Vår Energi has a tangible plan for growth and high value creation long into the future, from a large and diversified asset portfolio with a significant resource and reserve base.
Our strategy is centered around four key hub areas, maximising utilisation of infrastructure and securing sustainable future growth.
Together with our strong safety culture and operational and exploration capabilities, the hub areas form the basis for long-term strategy.
We are poised for significant production growth, adding 150 thousand barrel of oil equivalent per day (kboepd) of new production by the middle of 2025, which will take us to our target of around 400 kboepd by the end of 2025.
Balder X is nearing completion and will be ready for production in the second quarter 2025, Johan Castberg is ready for start-up and Halten East will come on stream in the first quarter of 2025. This sets the standard for what will come next.
And the next will be based on turning our significant resource base into new projects to maintain production at 350 to 400 kboepd towards 2030.
Working at pace we sanctioned the Balder Phase V project and expect to sanction another eight projects from our highquality project portfolio in 2025.
Furthermore, we have strong exploration results. With a hit rate of almost 50% we are recognized as the most successful explorer on the NCS in 2024.
All 2024 discoveries are in our operated hubs: Ringhorne North, Cerisa and Countach, near the infrastructure at Balder, Gjøa and Goliat respectively. The upside potential for these areas is significant and we’re already working hard to turn these discoveries into production and value.
In 2024 we drilled 13 exploration wells. In 2025 we plan to do 20, making us the second most active explorer on the NCS.