Commodities
Var Energi Q2 Output Climbs YOY; Sales Rise
Var Energi, an oil and gas company on the Norwegian Continental Shelf, Tuesday reported that its Q2 production grew year over year to 376,000 barrels of oil equivalent per day from 288,000 boe/d.However, Q2 figures were down relative to Q1's 406,000 boe/d, due to lower oil output.Sales volume rose in Q2 to 35.4 million barrels of oil equivalent from 26.0 mmboe a year earlier and 34.6 mmboe last quarter, according to the report.In H1, production averaged 391,000 boe/d, up from the previous year's 280,000 boe/d and in line with guidance, the company said."Strong operational performance continues to be achieved for operated assets," Var Energi said, noting that production efficiency exceeded the 94% target in H1.The company expects higher production in H2 following the start of production at Eldfisk North Extension project in Q2, the start-up of three other projects in H2, and the operation of new production wells.Of the over 50 new wells it plans to commission this year, about 50% have already come online in H1, the statement said.Var Energi is developing around 380 mmboe proved plus probable net reserves from 16 projects currently under execution, and will develop another 500 mmboe resources from 30 early phase projects that it plans to advance.In 2026, it has so far made three commercial discoveries, including the Polynya in the Johan Castberg area, the Frida Kahlo in the Sleipner area, and the Omega Sor in the Snorre area.Var Energi also said it will combine with oil and gas producer BlueNord and will target a long-term production of 450,000 boe/d following the merger.
