Vår Energi ASA has elevated its reserves and useful resource base to 2.1 billion barrels of oil equal (boe).
The reported worth was the sum of its proved and possible (2P) reserves and contingent assets (2C), as printed in its annual assertion of reserves for 2024. As of December 31, 2024, Var Energi’s complete 2P reserves was estimated at 1.19 billion boe.
Final 12 months was “characterised by stable manufacturing inside the guided vary, profitable integration of Neptune Power Norge AS, portfolio optimization, and steady initiatives to extend restoration from producing fields by drilling further infill wells,” Var Energi stated in an announcement.
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The corporate attributed the rise to early-phase growth initiatives, lifetime extensions of current fields and the inclusion of the Neptune belongings.
Var Energi additionally reported that 2C assets elevated to 927 million boe (MMboe) from 62 MMboe on the finish of 2023, which it attributed to “a number of exploration successes and technical revisions,” as it’s at the moment progressing assets into new growth initiatives.
As well as, the numerous quantity of 2C assets represents a significant a part of Vår Energi’s technique to maintain future manufacturing, worth creation and enticing shareholder returns long run. As of 31 December 2024, complete 2C assets are 927 mmboe, a major improve from 628 mmboe on the finish of 2023. This improve is because of a number of exploration successes and technical revisions because the Firm is actively de-risking and progressing assets into new growth initiatives.
The reported 2P reserves and 2C assets adjust to the Petroleum Sources Administration System (PRMS), Var Energi famous, including that worldwide petroleum consultants DeGolyer and MacNaughton carried out an unbiased evaluation of its portfolio.
“This represents a powerful basis for long-term sustained manufacturing and worth creation, and we’re working at tempo to mature a pipeline of recent initiatives to appreciate these alternatives,” Var Energi CEO Nick Walker stated.
In a separate assertion, Var Energi reported a median web manufacturing of oil, liquids, and pure fuel of 278,000 barrels of oil equal (boepd) within the fourth quarter of 2024, a rise of 8 p.c sequentially and a rise of 23 p.c 12 months over 12 months. Whole manufacturing for the complete 12 months averaged 280,000 boepd, inside the firm’s steerage vary for the 12 months.
Manufacturing within the final quarter consisted of 64 p.c oil and pure fuel liquids (NGLs) and 36 p.c fuel.
Final month, Var Energi introduced a long-term partnership cope with Aker Options, Honeywell, and StS-ISONOR for the supply of modification and upkeep companies on the Norwegian continental shelf (NCS).
The collaboration seeks to generate worth via collaborative challenge planning, protected and environment friendly execution, sturdy teamwork, and shared aims, in line with an earlier information launch. The agreements are set for a five-year time period, with the opportunity of renewal, and embody the corporate’s operations spanning the complete NCS with a diversified portfolio of round 200 licenses and 40 producing fields.
“By year-end, we are going to improve manufacturing to round 400 thousand barrels per day, which makes us one of many world’s fastest-growing oil and fuel firms”, Var Energi COO Torger Rod stated.
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