Vår Energi has a tangible plan for growth and high value creation long into the future, from our large and diversified high quality asset portfolio and significant resource and reserve base.
We have a strong presence in all our four hubs,Barents Sea, Norwegian Sea, North Sea and the Balder Area, and in 2024 we demonstratedresource growth in all hubs.
Through stepping up the pace in project maturation and incrementally improving in everything we do, we are set up tomaximize value in years to come.
In 2025 we will deliver significant production growth, reaching more than 400 kboepd in Q4. The production growth is driven by nine project start-ups, with the following main locomotives:
Balder X – production start planned for end 2Q 2025
Johan Castberg – producing (started 1Q 2025 )
Halten East – producing (started 1Q 2025)
Paired with this, we will deliver a significant portfolio of high value infill wells and sustain high production efficiency.
At the same time we will continue to reduce our production costs and sustain ~10 USD/boe long-term.
More value faster
Vår Energi is transforming to sustain production. We are incrementally improving in everything we do. We accelerate subsea developments and realise our flexible and resilient project portfolio, and our high-value infill wells.
This will sustain our production at 350 to 400 kboepd towards 2030 from our large and diverse resource base.
Also, we are progressing our large, flexible and resilient project portfolio of around 30 early phase subsea tieback projects, developing around 600 mmboe, close to existing infrastructure. These are defined by low risk and short time to market.
As an example of realising great opportunities and securing short time to market, we sanctioned the Balder Phase V project at pace, and expect to sanction another 14 projects from our high quality project portfolio in 2025.
Incrementally improving
We have enhanced our in-house capabilities from reservoir to market and have a value driven use of new technology. For example, we utilize subsea multi-lateral drilling concept on Goliat and Balder to maximize value and drive down cost.
In parallel, we have optimised our way of working within project development and well planning.
We have strong partnerships in place to accelerate our large subsea developments portfolio, reducing time to market with around 12 months.
Partnering with top-tier suppliers gives us high optionality, improved efficiency and is scalable and cost-effective.
This enables us to leverage standardisation and technology. Our strategic partnerships have enabled us to pre-committed subsea systems and secure rigs and subsea installation vessels.
