North Sea drilling campaign
Norwegian oil and gas firm Vår Energi has approved a final investment decision (FID) for a six-well drilling program in the Balder area of the North Sea.
Partnering with Kistos Energy, the project aims to develop 33 million barrels of oil equivalent (mmboe) in gross reserves at a capital cost of $690 million, with a breakeven price of $30 per barrel.
Drilling will begin in early 2025, with production from the first wells expected by the year’s end.
The wells will be tied back to the refurbished Jotun FPSO, which is scheduled to start production in Q2 2025. The project is part of a broader effort to sustain long-term production, targeting 400,000 barrels of oil equivalent per day by the end of 2025.
Vår Energi is also exploring additional projects, including Balder Phase VI, to extend production in the area through 2045. Read more here.
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