Jotun FPSO Tow Begins to Balder Field, Norway

Vår Energi has begun the tow-out of the Jotun floating production, storage and offloading (FPSO) vessel from the Worley Rosenberg yard to the Balder field in Norway, with production expected to start by mid-2025. The Jotun FPSO is integral to the Balder X project, which aims to extend production from the Balder Hub to 2045 and develop 150 million barrels of oil equivalent in reserves. CEO Nick Walker highlighted that this project will quadruple production from the field, adding around 80,000 barrels of oil equivalent per day at peak. The Jotun FPSO will support further exploration and development, including infill drilling and tie-backs, while optimizing existing infrastructure and reducing emissions. Additional early-phase projects targeting over 70 million barrels of contingent resources are also being advanced in the Greater Balder area. The Balder X initiative is viewed as crucial for Vår Energi's ambitious growth plans, with a target of reaching over 400,000 barrels of oil equivalent per day by late 2025.