Vår Energi ASA$VAR (-0,28 %) and
and its partners have approved the first follow-on development to extend plateau production
from the Johan Castberg field in the Barents Sea until 2030.
The Equinor $EQNR (+0,87 %) operated Johan Castberg license has made a final investment decision
for the Johan Castberg-Isflak development.
The partnership also plans to
six new Increased Oil Recovery (IOR) wells and a development of the Drivis-Tubåen discovery.
The projects bring total reserves of 27 million barrels of oil equivalent (mmboe) net to Vår Energi and have a strong break-even price
and a high return on investment.
The Isflak development is expected to commence production in the fourth quarter of 2028 and consists of two wells and a subsea template that will be tied back to the existing subsea infrastructure in the Johan Castberg field.