
What smart money is saying about Vår Energi
1 fund in our archive has pitched Vår Energi — most recently Massif Capital in December 2025.
Var Energi AS, an independent upstream oil and gas company, explores for, develops, and produces hydrocarbons. The company operates four fields on the Norwegian continental shelf, including the Goliat, Marulk, Balder, and Ringhorne and Ringhorne East fields located in the Barents, the Norwegian, and the North Sea, as well as holds ownership interests in 32 producing partner-operated fields on the Norwegian continental shelf. It has reserves of 1,147 million barrels of oil equivalent on the Norwegian continental shelf. The company was formerly known as Eni Norge AS and changed its name to Var Energi AS in December 2018. The company was founded in 1965 and is based in Sandnes, Norway. Var Energi AS is a subsidiary of Eni International B.V.
Position history
Between Q4 2025 and Q2 2026, 1 fund letter reported a position in Vår Energi, with no move described.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 1 | 0 | 0 | 0 |
| Q4 2025 | 0 | 0 | 0 | 1 |
Fund activity · 1 position
- June 2026
“Var Energi, Aker BP, Equinor, and Harbour Energy, roughly 29% of the book across the quarter, fell five to nine percent in single sessions on multiple occasions,”
Read the letterVår Energi
Fund coverage · 1 thesis
- Massif CapitalDecember 2025
Vår Energi is a European E&P with operational cash flow from Johan Castberg and Balder X and industry-leading free cash flow yields supported by capex flexibility.
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