Vår Energi, Kistos take FID on seven-well Balder Next program

Vår Energi and partner Kistos Energy Norway took a final investment decision on the Balder Next New Wells project in the North Sea. The first phase comprises seven new wells tied back to the Jotun floating production, storage and offloading vessel, with start-up expected in Q4 2027.

The project is expected to develop 86 million boe gross in proved plus probable reserves, up from an estimate of around 75 million boe communicated earlier this year. Vår Energi cited a breakeven of around $30/boe and an internal rate of return exceeding 35%.

Vår Energi operates the Balder field with a 90% interest, with Kistos Energy Norway holding the remaining 10%. The development supports planned infrastructure consolidation in the area, including decommissioning of the Balder floating production unit from 2028.