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OSLO - Vår Energi has started production through the Jotun FPSO at the Balder field in the North Sea, according to a statement from Kistos Holdings (LON:KIST), which holds a 10% stake in the project.
The Jotun FPSO is expected to increase production by approximately 80,000 barrels of oil equivalent per day (boepd) within three to four months, adding to the current 30,000 boepd from existing Balder FPU and Ringhorne facilities. For Kistos, this represents an additional 8,000 boepd to its existing 3,000 boepd from the wider Balder Area.
The project features operating costs of around $5 per barrel and estimated gross recoverable reserves of 150 million barrels of oil equivalent. All 14 production wells have been completed and will be brought online during the ramp-up period.
Vår Energi, which operates the field with a 90% interest, indicated the project has a payback period of approximately two years from production start. The Balder Future project extends the life of production license PL001, the first on the Norwegian Continental Shelf, with operations now expected to continue beyond 2045.
The development includes plans for additional production through the Balder Phase V project starting later this year, followed by the recently sanctioned Phase VI project.
This milestone contributes to Vår Energi’s goal of reaching production exceeding 400,000 boepd in the fourth quarter of 2025, following recent startups at Halten East and Johan Castberg.
The information in this article is based on a press release statement from Kistos Holdings.
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