Vår Energi ASA expects to deliver more than 50% production growth over the next 3 years, with development projects underpinning its end-2025 production target above 350,000 boe/d progressing to plan, the company said in a release Apr. 24.
Aker BP-operated Frosk (Vår Energi 20%), in the North Sea, came online in first-quarter 2023, while Equinor-operated Bauge and Hyme developments in the Norwegian Sea came online early in this year’s second quarter (OGJ Online, Mar. 14, 2023, Apr. 7, 2023). Production at Fenja is expected on stream later in this year’s second quarter, the company said.
First oil at Equinor-operated Breidablikk (Var Energi 34.4%) in the North Sea is expected in first-quarter 2024 (OGJ Online, June 29, 2021). Balder X, where Var Energi in September 2022 added $1.2 billion to the Norwegian Continental Shelf project's cost and delayed first oil, is still on track for startup in third-quarter 2024 (OGJ Online, Sept. 19, 2022). Equinor-operated Johan Castberg (Var Energi 30%) is on track for first oil in fourth-quarter 2024, with construction activities on schedule.
Production for first-quarter 2023 came in at 214,000 boe/d, stable from fourth-quarter 2022, the company said. Full year 2023 production guidance is unchanged at 210,000-230,000 boe/d.