(WO) – Kistos’ pro forma production averaged about 18,500 boed in the third quarter, down from 20,800 boed in the first half, while the Jotun FPSO in Norway went through a 26-day planned turnaround in July. Year-to-date production through Sept. 30 averaged about 20,000 boed. The company kept its full-year guidance of 19,000–21,000 boed.
In Norway, the last two Balder Phase V wells started up in July. The King well, drilled from the Ringhorne platform, came on stream in August, ahead of schedule. On Oct. 14, Kistos agreed to buy a 10% working interest in PL 169E, PL 956 and PL 956B from Vår Energi for $12.9 million upfront. The deal adds 4.3 MMboe net in combined 2P reserves and 2C resources and still needs approval from Norway’s Ministry of Energy.
Uptime was high across the company’s UK and Dutch assets. Year-to-date production efficiency was about 95% in the Greater Laggan Area, now operated by Serica Energy, and 93% at the Q10-A platform in the Dutch North Sea. The annual turnaround at Q10-A finished on schedule and under budget, along with a jacket integrity inspection campaign. In the Greater Laggan Area, the Adura-operated Victory field is raising throughput at the Shetland Gas Plant and lowering unit operating costs.
In Oman, Kistos completed its acquisition of Blocks 3 & 4 on Sept. 14. The interest will be consolidated in its results from Oct. 1. Production there is close to plan, supported by new oil from the Safi and AGW areas. Completion of the Block 9 deal is expected in the fourth quarter. The Block 9 operator has added a fifth drilling rig since revised terms under the block’s production-sharing agreement took effect July 1.
“Production in the quarter was impacted by the planned turnaround on the Jotun FPSO but, with the final Balder Phase V wells and the King well now on stream, we remain on track to deliver production within our 2026 pro forma guidance range of 19,000–21,000 boepd,” said Executive Chairman Andrew Austin.
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