Vår Energi reveals plans to double oil production, increase exploration by 2025

(WO) — During Vår Energi’s 2022 financial report, the Norwegian exploration and production operator revealed plans to increase production by more than 50% by 2023. The company also expects to ramp up exploration plans based on successful exploration campaigns in 2022.

The production increase will be supported by “operational excellence, a high-value project portfolio, world-class exploration capabilities and value accretive M&A,” according to the company. In 2022, Vår Energi achieved an oil production rate of 220 Kboed. The company is on track to achieve a production rate of over 350 Kboed by the end of 2025 based on 17 sanctioned projects with the majority well into execution with committed investments, including the key projects Balder X, Johan Castberg and Breidablikk.

Vår Energi had a 57% exploration success rate in 2022, adding roughly 65 MMboe of resources, including the Vår Energi-operated Lupa discovery, the largest on the NCS for the year.

Torger Rød, CEO of Vår Energi , commented, “Our exploration team yet again delivered world-class results and we are proud to be the operator of the largest discovery on the NCS in 2022. We expect a continued high activity level for 2023 as we work to realise our full potential and deliver more than 50% production growth towards end-2025 and lay the foundation for sustained high value creation beyond that.”