Vår Energi confirms first production through Jotun FPSO

23 Jun 2025 08:02 CEST

Sandnes, Norway, 23 June 2025: Vår Energi today successfully started production
through the Jotun FSPO. This marks the start of a new era for the Balder field
in the North Sea, extending the life of the first production licence, PL001, on
the Norwegian Continental Shelf, adding high value barrels towards 2045 and
beyond.

By bringing the Jotun FPSO onstream, production is expected, within three to
four months after start-up, to increase by approximately 80 thousand barrels of
oil equivalent per day (kboepd) gross, on top of the current production of
approximately 30 kboepd gross through the Balder FPU and Ringhorne facilities.
The Jotun FPSO will have a low operating cost of around USD 5 per barrel and
estimated gross proved plus probable recoverable reserves from the project at
150 million barrels of oil equivalent (mmboe).

"Vår Energi is set for transformative growth in 2025. Together with the recent
start-ups of Halten East and Johan Castberg, this marks a key milestone in
reaching our production target of more than 400 kboepd in the fourth quarter of
this year. Furthermore, with infrastructure and facilities designed to extend
production beyond 2045, the start-up of the Jotun FPSO opens up wide potential
for continued value creation from the area. I wish to extend the Company's
gratitude to the people in the project organisation, our suppliers, employees
and our partner for the strong dedication and collaborative efforts required in
successfully completing this complex project. Also, the support by the Norwegian
authorities has been fundamental, and much appreciated," said Nick Walker, CEO
of Vår Energi.

All 14 production wells have been completed and will be brought onstream during
the ramp-up period to reach peak production. Together with the Balder Phase V
project starting up later this year, the project has a payback time of around
two years¹. In addition, with the Jotun FPSO installed as an area host, Vår
Energi is taking necessary steps to add new production through infill drilling,
exploration and tie-back developments with short time to market.

Vår Energi is operator (90%) of the Balder field, with Kistos Energy Norway AS
as partner (10%).

1. From production start-up

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the
Norwegian continental shelf (NCS). We are committed to deliver a better future
through responsible value driven growth based on over 50 years of NCS
operations, a robust and diversified asset portfolio with ongoing development
projects, and a strong exploration track record.

Safe and responsible operations are at the core of our strategy. Our ambition is
to be the safest operator on the NCS, and to become carbon neutral in our net
equity operational emissions by 2030.

Vår Energi has around 1400 employees and equity stakes in 42 producing fields.
We have our headquarters outside Stavanger, Norway, with offices in Oslo,
Hammerfest and Florø. To learn more, please visit varenergi.no.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Liv Jannie Omdal
VP Communication
+47 976 67 137
liv.omdal@varenergi.no

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