Vår Energi makes oil discovery in the North Sea
Norway
STAVANGER, April 18, 2024 – Vår Energi has made an oil discovery in the Central North Sea’s Balder area, the Norwegian player announced on Wednesday.
The company reported estimated recoverable resources of between 13 million and 23 million barrels of oil at its latest Ringhorne North exploration well in its operated PL 956 licence.
The discovery is a potential commercial candidate to be tied into existing infrastructure in the Balder area, Vår Energi said.
Vår Energi operates the asset with a 50% stake, working alongside Aker BP (20%), Harbour Energy Norge (15%) and Sval Energi (15%).
Vår’s Ringhorne field is situated around 200 kilometres northwest of Stavanger. The Ringhorne North extension is located around 8 kilometres north of it.
“The discovery proves that there are still opportunities in the mature areas on the Norwegian Continental Shelf, and I’m glad to see that our near-field exploration strategy is paying off,” Vår Energi COO Torger Rød said.
“We believe there is more value to be unlocked in the Balder area, and we are intensifying exploration activities to maximise value creation from the existing infrastructure.”
Vår Energi is an independent upstream oil and gas company active on the Norwegian continental shelf with around 200 licences and equity stakes in 47 producing fields. The company produced 299,000 bopd in Q1 2024.
Photo courtesy of Vår Energi.
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