Norwegian oil & gas player cleared to deploy COSL rig for Barents Sea drilling activities

October 10, 2024, by Melisa Čavčić

Norwegian oil and gas player Vår Energi has received the all-clear from the country’s authorities to use one of COSL Drilling Europe’s semi-submersible rigs for drilling operations at three wells in the Barents Sea off the coast of Norway.

The Norwegian Offshore Directorate (NOD) has granted Vår Energi a drilling permit for two wildcat wells 7122/7-8 and 7122/8-3 S in production license 229, awarded on May 30, 1997, and valid until May 15, 2042.

As the operator of the license, Vår Energi has an ownership interest of 65%, while its partner, Equinor, holds the remaining 35%. These wells are expected to be drilled with the COSL Prospector rig.

The rig secured a two-year contract in September 2023 with Vår Energi in the Barents Sea and started the job in the third quarter of 2024. This deal comes with three years of options, resulting in a maximum duration of five years.

The contract builds on the cooperation between Vår Energi and Equinor, enabling the duo to secure access to the rig for the 2024-2026 period. With a drilling depth of 7,500 meters, the COSL Prospector rig is of GG5000 design and can operate in water depths up to 1,500 meters.

Meanwhile, the Norwegian Ocean Industry Authority (Havtil) has also granted Vår Energi consent for exploration drilling in block 7122/9 in the Barents Sea, which will be done with the same rig in production license 1131, valid from February 19, 2021, until February 19, 2029.

Vår Energi is the operator of the license with a 40% interest and its partners are Petoro (20%), Equinor (20%), and Aker BP (20%). The well 7122/9-2, related to the prospect called Elgol, lies in a water depth of 415 meters.

The Norwegian government is convinced that the Barents Sea area contains more undiscovered hydrocarbons, thus, further exploration activities are encouraged to uncover this potential.

Norway is an important oil and gas playground for many energy players, including Equinor and Vår Energi, which are developing many projects in the country’s waters.

While the former is preparing to kick off production from the Johan Castberg field in 2024, the latter is ticking off all the items on its list to ensure the first oil from the Balder X life extension project will be achieved in the second quarter of 2025.