Vår Energi has achieved a significant milestone by reaching a production level of 400 thousand barrels of oil equivalent per day (kboepd), ahead of schedule. The Company is also on track to produce around 430 kboepd in the fourth quarter this year, delivering on its strategy for transformative growth in 2025.
The higher than expected production level has been achieved as the Jotun FPSO at the Balder field continues to ramp-up ahead of plan, with peak production expected during September. In addition, other assets across the portfolio are contributing with strong deliveries.
'This is a major achievement for the Company and a testament to the hard work and dedication of the people in Vår Energi, our suppliers and partners. It demonstrates the strength of our operational capabilities and the momentum we are building as we continue to grow production. It is also a reflection of the successful execution of our strategy to deliver long-term, sustainable value creation for all our stakeholders.' said Nick Walker, CEO of Vår Energi.
Vår Energi is delivering transformational growth in 2025, confirming its position as a leading, pure play E&P company on the highly attractive Norwegian Continental Shelf (NCS). The Company expects to achieve the mid-point of its full-year production guidance of 330–360 kboepd and is on track to produce around 430 kboepd in the fourth quarter of this year. Looking ahead, Vår Energi is committed to sustain high value creation towards 2030 and beyond. The Company aims to maintain production in the range of 350 to 400 kboepd over time, supported by a robust portfolio of around 30 early-phase projects. Of these, more than 10 projects are expected to reach final investment decision this year, with four already sanctioned. In addition, Vår Energi continues to be one of the most active explorers on the NCS with three commercial discoveries year to date.
The Company is delivering significant value creation through reduced costs, a high quality and flexible investment program, and incremental improvements throughout our operations. This provides resilience in a volatile business environment, strong cash flow generation and strengthens our long-term shareholder distribution capacity.
Source: Vår Energi
