- Vår Energi is one step closer to reaching its growth target as the production vessel Johan Castberg successfully anchors at the field in the Barents Sea.

The Equinor operated floating production and storage vessel (FPSO) Johan Castberg is securely anchored on the field, and preparations for production start-up in the fourth quarter 2024 are ongoing.

CEO in Vår Energi, Nick Walker, said:
"Vår Energi is one of the world’s fastest growing E&P’s, and a leading player in the Barents Sea. With Johan Castberg in place at the field we are firmly on track to achieving our production target of around 400 thousand barrels of oil equivalent per day by end 2025."

Together with the licence partners we are working to further develop the area. This includes, additional infill development wells, maturing five existing discoveries to be tied back to Johan Castberg and plans for further exploration activities in the coming years.

Vår Energi is stepping up activity in the Barents. Vice President Barents Sea in Vår Energi, Vegard Bruaset said:
"Building on our unique experience as operator for the neighboring Goliat field, we are set to capture new opportunities through exploration and development of new discoveries in the area. We are accelerating our drilling activity and will be participating in a total of 12 production and exploration wells in the Barents Sea this year. "

Johan Castberg, with a production capacity of 220 thousand barrels per day reinforces the role of the Barents Sea as a major energy provider to Europe, while creating value for all stakeholders, including major ripple effects in northern Norway.

Johan Castberg is located 240 kilometres northwest of Hammerfest. The field has a supply and helicopter base in Hammerfest.

Facts:

  - Johan Castberg is a large oil field with estimated recoverable volumes of between 450 and 650 million barrels.
  - Johan Castberg is located in the Barents Sea, 100 kilometres northwest of the Snøhvit field.
  - Johan Castberg consists of the three discoveries Skrugard, Havis and Drivis, which were made between 2011 and 2013
  - The FPSO is 313 metres long, 55 metres wide and 120 metres high. Its design storage capacity is 1.1 million barrels of oil.
  - Licencees: Equinor Energy AS (operator) 50%, Vår Energi ASA 30% and Petoro AS 20%.

About Vår Energi

Vår Energi (OSE: VAR) 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. Our ambition is to be the safest operator on the NCS, the partner of choice, an ESG leader with a tangible plan to reduce emissions from our operations by more than 50% within 2030. Vår Energi has around 1400 employees and equity stakes in 47 fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø.

About Equinor

Equinor (OSE:EQNR, NYSE:EQNR), is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.