Vår Energi unlocks barrels in the Balder area
Vår Energi and Kistos Energy reached the final investment decision for the Balder Phase V project in the Balder area of Norway.
The project will develop 33 million barrels of oil equivalent (mmboe) of gross proved plus probable (2P) reserves for capital spend of $690 million gross. Drilling will commence in the first half of 2025 and be complete in 2026, with the first wells coming onstream by the end of 2025.
Balder Phase V involves drilling of up to six infill wells using all the remaining available template well slots in the existing Balder subsea facilities and tied back to the Jotun FPSO for processing. The drilling of multilateral wells has resulted in extending the reservoir area, increased recoverable reserves and recovery factor, reducing the number of wells required.
The field is operated by Vår Energi (90%) with Kistos Energy Norway AS as partner (10%).
