Norwegian oil and gas company 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 said it 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 floating production, storage and offloading (FPSO) unit 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.
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.
Also, it 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.
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