Vår Energi’s net daily production is expected to reach 250,000 barrels of oil equivalent by 2023, after developing more than 500 million barrels of oil equivalent (Mboe) in over ten existing projects in our development portfolio on the Norwegian continental shelf (NCS). This will require investments of about NOK 65 billion over the next five year period.
Balder and Ringhorne
Operated producing fields in the North Sea such as Balder and Ringhorne will undergo major redevelopment. The first license awarded on the NCS in 1965, PL 001 in the Balder field area, is currently subject to an extended production horizon towards 2045.
The Balder X Project includes a plan to drill additional production wells in the Balder and Ringhorne area, while also upgrading the Jotun floating, production, storage and offloading vessel (FPSO) and relocate the unit in the area between the Balder and Ringhorne fields, specifically in PL 001. This will enable production of new Balder and Ringhorne volumes, providing a life span of 80 years for PL 001.
The Jotun FPSO and the Balder FPSO will separately go through life extension programs; Balder towards 2030 and Jotun towards 2045. New drilling campaigns will commence in 2019, and numerous new production wells will increase oil recovery in the Balder and Ringhorne area significantly. More information about the Balder and Ringhorne fields is available in the Production and Exploration sections.
The planning of a potential development of the Alke discovery in the Barents Sea resumed in May 2017. The company is working to mature a possible gas export concept that will – if realised, achieve an extension of the license. Several studies are evaluating concept selection, in combination with the Goliat license, as Alke is located southwest of the Goliat field.
A full overview of Vår Energi’s portfolio is available in our interactive License map.