Norway’s third-largest oil and gas operator Vaar Energi had a solid operational first-quarter performance underpinned by steady production, good progress on major development projects and exploration success in the Barents Sea.

The company said today its first-quarter production was 214,000 barrels of oil equivalent per day, stable from the fourth quarter of 2022.

The cost of production reduced to $13.1 per boe based on efficient production and less maintenance.

Production guidance for 2023 was maintained at between 210,000 and 230,000 boe per day.