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BlueNord's August 2025 Production Insights and Tyra Guidance Adjustment

In a recent announcement, BlueNord ASA, based in Oslo, has revealed their preliminary production statistics for August 2025, highlighting some challenges faced during the month. This production update is crucial as it directly influences investor confidence and operational strategy within the company.

For August 2025, BlueNord reported an impressive 37.2 mboepd (thousand barrels of oil equivalent per day) as their net production. However, this figure included a significant breakdown of production sources. The main production assets which include Dan, Gorm, and Halfdan contributed 21.9 mboepd. This output fell slightly below initial expectations, primarily due to mechanical issues with the Gorm lift gas compressor which necessitated repair work. Thankfully, this issue has since been resolved.

Moreover, maintenance activities scheduled on the Halfdan IP/HP compressor contributed to this reduction as well, a maintenance hurdle now also tidily resolved. The month did see the successful completion of a reactive well workover on Dan, where BlueNord managed to wrap up the well workover campaign with six completed workovers by August 11. Despite challenges, the company is optimistic as no major maintenance activities are planned for the remainder of the year.

Meanwhile, Tyra hub produced 15.3 mboepd, lower than anticipated owing to a four-day production shutdown related to IP compressor complications, an issue that management has resolved. Additionally, a scheduled pigging operation on the Harald pipeline caused a two-week production decrease, which surpassed planned expectations.

One key concern was the intermittent reduction of production potential this summer due to procedural hurdles in the water treatment system. A dedicated task force from TotalEnergies has pinpointed issues, and resolution efforts are currently underway, reflecting a commitment to troubleshooting and operational efficiency.

In light of these challenges, BlueNord has modified its Tyra production guidance, adjusting forecasts for Q3 2025 down from a range of 22.0 – 26.0 mboepd to a revised expectation of 17.0 – 19.0 mboepd, taking into account the production data from July and August. Q4 projections have also seen a downgrade, now sitting at 21.0 – 27.0 mboepd, net to BlueNord. The company plans to further refine this Q4 guidance in the upcoming months as they obtain more data.

The path ahead for Tyra seems cautiously optimistic. BlueNord anticipates potential production challenges in the near future due to scheduled maintenance efforts and continuous reliability enhancements. Studies geared towards improving production stability are being completed, and necessary changes based on these findings will be implemented, contributing to the revised guidance and future expectations.

Despite the operational hurdles encountered, the foundational value of the Tyra hub remains strong. BlueNord and TotalEnergies are collaborating to resolve the highlighted issues and restore the anticipated plateau production of about 30.0 mboepd net to BlueNord during 2025, continually fostering industry confidence through proactive management and commitment to operational excellence.

This information is shared according to the disclosure requirements outlined in section 5-12 of the Norwegian Securities Trading Act.

For more details, you can connect with:
Cathrine Torgersen
Chief Corporate Affairs Officer
Phone: +47 915 28 501
Email: [email protected]

In conclusion, while BlueNord faces challenges, their ongoing efforts and strategic planning showcase a substantial ability to adapt and overcome obstacles, ensuring future production targets can still be met.