Published by Global Banking & Finance Review®
Posted on June 23, 2025
1 min readLast updated: January 23, 2026
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Vaar Energi's Balder X project in the North Sea is now operational, adding 80,000 boepd and extending the field's life beyond 2045.
OSLO (Reuters) -Norway's Vaar Energi said on Monday that its Balder X oil and project had come on stream after its startup had been delayed several times.
The project would extend the Balder field's lifetime beyond 2045 and add 80,000 barrels of oil equivalent per day (boepd) in gross output, Vaar said in a statement.
"This marks the start of a new era for the Balder field in the North Sea," the company, majority owned by Italy's Eni said in a statement.
Plagued by cost overruns and delays, Balder X had originally been set to start production in 2023.
The project is a part of Vaar's efforts to boost its petroleum output to more than 400,000 boepd by the end of this year from 272,000 boepd in the first quarter.
Vaar has 90% stake in the Balder field licence, while its partner Kistos Energy Norway AS has the remaining 10%.
The company's Oslo-listed shares were trading up 3.3% by 0750 GMT, outperforming the wider European oil and gas index which was up 0.5%.
(Reporting by Nerijus Adomaitis; editing by David Evans)
The Balder X project extends the Balder field's lifetime beyond 2045 and adds 80,000 barrels of oil equivalent per day in gross output.
The project was plagued by cost overruns and delays, with its original startup date set for 2023.
Vaar Energi aims to boost its petroleum output to over 400,000 barrels of oil equivalent per day by the end of this year.
Vaar Energi holds a 90% stake in the Balder field licence, while Kistos Energy Norway AS owns the remaining 10%.
Following the announcement, Vaar Energi's shares were trading up 3.3%, outperforming the wider European oil and gas index.
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