Norwegian oil and gas firm Vår Energi has put the Balder Phase V project into production, while also completing of Åsgard Low Pressure Production Phase 3 (LPP3) scheme, bolstering its North Sea production.
With the Åsgard LPP3 project start-up scheduled for December, the company has delivered on its commitment to complete nine out of nine growth projects in 2025, marking a year of transformational progress for Vår Energi.
Production has grown from an average of 280 thousand barrels of oil equivalent (kboepd) in 2024 to around 430 kboepd today, demonstrating our commitment to growth and value creation.
The development projects delivered in 2025 are Halten East, Johan Castberg, Balder Jotun FPSO, Ormen Lange Phase 3, Snøhvit Askeladd Vest, Gjøa Low Pressure Project, Åsgard Subsea Compression Phase 2, Balder Phase V and Åsgard LPP3, with the Halten East, Balder and Johan Castberg projects being the main contributors to the growth.
At peak, the nine projects will contribute with around 180 kboepd net production and have developed 390 million barrels of oil equivalent (mmboe) of net proved plus probable (2P) reserves, reinforcing Vår Energi’s position as a leading producer on the Norwegian Continental Shelf (NCS).
By adding low-cost barrels, the company’s unit operating cost has been reduced to around $10 per boe, a level which will be sustained going forward.
Vår Energi is operator of the Balder field with 90% working interest, with Kistos Energy Norway as partner with 10%.
"Delivering all nine projects as promised this year is a major achievement for Vår Energi. This success has driven transformational growth, taken production to record levels, and significantly de-risked the outlook of the Company. We are on target to sustain production at 350 to 400 kboepd towards 2030 and beyond, and we’ve never been in a stronger position to create long-term value for our shareholders,” said Nick Walker, CEO of Vår Energi.