Our third acquisition in three years was completed in May 2023 when we acquired Mime Petroleum AS (Mime). Marking our entry into the Norwegian Continental Shelf (NCS), this transaction added significant oil reserves and resources to our portfolio and further diversified our production base. It will boost Group production once the Jotun floating production storage and offloading vessel (FPSO) is on production at the Balder Future development.Kistos now has working interests of between 7.4% and 10% in the Ringhorne Øst and Balder fields, including a 10% working interest in the Balder Future project. The licences are operated by Vår Energi ASA (Vår).
Balder is an oilfield situated in the central part of the North Sea, from which production commenced in 1999. Oil is processed and stored at the Balder floating production unit (FPU), where it is offloaded onto shuttle tankers under a joint lifting agreement with Vår. The majority of Kistos’ Norwegian crude oil is shipped via tanker to refineries in the UK, which positively impacts the country’s energy security. The field’s infrastructure currently primarily comprises subsea wells connected to the FPU.
The Balder Future project involves the drilling of 14 new production wells plus one new water injector on the Balder field, alongside the refurbishment of the Jotun FPSO. This will be integrated within the Balder area hub to increase processing and handling capacities across the Balder and Ringhorne Øst fields.
| Field or licence | Licence holder | Licence type | Status | Interest at 31 December 2023 |
| PL001 | Kistos Energy (Norway) AS | Production | Non-operated | 10% |
| PL027[1] | Kistos Energy (Norway) AS | Production | Non-operated | 10%[2] |
| PL027C | Kistos Energy (Norway) AS | Production | Non-operated | 10% |
| PL027HS | Kistos Energy (Norway) AS | Production | Non-operated | 10% |
| PL028 | Kistos Energy (Norway) AS | Production | Non-operated | 10% |
| PL028S | Kistos Energy (Norway) AS | Production | Non-operated | 10% |
[1] Licence PL027 comprises Balder and Ringhorne Øst fields.
[2] Kistos’ share of the Ringhorne Øst unit is 7.4%.