OSLO, July 23 (Reuters) - Oslo-listed Vaar Energi (VAR.OL) , opens new tab, majority-owned by Italy's Eni (ENI.MI) , opens new tab, posted a second-quarter operating profit below expectations on Tuesday and maintained its dividend payment level.

Earnings before interest and tax (EBIT) for the April-June quarter rose to $992 million from $778 million a year earlier, but were below the average $1.04 billion forecast in a company-provided poll.

Vaar remains on track to increase production to about 400,000 barrels of oil equivalent per day (boepd), by the end of 2025, CEO Nick Walker said in a statement.

The targeted startup of the Balder X project in the fourth quarter of 2024 is unchanged, the company said, with a decision on installation to be made at the end of August before the winter weather period.

The Equinor-operated (EQNR.OL) , opens new tab Johan Castberg oilfield development in the Arctic Barents Sea, in which Vaar has a 30% stake, was on track to start in the fourth quarter, it added.

Vaar reported on July 11 that its second quarter output was 287,000 boepd, up from 202,000 a year earlier, boosted by last year's acquisition of Neptune Energy's assets in Norway.

It has previously said it aims to sustain its petroleum production off Norway at 350,000-400,000 boepd towards 2030 by developing more resources.

Vaar guided for $270 million in quarterly dividend payments for the third quarter, the same as in the second quarter.

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https://www.reuters.com/business/energy/norways-vaar-energi-q2-operating-profit-lags-forecast-2024-07-23/