November 2019

As CEO of Vår Energi, Kristin Kragseth led the acquisition of ExxonMobil’s North Sea assets in a move that catapulted Vår into being one of the region’s biggest producers. Ms. Kragseth’s long career in production management perfectly placed her to lead Vår Energi as they sought to cement their position on the Norwegian Shelf. With Kristin at the helm and currently producing more than 180,000 bpd with reserves of 1,250 million – Vår Energi will be a leading player for some time to come.

“The establishment of Vår Energi as one of the largest E&P players on the Norwegian Continental Shelf has been an absolute highlight during the past year. Building a new, strong entity on the shoulders of Eni and ExxonMobil in Norway – two companies with not only 50 years of history in the country but also being instrumental to the development of the nation’s petroleum industry, has been a unique privilege.

Together with our owners, Eni and Hitecvision, we have used the momentum of the ongoing restructuring of the industry to create a new and forceful company, combining long term visions with the entrepreneurial spirit of an entrant. In my view this is a perfect fit for a new era on the Norwegian shelf.

A main challenge for the future will no doubt be navigating the energy and climate paradox: A growing population needs more energy and oil and gas has a place in the energy mix for decades to come, even within the targets set in Paris. Simultaneously we must reduce climate emissions and gain stronger momentum within renewables. Tackling this challenge, finding suitable policies which both will secure affordable and clean energy for all and creating public understating and support for the continued need for fossil fuels is the Gordian knot of our time.”