SANDNES, Norway – Vår Energi has agreed to farm out stakes in six Norwegian North Sea production licenses to Oslo-based Mime Petroleum.
PLs 001, 027, 027 C, 028, 028 S, and 027 GS cover the producing Balder,Ringhorne, and Ringhorne East fields.
Vår Energi, which operates all six licenses, plans to transfer to Mime a 10% ownership in Balder and Ringhorne, and 7.4% in Ringhorne East, subject to approvals.
“The new partner will participate and invest in our ambitious joint plans to continue the economic development of the fields,” said Kristin F. Kragseth, CEO of Vår Energi.
The company is working on a program to develop proven and additional mapped resources in Balder and Ringhorne, and to prove further reserves in the area through exploration, starting in 2020.
The Balder X project will involve extending the lifespan of the Jotun FPSO toward 2045 and drilling 20 new production wells across Balder and Ringhorne.
In addition, further drilling is planned at Ringhorne, along with measures to prolong the life of the Balder FPSO out to 2030.
Vår Energi expects to submit a revised plan for development and operation during the fall.