Final Investment
Partners in the Balder field, Vår Energi and Kistos Energy, have taken a final investment decision (FID) on the Balder Next New Wells project in the Norwegian North Sea.
The FID entails a seven-well tieback to the Jotun floating production, storage,and offloading vessel (FPSO).
The first phase of the project comprises seven new wells connected to the Jotun FPSO, with production expected to begin in the fourth quarter of 2027.
The development is expected to recover 86 million barrels of oil equivalent (mmboe) gross in proved and probable reserves, up from approximately 75 mmboe previously estimated.
The project is expected to deliver a breakeven price of around $30 per barrel of oil equivalent and an internal rate of return of more than 35%, according to the company.
The Balder area has become a key production hub following the start-up of the Jotun FPSO in 2025. The vessel provides processing capacity for new tieback developments and is expected to support additional resource recovery from the area.
The new wells project also forms part of a broader infrastructure strategy in the Balder area, including the planned decommissioning of the Balder floating production unit from 2028. The consolidation of facilities is expected to reduce operating costs and emissions.
