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Sustainability Report / Our strategy for long-term value creation
Our strategy for long-term value creation To operate in a sustainable manner means to create value for stakeholders, and to use resources in a way that does not compromise the needs of future generations, respecting people, the environment and the society as a whole We are an oil and gas company managing our resources responsibly, to create long-term value for Norway, our owners and our employees. The name of our company, Vår Energi, reflects the Norwegian word spring – symbolising a new beginning and growth as well as the word for our – our energy, implying that the company’s employees and business partners work together as one team to ensure efficient production of resources that belongs to all of us; creating values for the Norwegian society as a whole. Our values are more than just economic return. They also contain environmental, social and governmental (ESG) factors which are important to our stakeholders. Therefore, sustainability is implicit in our definition of long-term value creation. Our core values consist of five Norwegian words. We have aligned our values to our sustainability efforts to emphasise our strategic ambitions. VI VIL (we will) is the guideline for our way of working. Strategic focus Our strategy for long-term value creation is centred on four main areas: - Nobody gets hurt - Prioritize climate - Local value creation - Innovation, efficiency and collaboration Nobody gets hurt In Vår Energi, our highest priority is the health and safety of our employees and contractors. As a result of this, the main goal in all our business activities is to be the safest operator on the Norwegian continental shelf (NCS).
We work every day to ensure that all our activities are performed safely. This is a value ingrained in our culture, as well as in our business plans. Vår Energi backs several initiatives to ensure safe and healthy working environments for our employees, in close cooperation with the employee representatives. A systematic approach to identify, evaluate and mitigate risk factors in the working environment has been established. This helps to ensure that the working environment is safe and sound and according to applicable laws, regulations and guidelines. “Nobody gets hurt” relates to SDG 8. Prioritize climate Vår Energi’s operations have the potential to significantly impact wildlife and nature, as well as the effects emissions of greenhouse gases (GHG) has on the climate. We work to ensure that our operations have minimal impact to the environment and we cooperate with local communities, other operators and national authorities to ensure that our operations are conducted in a safe and responsible manner. “Prioritize climate” constitutes a determination to protect and safeguard the environment and to reduce our GHG-emissions. Vår Energi commits to contribute to solving the climate challenge by actively reducing and minimising our environmental impact. Vår Energi will reduce its GHG emissions through increases in operational efficiency (energy management), electrification of assets, and reduced cold venting and fugitive emissions. Long term GHG emissions can be reduced through implementation of low emission technologies, carbon capture and storage (CCS), and use of renewable energy and using decarbonised fuels as energy sources. Being an active partner in research, development and innovation projects which includes low emission technology and clean/green energy is an important part of the company’s contribution to solving the climate challenge. “Prioritize climate” relates to SDG 13.
