Business
Jotun FPSO First Oil
Jotun FPSO First Oil.
About this update from Kistos Holdings Plc
[{"type":"text","content":"\n\n \n23 June 2025\n \n\n \nKistos Holdings plc\n \n(\"Kistos\" or \"the Company\")\n \n \nJotun FPSO First Oil\n \n \nKistos (LON: KIST), an independent energy company focused on generating value across the upstream and midstream markets, notes the announcement made today by Vår Energi, the operator of the Balder Area, Norway, confirming the start of production from the Jotun FPSO.\n \n \nAndrew Austin, Executive Chairman of Kistos, commented:\n \n\"First oil from the Balder Future project is a significant milestone for Kistos. Working alongside our partner in the Balder Area, this provides the foundation for further incremental value accretion from our interest in Norway. With production set to ramp up over the next few months, adding 8,000 boepd (net) to our existing 3,000 boepd (net) from the wider Balder Area, peak production in Norway is expected to exceed 11,000 boepd (net). These low-cost barrels will notably increase the oil weighting of our portfolio and deliver significant cashflow.\n \n\"Utilising the infrastructure now in place, Balder Phase V and the recently sanctioned Phase VI project will bring new production wells onstream as early as this year, accelerating the conversion of 2C resources to 2P reserves and offering fast-track developments to sustain long-term, high-value production.\n \nOur entry into Norway, has delivered significant upside for the Company and its shareholders, for a nominal consideration with significant mitigations put in place around the timing of the completion of the Balder Future project. It highlights the importance that we will always place as a management team on identifying opportunities which offer significant near-term value accretion, at the right price and on the right terms.\n \n \nFull Vår Energi press release below:\n \nSandnes, Norway, 23 June 2025: Vår Energi today successfully started production through the Jotun FSPO. This marks the start of a new era for the Balder field in the North Sea, extending the life of the first production licence, PL001, on the Norwegian Continental Shelf, adding high value barrels towards 2045 and beyond.\n \nBy bringing the Jotun FPSO onstream, production is expected, within three to four months after start-up, to increase by approximately 80 thousand barrels...