Subsea companies agency Ocean Installer has been awarded a fast-track engineering, procurement, development and set up (EPCI) contract by Var Energi for additional growth of the Balder Section VI venture for the additional growth of the Balder space within the North Sea.
This venture is a part of Var Energi’s hub growth technique within the Balder space, which is centered across the newly put in Jotun floating manufacturing storage and offloading vessel (FPSO), Ocean Installer mentioned in a information launch.
Ocean Installer mentioned it’s going to execute subsea umbilicals, risers, and flowlines (SURF) actions together with the fabrication and set up of versatile flowlines and umbilicals.
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Monetary particulars of the contract weren’t disclosed.
The venture is scheduled to ship first oil by the top of 2026, reinforcing each corporations’ shared dedication to environment friendly growth of subsea tie-backs on the Norwegian Continental Shelf (NCS), in keeping with the discharge.
“Var Energi is a key buyer for Ocean Installer and the broader Moreld group. It’s thrilling to see that Ocean Installer indicators a brand new contract inside the identical week that the Jotun FPSO begins producing first oil as a part of the Balder Future venture, during which Ocean Installer has performed a key function,” Moreld CEO Geir Austigard mentioned.
The contract known as off beneath the strategic partnership contract entered into with Vår Energi in June 2022. It’s also a continuation of a multi-year collaboration between Vår Energi and Ocean Installer within the Balder space, the place Ocean Installer has been engaged since 2019, the discharge mentioned.
“We’re blissful that Vår Energi continues to position their belief in us. Subsea tiebacks have been the core of our enterprise for 14 years, and because the NCS transitions to extra marginal fields, our experience is effective in enabling quicker and extra cost-efficient developments. Working along with Vår Energi to make the most of present infrastructure and former expertise has considerably shortened the general venture timeline, one thing each corporations might be happy with,” Ocean Installer CEO Kevin Murphy mentioned.
Final week, Var Energi confirmed a business oil discovery within the Equinor-operated Drivis Tubaen prospect within the Barents Sea, including to current exploration success within the space.
The invention can be thought-about as a potential tie-in to the Johan Castberg services, Var Energi mentioned in a separate assertion.
The preliminary gross recoverable assets are estimated to be between 9 million and 15 million barrels of oil equal (MMboe). The effectively was drilled within the Drivis construction inside the Johan Castberg discipline, as a part of the plan to additional develop the realm, in keeping with the assertion.
Var Energi COO Torger Rod mentioned, “This discovery confirms the continued potential of the Johan Castberg space and demonstrates the worth of our infrastructure-led exploration technique. The newly began discipline has opened up a number of alternatives within the Barents Sea, a area that continues to be largely underexplored, however with a excessive useful resource potential. With manufacturing now at plateau ranges and the Isflak growth progressing towards sanctioning and start-up in 2028, we’re effectively positioned to keep up excessive manufacturing at Johan Castberg in the direction of 2030 and past”.
The companions in Johan Castberg are Equinor holding a 46.3 % stake, Var Energi with 30 %, and Petoro with 23.7 %.
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