Vår Energi increases acreage positions in the south, offshore Norway

Source: press release, 15 August 2022    

The Balder X Project includes a plan to drill additional production wells in the Balder and Ringhorne area, while also upgrading the ‘Jotun’ floating, production, storage and offloading vessel
The Balder X Project includes a plan to drill additional production wells in the Balder and Ringhorne area, while also upgrading the ‘Jotun’ floating, production, storage and offloading vessel (photo: Vår Energi)

Vår Energi has increased its acreage positions and takes new operatorship in the Balder area through several transactions.

Vår Energi has acquired 30% ownership in production licenses (PL) 820S and 820 SB (north of the Balder field in the North Sea) from Lime Petroleum, Pandion Energy and Lundin Energy Norway AS (now Aker BP). Vår Energi is proposed as new operator. The transaction is pending government approval.

Earlier this year, Vår Energi also acquired PL 917 and PL 917B (west of the Balder field) from Lundin Energy Norway AS (now Aker BP) in an equity swap. This provides Vår Energi with the operatorship and 20% additional equity share in return for reduced equity in PL 956 and PL 985. The new partnership arrangement for PL917 and PL917B is Vår Energi, 40% and operator, Aker BP (formerly Lundin Energy Norway AS), 40% and Suncor Energy Norge, 20%. The transaction has been approved by authorities.

VP Field development & Projects in Vår Energi, Bjørn Thore Ribesen says, “We have a long-term growth strategy in the North Sea, and these acquisitions add new opportunities to an already robust portfolio. The acquired licenses will be worked as part of the further development of the greater Balder area. We are looking forward to developing new and more sustainable opportunities for future value creation from these licenses together with our partners.”

The Balder field is in PL 001 – the very first license on the Norwegian Continental Shelf (NCS) – awarded in 1965. Vår Energi is currently extending the lifetime of the field through the Balder X project, aiming to extend production beyond 2045.