Vår Energi and its partner Kistos Energy have announced a final investment decision (FID) on the fifth development phase of the Balder life extension project. Located in the Norwegian North Sea, the Balder area will receive an investment of up to US$690m.
The project aims to produce 33 million barrels of oil equivalent (MMboe) of gross proved plus probable (2P). The development will cover the drilling of up to six infill wells. This will be done via the remaining available template well slots in the subsea facilities already in place in Balder.
A tie back will allow the Jotun floating production, storage and offloading (FPSO) unit to process Balder's output. First oil is scheduled for 2026.
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