Vår Energi has initiated the tow-out of the Jotun floating production, storage, and offloading vessel (FPSO) from the Worley Rosenberg yard in Stavanger, Norway to the Balder field in central North Sea.
The FPSO is associated with the Balder X development, which remains on schedule for production startup by the end of Q2 2025.
Vår Energi holds a 90% operating interest in the Balder field, with Kistos Energy Norway holding the remaining 10%.
The Balder X initiative, which includes the sanctioned Balder Phase V project, is designed to extend production from the Balder field. It also aims to increase the lifespan of production licence PL001 on the Norwegian Continental Shelf until at least 2045.
The development has a payback period of approximately two years and is expected to enhance long-term value generation in the region.
It is set to unlock an estimated 150 million barrels of oil equivalent (mmboe) in gross proved plus probable (2P) reserves.
The Jotun FPSO will serve as a central production hub, supporting additional output through infill drilling, exploration, and tie-back developments intended for accelerated market delivery.
Vår Energi revealed that several new early-phase projects in the Greater Balder area are also advancing towards sanction. These include Ringhorne North, future phases of Balder, and the King discovery.
The new developments are targeting a combined gross contingent resource base of over 70mmboe. Further exploration drilling is planned by the company to assess additional recoverable volumes.
Vår Energi COO Torger Rød said: “We have continued to grow our resource base through successful exploration in the area and are stepping up the pace, moving several tie-back projects forward at speed to capitalise on the Jotun FPSO.
“This will sustain production longer term and includes Balder Phase V, planned to come on stream later this year, and Balder Phase VI expected to be sanctioned in 2025, together adding a further 45-50mmboe gross.”
According to Vår Energi, infrastructure optimisation is a key component of the Balder X strategy. The Jotun FPSO deployment will facilitate the decommissioning of the Balder floating production unit (FPU), which is scheduled to be brought ashore.
Plans are also in place for the electrification of the Balder/Grane area, a measure aimed at reducing unit production costs and emissions associated with operations in the region.
The tow-out process for the Jotun FPSO includes several stages. Initial inclination tests will be carried out at the quayside before the vessel moves to Åmøyfjorden, near Stavanger, for inshore sea trials and anchor installation.
Following these preparations, the FPSO will be transported to the Balder field for installation, connection to the subsea production systems, and final commissioning.
Vår Energi said that all 14 production wells have been completed, with first oil expected by mid-2025. Output is anticipated to reach peak production within three to four months after startup.
