Vår Energi and partner Kistos Energy have taken FID on the Balder Phase V project in the Norwegian North Sea.
The fast-track project, with an estimated capex of $690 million, will develop 33 MMboe of 2P reserves via six new infill wells, using spare template slots on subsea facilities serving the Balder field and surrounding area.
Drilling will start in the first half of next year, with the first wells set to go onstream by the end of 2025.
Current development projects due to start producing over the next nine months should lift Vår Energi’s production to around 400,000 boe/d by the end of next year.
Balder Phase V will deploy multilateral well technology to deliver a high rate of return and short time to market, the company said. Plans are also progressing for Balder Phase VI.
