With the Åsgard LPP3 project start-up scheduled for December, the company claims to have delivered on its commitment to complete nine out of nine growth projects in 2025, marking a year of transformational progress for the firm.
As a result of these endeavors, the production has grown from an average of 280,000 barrels of oil equivalent (boepd) in 2024 to around 430,000 boepd. By adding low-cost barrels, the firm’s unit operating cost has been reduced to around $10 per boe, a level which is expected to be sustained going forward.
The development projects delivered this year, in which the company has a stake, 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 being the main contributors to the growth.
These nine projects will contribute around 180,000 boepd net production at peak and have developed 390 million barrels of oil equivalent (mmboe) of net proved plus probable (2P) reserves, reinforcing Vår Energi’s position on the Norwegian Continental Shelf (NCS).
Nick Walker , Vår Energi’s CEO, commented: “Delivering all nine projects as promised this year is a major achievement for Vår Energi. This success has driven transformational growth, taken production to record levels, and significantly de-risked the outlook of the company.
“We are on target to sustain production at 350 to 400 kboepd towards 2030 and beyond, and we’ve never been in a stronger position to create long-term value for our shareholders.”