Vår Energi $VAR (-0,46%) is pleased to announce the successful launch of Balder Phase V and the completion of Åsgard Low Pressure Production Phase 3 (LPP3).
With the launch of the Åsgard LPP3 project planned for December, the company has fulfilled its commitment to complete nine out of nine growth projects in 2025, representing a year of transformative progress for Vår Energi.
Production has increased from an average of 280,000 barrels of oil equivalent (kboepd) in 2024 to around 430 kboepd today, underlining our commitment to growth and value creation.
CEO Nick Walker said:
"Completing all nine projects on time this year is a great achievement for Vår Energi. This success has led to transformative growth, bringing production to record levels and significantly improving the company's prospects. We are on track to maintain production at 350 to 400 kboepd through 2030 and beyond, and we have never been in a stronger position to create long-term value for our shareholders."
The development projects completed in 2025 are Halten East, Johan Castberg, Balder Jotun FPSO, Ormen Lange Phase 3, Snøhvit Askeladd Vest, Gjøa Low Pressure Project, Åsgard Subsea Compression Phase 2, Balder Phase V and Åsgard LPP3, with the Halten East, Balder and Johan Castberg projects contributing the most to growth.
At peak, the nine projects will contribute net production of around 180 kboepd and have developed 390 million barrels of oil equivalent (mmboe) of net proved and probable (2P) reserves, strengthening Vår Energi's position as a leading producer on the Norwegian Continental Shelf (NCS).
The addition of low-cost barrels has reduced the company's operating costs to around USD 10 per boe, a level that is expected to be maintained in the future.