Vår Energi ASA has reached the final investment decision (FID) for the Gjøa Subsea Projects in the North Sea and, with its partners, has submitted the Plan for Development and Operations (PDO) for the Ofelia and Gjøa Nord developments to Norway’s Ministry of Energy.

The Gjøa Subsea Projects cover the coordinated subsea development of the Ofelia, Gjøa Nord and Cerisa discoveries. The discoveries will be tied back to the existing Gjøa and Duva infrastructure, forming the next development phase in the Gjøa area and supporting Vår Energi’s long-term production target.

First production is expected from Cerisa in the third quarter of 2027, followed by start-up from Ofelia and Gjøa Nord in the second half of 2028. The project includes approximately 76 million barrels of oil equivalent (boe) in gross proved plus probable reserves, with 27 million boe net to Vår Energi.

The company said the project has a breakeven below $35 per boe and a rate of return well above 25%.

The development is expected to extend the Gjøa area’s economic lifetime from the early 2030s to around 2040. Higher throughput at the Gjøa asset is also expected to reduce unit production costs, improve the economics of existing fields and support further resource development in the broader Gjøa area.

Vår Energi said its recent acquisition of Pandion’s assets and asset swap with DNO Norge AS on the Norwegian Continental Shelf strengthened its position around the Gjøa infrastructure, increasing ownership across producing assets and key development projects, including the Gjøa Subsea Projects.

The project will be executed through a coordinated drilling and installation campaign, using standardized solutions, coordinated execution and existing facilities to accelerate development and improve efficiency.

Vår Energi is the operator of the Gjøa Subsea Projects and holds working interests of 40% in Ofelia, 30% in Gjøa Nord, and 30% in Cerisa.

Project partners include Pandion 20%, Harbour 20%, Aker BP 10% and DNO Norge AS 10% in Ofelia; Petoro 30%, Harbour 28% and OKEA 12% in Gjøa Nord; and INPEX 30%, Orlen 30% and DNO Norge AS 10% in Cerisa.

The stated working interests exclude updated ownership following Vår Energi’s acquisition of Pandion’s assets and the asset swap with DNO Norge AS.