The long-delayed and significantly over-budget Jotun Floating Production, Storage, and Offloading (FPSO) vessel in Norway is now slated for start-up around mid-2025, according to Kistos Holdings, a joint venture partner in the project.
Operator Vår Energi has updated its guidance, targeting a mid-2025 start for the refurbished FPSO.
The Jotun FPSO is a core element of the Balder Future (Balder X) redevelopment project.
The project is now 121% over its original budget, with costs escalating significantly since its initial estimates four years ago.
The Balder Future project aims to extend the operational life of the Balder field and maximize resource recovery, underscoring Norway’s commitment to maintaining robust production from its mature assets.
While the timeline and cost challenges have posed hurdles, the upcoming start of the Jotun FPSO will mark a pivotal step toward achieving the project’s long-term goals.
