PL 018 B 2028ELDFISK 12.4% ConocoPhillips PL 018 2028EMBLA 12.4% ConocoPhillips PL 018 2028FENJA 75.0% V\u00e5r Energi PL 586 2039FRAM 40.0% Equinor PL 090/PL 090E 2040FRAM H-NORD 10.80% Equinor PL 090G/PL 248 2035GJ\u00d8A 30.0% V\u00e5r Energi PL 153 2028GOLIAT 65.0% V\u00e5r Energi PL 229 2042GRANE 28.3% Equinor PL 001CS/PL 169B1 2030GUDRUN 25.0% Equinor PL 025 2032GUNGNE 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 30.0% Equinor PL 348 2029JOHAN CASTBERG 30.0% Equinor PL 532 2049KRISTIN 16.7% Equinor PL 134D 2027LAVRANS 15.0% Equinor PL 199 2033MIKKEL 48.4% Equinor PL 092/PL 121 2028MORVIN 30.0% Equinor PL 134B 2027Concession Fields WI % Operator Licencesperiod expiresNJORD 22.5% Equinor PL 107/PL 107C/PL 132 2034ORMEN LANGE 6.3% Norske Shell PL 208/PL 250 2041RINGHORNE \u00d8ST 92.6% V\u00e5r Energi PL 027/PL 169E 2030SIGYN 40.0% Equinor PL 072 2035SLEIPNER VEST 17.2% Equinor PL 029/PL 046 2028SLEIPNER \u00d8ST 15.4% Equinor PL 046 2028SNORRE 18.6% Equinor PL 057/PL 089 2040SN\u00d8HVIT 12.0% Equinor PL064/PL077/PL078/PL097/PL099/2035PL100/PL110/PL110B/PL448STATFJORD 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 9.1% ConocoPhillips PL044 2028ALPHATOR 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 2029VEGA 3.3% Harbour Energy PL 090C/PL 248/PL 248B 2035VIGDIS 16.1% Equinor PL 089 2040\u00c5SGARD 22.7% Equinor PL 062/PL 074/PL 094/PL 094 B2027/PL 134/PL 237/PL 479Licences WI % OperatorPL001 90% V\u00e5r EnergiPL001 CS 100% V\u00e5r EnergiPL001 DS 100% V\u00e5r EnergiPL018 12% ConocoPhillipsPL018 B 12% ConocoPhillipsPL025 25% EquinorPL027 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% EquinorPL 064 15% EquinorPL072 40% EquinorPL072 B 50% EquinorPL073 12% EquinorPL073 B 15% EquinorPL074 39% EquinorPL074 B 39% EquinorPL074 CS 39% EquinorPL074 DS 39% EquinorPL074 ES 39% EquinorPL077 12% EquinorLicences WI % OperatorPL078 12% EquinorPL089 16% EquinorPL089 BS 16% EquinorPL089 CS 16% EquinorPL090 40% EquinorPL090 B 15% EquinorPL090 C 15% Harbour EnergyPL090 E 40% EquinorPL090 G 15% EquinorPL090 HS 20% EquinorPL090 I 40% EquinorPL090 JS 15% EquinorPL091 41% EquinorPL091 D 41% EquinorPL091 E 41% EquinorPL091 G 41% EquinorPL092 55% EquinorPL094 34% EquinorPL094 B 22% EquinorPL095 5% ConocoPhillipsPL097 12% EquinorPL099 12% EquinorPL100 6% EquinorPL107 23% EquinorPL107 B 28% EquinorPL107 C 23% EquinorPL107 D 28% EquinorPL110 12% EquinorPL110 B 12% EquinorPL121 35% EquinorLicences WI % OperatorPL124 10% EquinorPL124 B 10% EquinorPL132 23% EquinorPL134 30% EquinorPL134 B 30% EquinorPL134 C 30% EquinorPL134 D 30% EquinorPL134 E 30% EquinorPL153 30% V\u00e5r EnergiPL153 B 30% V\u00e5r EnergiPL153 C 30% V\u00e5r EnergiPL169 13% EquinorPL169 B1 7% EquinorPL169 B2 10% EquinorPL169 E 100% V\u00e5r EnergiPL187 25% EquinorPL199 15% EquinorPL209 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% EquinorLicences WI % OperatorPL312 41% EquinorPL312 B 41% EquinorPL348 30% EquinorPL348 B 30% EquinorPL375 20% EquinorPL393 80% V\u00e5r EnergiPL448 12% EquinorPL473 39% EquinorPL479 23% EquinorPL489 40% V\u00e5r EnergiPL532 30% EquinorPL554 30% EquinorPL554 B 30% EquinorPL554 C 30% EquinorPL554 D 30% EquinorPL554E 30% EquinorPL586 75% V\u00e5r EnergiPL586 B 45% V\u00e5r EnergiPL608 30% EquinorPL636 30% V\u00e5r EnergiPL636 B 30% V\u00e5r EnergiPL636 C 30% V\u00e5r EnergiPL817 80% V\u00e5r EnergiPL817 B 80% V\u00e5r EnergiPL820 S 30% V\u00e5r EnergiPL820 SB 30% V\u00e5r EnergiPL882 45% V\u00e5r EnergiPL917 40% V\u00e5r EnergiPL925 10% EquinorPL929 40% V\u00e5r EnergiLicences WI % OperatorPL932 20% Aker BPPL932 B 20% Aker BPPL938 50% V\u00e5r EnergiPL956 50% V\u00e5r EnergiPL984 20% DNO NorgePL984 BS 20% DNO NorgePL1002 42% V\u00e5r EnergiPL1002B 42% V\u00e5r EnergiPL1002C 42% V\u00e5r EnergiPL1005 40% Aker BPPL1025 S 60% V\u00e5r EnergiPL1025 SB 60% V\u00e5r EnergiPL1042 30% Aker BPPL1072 70% V\u00e5r EnergiPL1072 B 70% V\u00e5r EnergiPL1073 70% V\u00e5r EnergiPL1076 50% EquinorPL1078 30% EquinorPL1079 30% V\u00e5r EnergiPL1080 30% EquinorPL1090 50% V\u00e5r EnergiPL1105 S 50% V\u00e5r EnergiPL1110 30% Aker BPPL1120 20% DNO Norge ASPL1121 30% EquinorPL1131 40% V\u00e5r EnergiPL1132 60% V\u00e5r EnergiPL1154 40% V\u00e5r EnergiPL1163 20% ConnocoPhillipsPL1168 50% V\u00e5r EnergiLicences WI % OperatorPL1173 60% V\u00e5r EnergiPL1179 40% EquinorPL1180 40% V\u00e5r EnergiPL1185 20% EquinorPL1188 23% EquinorPL1189 23% EquinorPL1192 50% V\u00e5r EnergiPL1194 30% OMVPL1194 B 30% OMVPL1196 70% V\u00e5r EnergiPL1197 50% V\u00e5r EnergiPL1203 30% V\u00e5r EnergiPL1211 50% V\u00e5r EnergiPL1213 S 40% V\u00e5r EnergiPL1214 25% EquinorPL1215 30% Aker BPPL1217 20% InpexPL1218 20% Aker BPPL1219 50% V\u00e5r EnergiPL1224 50% V\u00e5r EnergiPL1227 23% EquinorPL1231 30% OMVPL1236 30% EquinorPL1237 40% V\u00e5r EnergiPL1238 20% EquinorPL1239 30% EquinorPL1241 50% V\u00e5r EnergiPL1242 20% Aker BPPL1243 20% Aker BP",
