Posted By Global Banking and Finance Review
Posted on June 23, 2025
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)