Vår Energi ASA expects first oil from Balder X and Johan Castberg Norwegian continental shelf (NCS) developments in fourth-quarter 2024.
The company provided project updates as part of a Feb. 13 quarterly review.
At Balder X, upgrades of the Jotun FPSO are 90% complete. Drilling and subsea infrastructure activities are progressing according to schedule (OGJ Online, Aug. 4, 2023). Balder X targeted start-up is based on FPSO sail away in August 2024.
At Johan Castberg, the FPSO is currently at Stord (Norway) where completion and commissioning activities are progressing. Preparations prior to sail away and offshore installation and hook-up are ongoing.
Vår Energi’s targeted NCS production is about 400,000 boe/d by end-2025. Of the nine sanctioned projects in the portfolio, six are now more than 50% complete.
Vår Energi is operator of Balder X (90%) with Kistos Energy Norway AS (KENAS) holding the remaining 10% after acquiring Mime Petroleum AS. Equinor Energy AS is operator at Johan Castberg (50%) with partners Vår Energi (30%) and and Petoro AS (20%).
In fourth-quarter 2023, Vår Energi had net profit of $129 million, down from third-quarter 2023 net profit of $189 million.
Production for the quarter was 225,000 boe/d, up 7% from third-quarter 2023.
The company expects full year 2024 production of 280,000-300,000 boe/d.
