BlueNord today published its second quarter and first half year 2023 results. The second quarter of the year delivered excellent operational performance which supported the overall financial performance of the Company.

Highlights:

• Second quarter net hydrocarbon production of 23.6 mboepd, above quarterly guidance of 22.5 - 23.5
• Revenues of USD 191 million for the quarter and USD 411 million for first half of 2023
• EBITDA in Q2 of USD 99 million, delivering EBITDA for H1 of USD 220 million
• Operating Cash Flow in the quarter of USD 58 million and USD 215 million for the first half of 2023 
• Several milestones completed on Tyra II, including the start-up of the two Gas Turbine Generators (GTGs)
• Successful spudding of the first Halfdan infill well

Net hydrocarbon production for the quarter was 23.6 mboepd. This is above the quarterly guidance range of 22.5-23.5 mboepd. The overarching strong production trend from 2022 continued in the first half of 2023 and outlook is expected to remain strong, with both planned optimisation work and infill drilling. As a result, BlueNord made an upward revision to its quarterly guidance for the remainder of the year. In June the first Halfdan infill well was successfully spudded by the jackup rig Shelf Drilling Winner. The well, which will come on stream this autumn, is the first of seven infill wells which will increase gas output from the DUC in 2023 – 2025.

The Tyra Redevelopment project made significant progress during the quarter with several milestones completed. The Tyra hub was reconnected to Denmark as comprehensive work on the export pipeline was successfully completed, and the Sea Water Lift Pumps were installed. On 6 July 2023 BlueNord announced that the two Gas Turbine Generators (GTGs) on the processing module were powered up which was a critical step towards first gas from Tyra II.

Euan Shirlaw, Chief Executive Officer of BlueNord, commented:
“BlueNord maintained its strong operational performance through the second quarter of 2023, with production for the period above the revised guidance that we published in early June. We expect the solid performance to continue for the remainder of this year and beyond driven by high activity levels on our producing assets. In June we also spud the first well on the DUC since 2019. This will enhance near-term production levels with a total of two Halfdan infill wells coming onstream in 2023, followed by five further wells in 2024 and 2025 across the DUC. Our focus and commitment to bringing Tyra onstream continues, and we have made substantial recent headway. We now have two Gas Turbine Generators (GTGs) available, and the Sea Water Lift Pumps have been installed. These mark crucial steps as we progress towards Tyra first gas by the end of this year. Based on this combination, we continue to move towards our goal of producing over 55mboe/d net by 2025 and, in doing so, we are set to provide a significant return of capital to our shareholders.

KeyFacts Energy: BlueNord Denmark country profile