20 October 2023
Breidablikk on stream ahead of schedule
Production from the Breidablikk field in the North Sea commenced on October 20, ahead of plan and on budget. Tied back to the Grane platform, the subsea field holds almost 200 million barrels of recoverable oil. The project supports the company’s strategy for growth and value creation.
Vår Energi CEO, Nick Walker says:
We are delighted to see Breidablikk coming on stream four months ahead of plan, within budget and with higher initial production than expected. This marks a key milestone in our strategy for growth and long-term value creation of more than 50% production increase and to reach 350 thousand barrels of oil equivalent per day by end 2025. The project is highly profitable and will add up to 60 kboepd gross of high margin volumes once plateau production is reached, secure energy supplies to our European customers and generate value for the Norwegian society and our owners.
The project has taken just over three years to complete, following the PDO submission in September 2020. The original plan was to start production from five wells in the first quarter of 2024. The project is on stream ahead of schedule and the number of wells drilled has increased to eight, adding extra production potential from day one. The remaining wells will be drilled and completed by end 2025.
Mr Walker adds:
Vår Energi is one of the fastest growing E&P companies in Europe, supported by nine further projects in development. I want to thank operator Equinor, the partnership, suppliers and everyone involved in making Breidablikk a successful project, adding to our portfolio of completed projects over the past year. Of the remaining development projects, five projects are more than 50% complete.
The Breidablikk development includes subsea facilities for 22 wells from four templates. Pipelines and cables have been installed between the subsea facility and the Grane platform, which has been modified to receive the well stream. The oil from Breidablikk is processed on Grane and sent ashore by pipeline to the Sture terminal in Øygarden.
The project has had large positive ripple effects in Norway. More than 90 percent of the contract value has gone to suppliers based in Norway.
- Partnership: Equinor Energy AS 39% (operator), Vår Energi ASA 34.4%, Petoro 22.2%, ConocoPhillips Skandinavia AS 4.4%
- Discovered in 1992, Breidablikk is located in the central part of the North Sea, ten kilometres northeast of Grane, in 130 metres water depth
- Breidablikk is expected to produce at plateau level in the period 2024 to 2026. Plateau production is estimated at gross 55-60,000 boepd.
Ida Marie Fjellheim, VP Investor Relations
Andreas Wulff, VP Communications