Vår Energi and Kistos Energy take final investment decision on Balder Next New Wells project with seven-well tieback to Jotun FPSO in the Norwegian North Sea

Type: Development · Technology: Oil Gas · Country: Norway · Announced: 2026-06-18

Vår Energi and Kistos Energy Norway executed a final investment decision (FID) on the Balder Next New Wells project, a seven-well tieback development in the Norwegian North Sea connected to the Jotun floating production, storage and offloading vessel (FPSO). The project is expected to recover 86 million barrels of oil equivalent (mmboe) in proved and probable reserves, an increase from the previously estimated 75 mmboe, with first production anticipated in the fourth quarter of 2027. Vår Energi, holding a 90% interest in the Balder field, will operate the project while Kistos Energy Norway owns the remaining 10%. The development is projected to achieve a breakeven price of approximately $30 per barrel of oil equivalent and deliver an internal rate of return exceeding 35%. The Balder area serves as a key production hub following the 2025 start-up of the Jotun FPSO, which provides processing capacity for new tieback developments and supports additional resource recovery in the region.

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