Vår Energi and its partners have submitted the plan for development and operations (PDO) for the Ofelia and Gjøa Nord projects in the North Sea to Norway’s Ministry of Energy.
The submission follows Vår Energi’s final investment decision on the coordinated Gjøa Subsea Projects, for which it serves as operator.
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The development encompasses the Ofelia, Gjøa Nord and Cerisa discoveries, with all three due be tied back to existing Gjøa and Duva infrastructure.
The projects, which mark the next phase of activity in the Gjøa area, align with Vår Energi’s efforts to meet its long-term production goals.
Cerisa is scheduled to begin production in the third quarter of 2027 (Q3 2027), with Ofelia and Gjøa Nord expected to follow in the second half of 2028.
Total gross reserves for the projects are estimated at around 76 million barrels of oil equivalent (mboe), with Vår Energi’s net share standing at approximately 27mboe in proven plus probable reserves.
According to the company, the developments are expected to yield a breakeven price below $35 per barrel of oil equivalent and a rate of return exceeding 25%.
Vår Energi stated that the Gjøa Subsea Projects will help extend the economic life of the Gjøa hub from the early 2030s to roughly 2040 and create a stronger basis for potential future tie-back projects and exploration.
The company also noted that higher throughput at the Gjøa asset should lower production costs per unit and improve the economics of existing fields in the area.
Vår Energi recently increased its presence around Gjøa through the acquisition of assets from Pandion Energy and a swap arrangement with DNO Norge.
Vår Energi chief operating officer Torger Rød said: “The Gjøa Subsea Projects demonstrate how we continue to develop our core hubs through efficient tie-back developments, leveraging existing infrastructure and exploration success to create long-term value.
“The project strengthens Gjøa as a long-term production hub and supports our target to produce more than 400,000 barrels of oil equivalent per day long-term.”
Vår Energi holds a 40% interest in Ofelia, 30% in Gjøa Nord and 30% in Cerisa. Project partners are Aker BP, DNO Norge, Harbour, INPEX, OKEA, Orlen, Pandion and Petoro.