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__91": {
"value": "Note 34 Proved developed reserves (un-audited)mmboeProved developed reserves as at 31.12.22 312 Production 2023 (78)Change in estimate 2023 69 Proved developed reserves as at 31.12.23 303 Production 2024 (102)Acquisition/disposal 66 Change in estimate 2024 64 Proved developed reserves as at 31.12.24 331 Proved developed reserves as of 31 December 2024 are V\u00e5r Energi ASA\u2019s own evaluation based on Petroleum Resources Management System (PRMS) principles. Third-party independent assessment has been performed by international petroleum consultants DeGolyer and MacNaughton (D&M) on all V\u00e5r Energi\u2019s fields with remaining hydrocarbon volumes classified as reserves. The results of the independent assessment indicate no material difference compared to the Company reserves presented herein.Total proved reserves, developed and undeveloped, as of 31 December 2024 were 776 mmboe, an increase of 167 mmboe compared to 31 December 2023.As of 31 December 2024, the Company\u2019s total proved and probable reserves (2P) net to V\u00e5r Energi were 1 187 mmboe, up from 985 mmboe as of 31 December 2023. The increase is mainly due to acquisition of Neptune as well as transfer of Fram South project and Snorre lifetime extension to reserves. In addition to this there are several infill projects and revisions due to good field performance.V\u00e5r Energi\u2019s total proved and probable reserves are distributed with 24% in the Balder Area, 28% in the Barents Sea, 27% in the North Sea and 21% in the Norwegian Sea. The Company\u2019s proved and probable reserves were split on 64% oil, 30% gas and 6% NGL. Total contingent resources (2C) at year-end 2024 were 927 mmboe, an increase of 299 mmboe when compared with year-end 2023. This increase is due to several exploration successes and technical revisions as the Company is actively de-risking and progressing resources into new development projects.For further information see the Annual Statement of Reserves published on www.varenergi.no",
"dimensions": {
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"language": "en",
"entity": "scheme:549300LIVN3FFOJN2K47",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__93": {
"value": "Note 36 Subsequent eventsV\u00e5r Energi has elected to sell part of its gas on a fixed price/forward basis. Per 31 December 2024 V\u00e5r Energi has sold approximately 4% of the gas production for the first quarter in 2025 at USD 70 pr boe and approximately 17% of the gas production for the second and third quarter of 2025 at USD 80 per boe.In January 2025 V\u00e5r Energi was awarded 16 new production licences, of which 5 are as operator, in the 2024 Awards in Predefined Areas (APA) covering mature areas.The AkerBP operated well Njargasas in PL1110 was concluded dry in January 2025. V\u00e5r Energi has a 30% equity in the licence and has capitalised exploration drilling cost amounting to USD 5.7 million as per 31.12.2024. A discovery on the V\u00e5r Energi operated well Zagato in licence PL229 was concluded in February 2025. The preliminary estimated gross recoverable resources are between 15 to 43 million barrels of oil equivalent (mmboe). V\u00e5r Energi has a 65% equity in the licence.Jotun floating production, storage and offloading vessel (FPSO) sailed from the Worley Rosenberg yard to the Balder field in mid-March.V\u00e5r Energi announced pricing an offering of EUR 1 billion Senior Notes under the Company's Euro Medium Term Note program on 5 March 2025. The Notes are listed on the regular market of the Luxembourg Stock Exchange. The offering settled on 12 March 2025, and the Notes will mature 12 March 2031. Production from the Equinor operated Halten East field in the Norwegian Sea has commenced, on time and on budget in mid-March. The gas and condensate field will provide V\u00e5r Energi with net production of around 20 thousand barrels of oil equivalent per day (kboepd) at peak.",
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}