Vår Energi eyes 2024 production startup of key Johan Castberg, Balder X projects offshore Norway
(WO) – In its quarterly report, Vår Energi said that progressing towards its 400,000 boed by 2025 production goal as key projects continue to develop.
The company, who touted itself as one of the world’s “fastest growing E&P companies,” said that its Johan Castberg and Balder X projects are making progress towards completion. Var is targeting startup in Q4 2024.
According to the company’s website, the Balder Future project consists of the refurbishment and relocation of the Jotun FPSO from the Jotun field to the Balder area to accommodate the tie-ins of 14 new production wells and one new water injection well.
Additionally, 7 of 8 sanctioned projects with start-up’s by end-2025 are more than 50% complete. Finally, it’s recent offshore oil discovery at Ringhorne North in the Balder Area is expected to contribute to the company’s overall production. Recoverable resources at Ringhorne North are estimated between 13 and 23 MMbbl of oil.
“Our key development projects, Johan Castberg and Balder X, continue to progress, with targeted start-up’s maintained as previously communicated. Also, our exploration efforts continue to generate positive results, with the discovery of Ringhorne North in the Balder Area, a potential tie-back to existing infrastructure,” said Vår Energi CEO Nick Walker.
