Vår Energi ASA (OSE: VAR) announce that the Jotun FPSO has reached peak production ahead of schedule. This marks a significant milestone for the Company and the continued development of the Balder field in the North Sea, adding high value barrels towards 2045 and beyond.

The Jotun FPSO is now producing over 80 thousand barrels of oil equivalent per day (kboepd) gross, on top of current production of around 30 kboepd gross combined from the Balder Floating Production Unit (FPU) and Ringhorne facilities. The Jotun FPSO was brought onstream on 22 June 2025.

Nick Walker, CEO of Vår Energi, said:

“The achievement of this key milestone is another important step in delivering on Vår Energi’s transformative production growth target in 2025. The rapid ramp-up to peak production at the Jotun FPSO, alongside strong performance across our portfolio, puts us on track to meet our production target of around 430 kboepd in the fourth quarter of this year. With the new facilities in the Balder area designed to extend production beyond 2045 we are on track to create more value from the area.”

All 14 subsea production wells are now online and are on average producing in line with expectations, and work is ongoing to further optimize the production from Jotun FSPO. The Balder Phase V and VI projects are underway and will add additional capacity, maintaining high production from the Balder area going forward.

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

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 1 400 employees and equity stakes in 42 producing fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø.