Vår Energi cuts 2026 output forecast; Q3 production at 369,000 boepd

Norway's Vår Energi has lowered its full-year 2026 production forecast to around 390,000 barrels of oil equivalent (boepd) per day. The reduction is due to operational issues at two of its fields, Johan Castberg and the Jotun FPSO, which have since returned to expected production levels. In Q3, the company's production averaged 369,000 boepd, a 2% decrease from the previous quarter and unchanged from the same period last year.

Oil and natural gas liquids accounted for 68% of output, while gas made up 32%. Total production amounted to 34 million boepd. Vår Energi sold 34.8 million boepd in the quarter, exceeding its production due to the timing of crude sales. The company received an average of $103 per boepd for its output, with crude trading at $103 per barrel, $6 above the dated Brent benchmark.

Gas sold for $108 per boepd, approximately $18 below the average spot market reference price. Free cash flow was impacted by tax payments and a dividend payout.