Vår Energi plans to invest around $15 billion in a score of new tieback projects offshore Norway, aiming to keep its oil and gas production at over 350,000 barrels per oil equivalent per day beyond 2030, CEO Nick Walker said on Thursday.
Vår Energi, the top independent oil and gas producer offshore Norway, said it sanctioned 10 development projects this year, as part of its early-phase portfolio of around 30 projects to be delivered by the end of the decade.
These projects are adding high-value barrels to sustain production of between 350,000 and 400,000 barrels of oil equivalent per day (boepd) towards 2030 and beyond, the company said in a trading update today.
Over the next six years, Vår Energi has earmarked about $15 billion to invest in new projects, chief executive Walker said on a conference call, as carried by Bloomberg.
The planned developments will be “all tiebacks into existing infrastructure,” with lower capital outlays than stand-alone developments, the executive said.
Vår Energi completed nine out of nine growth projects in 2025, growing production significantly this year. Oil and gas output has jumped from an average of 280,000 boepd in 2024 to around 430,000 boepd today, the company said earlier this week.
By adding low-cost barrels, the Vår Energi’s unit operating cost has been reduced to around $10 per barrel of oil equivalent (boe), “a level which will be sustained going forward,” it said.
Earlier this month, Vår Energi confirmed an oil discovery very close to its Goliat field in the Barents Sea, the first operating Arctic oilfield offshore Norway. The discovery boosts the overall gross discovered resources at the so-called Goliat Ridge and could be tied back to the nearby Goliat floating production storage and offloading (FPSO) unit.
Operators offshore Norway are exploring prospects near operational fields to take advantage of the existing infrastructure to raise oil and gas production via tie-backs and with smaller capital expenditure.
By Tsvetana Paraskova for Oilprice.com
