Vår Energi Submits PDO for Fram Sør Subsea Development Project

Vår Energi and its partners in the Fram licence, Equinor and INPEX Idemitsu, have submitted the plan for development and operation (PDO) for the Fram Sør project in the North Sea. Production is scheduled to start at the end of 2029.

The Fram partners will invest more than NOK 21 billion (USD 2.2 billion) in the subsea project, operated by Equinor. Recoverable reserves are estimated at 116 million barrels of oil equivalent (mmboe) gross, of which 75% is oil and 25% gas.

"Fram is a prosperous area on the Norwegian Continental Shelf (NCS), providing multiple opportunities for continued value creation. At peak production, the Fram Sør subsea development will contribute with about 20 thousand barrels of oil equivalent per day (kboepd) net to Vår Energi,” said Vår Energi’s COO Torger Rød.

The Fram Sør project (in licences PL090/090I/090E) is a combined development of several discoveries, including Echino South and Blasto, that will export oil and gas via the Troll C platform. The development will bring highly valuable barrels on stream by connecting new infrastructure to existing facilities. Fram Sør has strong economics and fulfils Vår Energi’s investment criteria for new developments.

Building on recent discoveries, Mulder and Rhombi, a series of follow-on exploration targets are set to be drilled in the coming years, unlocking potential further upside. Vår Energi estimate that the prospective unrisked resources in the area is more than 200 mmboe gross.

Rød added: “This is yet another great example of industry collaboration on the NCS, optimising value creation through clever use of existing infrastructure. Fram Sør is an important contributor in Vår Energi delivering 350-400 kboepd towards 2030 and beyond.”

The PDO was submitted to the Minister of Energy in Norway, Terje Aasland.

Fram partners: Equinor Energy AS (operator and 45%), Vår Energi ASA (40%) and INPEX Idemitsu Norge AS (15%).

www.varenergi.com