Our vision

Our vision is to become the world’s leading international independent exploration and production company. We are expanding our business globally to meet the oil and gas needs of the energy future.

Excellence and expertise will fuel our future

Our goal is to become the leading independent exploration and production company within five years. To achieve this, we will build long-term shareholder value through sustainable growth.

We will deliver growth in value by:

  • running our assets and driving our production in an efficient, sustainable and safe manner;
  • developing our exploration projects to ensure healthy reserves replacement;
  • integrating past acquisitions successfully and high-grading our portfolio of activities;
  • considering additional M&A activities if these are value-accretive; and
  • driving an entrepreneurial culture without compromising integrity or safety in anything we do.

Our strategy

We aim to create the world’s leading international independent E&P company within the next five years.  We will build on our strengths – a diverse international portfolio, deep industry expertise, financial strength and agility – to achieve our goal. We will get there by focusing on four key strategic elements.

Creating a performance culture with high HSE standards

We promote a performance culture which incentivises asset efficiency, rewards value creation and supports industry-leading HSE standards.

Optimising production and improving operational efficiency

At our operated assets, we focus on well productivity, reliability and good reservoir management. Where partners are operators, we work with them to identify opportunities for targeted interventions. Globally, we simplify structures, standardise systems, invest in new technology, and manage costs and capital allocation to achieve efficiency gains.

Financial headroom and active risk management

We maintain a strong balance sheet and healthy liquidity to maximise freedom of action. We also hedge most production revenues two to three years in advance. This adds certainty and makes it easier to act strategically.

Balancing organic and inorganic growth

For organic growth, we target near-field opportunities with relatively short development periods. Our M&A programme aims to build synergies and consolidate our existing hubs in Norway, the UK continental shelf, Asia Pacific and North Africa. Our preference is for operated acquisitions and, longer term, an increased emphasis on gas. We may also divest or farm-down certain assets to raise the overall quality of our portfolio.