BlueNord revises Tyra guidance down amid operational challenges

BlueNord announced preliminary August 2025 net production of 37.2 mboepd, with base assets (Dan, Gorm, Halfdan) contributing 21.9 mboepd. Base asset production was slightly below expectations due to a Gorm compressor defect and Halfdan maintenance, both now resolved. Dan's well workover campaign concluded successfully. The company reiterated Q3 and Q4 production guidance for base assets, with no major maintenance planned for the rest of the year.

The Tyra hub produced 15.3 mboepd net, below expectations, primarily due to a four-day production shutdown and a two-week reduction from planned Harald pipeline pigging. Process control challenges in the water treatment system also impacted production potential. Tyra’s exit export rate on August 31, 2025, was 25.1 mboepd net.

Consequently, BlueNord revised its Tyra production guidance for Q3 2025 from 22.0 - 26.0 mboepd to 17.0 - 19.0 mboepd, and for Q4 2025 from 26.0 - 30.0 mboepd to 21.0 - 27.0 mboepd. The company expects the underlying value of Tyra to remain intact, anticipating TotalEnergies will resolve issues to achieve stable plateau production of approximately 30.0 mboepd net during 2025.