The co-owners of the multi-faceted Balder X offshore development offshore Norway have revised upwards by about 35% the project’s capital cost and adjusted the start-up date.

Operator Vaar Energi said a baseline project review had identified additional gross investment requirements of US$1.2 billion (Nkr11.5 billion), bringing the total estimated gross project cost to US$4.3 billion (Nkr40.7 billion).

First oil from Balder X is now expected in the third quarter of 2024, compared to the previously target in late 2023.