Jotun FPSO On its Way to Balder Field in North Sea
March 13, 2025
Vår Energi has started the tow out of the Jotun floating production, storage and offloading vessel (FPSO) from the Worley Rosenberg yard to the Balder field, which is on schedule for production start by the end of the second quarter of 2025.
The first stage of the Jotun sail away program will begin with the FPSO vessel performing inclination tests at the quayside before being towed to Åmøyfjorden for inshore sea trials and anchor installation work.
After this, the vessel will be towed to the field for installation. With all 14 production wells completed and associated subsea equipment installed, the tie-up and final commissioning of the Jotun FPSO is expected to be undertaken over the coming months.
The Jotun FPSO sail away represents an important milestone in the Balder X project and redevelopment of the Balder Area, extending the life of the field beyond 2045.
The Balder X project develops gross proved plus probable (2P) reserves of 150 million barrels of oil equivalent (mmboe).
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.
Also, in the Greater Balder area several new early phase projects are being progressed towards sanction, including Ringhorne North, Balder future phases and the King discovery, targeting gross contingent resources of more than 70 mmboe.
While these projects are being moved forward, further exploration drilling is planned to unlock considerable additional resources.
The Jotun FPSO also creates an opportunity to optimise the infrastructure in the area, including taking the Balder floating production unit (FPU) to shore for decommissioning, and the planned electrification of the Balder/Grane Area, reducing unit production cost and carbon emissions for the company.
Vår Energi is operator (90%) of the Balder field, with Kistos Energy Norway as partner (10%).
“As one of the fastest growing oil and gas companies globally, we are set for transformative growth in 2025, and are on track to reach above 400 thousand barrels of oil equivalent per day (kboepd) in the fourth quarter. Balder X is a key element to this plan and once the Jotun FPSO comes on stream, production from the field will be close to quadrupled, adding around 80 kboepd gross at peak.
“Balder X, with a payback time of around two years, including the sanctioned Balder Phase V project, marks the start of a new era in the North Sea, extending the lifetime of the first production licence PL001 on the Norwegian Continental Shelf to 2045 and beyond, and opens a wide potential for continued value creation,” said Nick Walker, CEO in Vår Energi.
Balder Phase V is planned to come on stream later in 2024, and Balder Phase VI is expected to be sanctioned in 2025, added Torger Rød, COO in Vår Energi.
