Norwegian Offshore Safety Regulator Approves Vår Energi’s Utilization of FPSO Jotun for North Sea Fields

The Norwegian offshore safety regulator has granted consent to Vår Energi to utilize the living quarters, helicopter decks, and cranes on the revamped FPSO Jotun for deployment on the Balder and Ringhorne Øst fields in the North Sea off the coast of Norway.

Discovered in 1967, the Balder field in the central part of the North Sea lies in a water depth of 125 meters and has been developed with subsea wells tied back to the FPSO Balder. The Ringhorne deposit, located nine kilometers north of the FPSO Balder, is developed with a combined accommodation, drilling, and wellhead facility tied back to both the FPSO Balder and FPSO Jotun for processing, crude oil storage, and gas export.

The revised PDO for Balder and Ringhorne, approved in June 2020, includes a lifetime extension and relocation of the FPSO Jotun, as well as the drilling of new subsea wells. The sail-away of the unit is scheduled for production from Balder X to commence by the end of the second quarter of 2025.

Following the completion of all 14 wells, production is expected to start by the end of the second quarter of 2025, with a 3-4 month ramp-up period before reaching peak production. Vår Energi sanctioned Balder Phase V in Q4 2024, with start-up targeted for late 2025.

The Balder X project aims to recover around 200 million barrels of additional reserves from the Balder-Ringhorne area, extending the production lifetime to 2045 as part of the Balder Future redevelopment project in the North Sea.

Vår Energi is progressing multiple early-phase projects towards final investment decisions in the Greater Balder area, including Ringhorne North, Balder Future phases, and the King discovery, targeting gross contingent resources of over 70 mmboe.