Vår Energi to aggressively up production in Norway

The rise in production is attributed to the company’s 17 new offshore projects, including the Johan Castberg, Breidablikk and Balder X developments.

All projects have been sanctioned by the government, including three in July 2022.

Vår Energi also announced net earnings of USD 936 million, a 43% year-on-year increase.

The company averaged 220,000 boepd in 2022.

Four discoveries were made by Vår Energi in the last year, including the significant Lupa find in December that discovered estimated volumes of between 9 bcm (318 bcf) and 21 bcm (742 bcf) of gas.

An oil discovery was made by the company in February 2023 on Block PL 229.

“We expect a continued high activity level for 2023 as we work to realise our full potential and deliver more than 50% production growth towards end-2025 and lay the foundation for sustained high value creation beyond that,” said Torger Rod, CEO of Vår Energi.

Vår Energi was created in 2018 through a merger between Eni’s Norwegian subsidiary and Point Resources.