New oil discovery boosts Barents Sea potential with 20 more wells on the drilling horizon

Norwegian oil and gas player Vår Energi has discovered oil resources in an appraisal well near the Goliat field in the Barents Sea off the coast of Norway. As the firm believes the new find has unlocked further potential in the area, it plans to drill 20 more wells in the Barents Sea over the next four years.

While confirming the oil discovery in its operated Countach appraisal well near the Goliat field, Vår Energi highlights that the preliminary estimated gross recoverable resources encountered in the well are between 4 to 25 million barrels of oil equivalent (mmboe), bringing the total estimated recoverable resources in the Countach discovery to 10 to 55 mmboe.

The appraisal well was drilled following the Countach discovery of 3 to 13 mmboe announced in 2023, which is located about 13 kilometers northeast of the FPSO Goliat. The results from the well increase the estimated gross recoverable resources for the discovery to between 10 to 55 mmboe. 

According to the Norwegian player, the discovery serves to confirm the potential of the Goliat ridge, where additional gross prospective recoverable resources of over 100 mmboe are slated to be assessed with the planned drilling program in 2025.

The well encountered oil in the Kobbe formation with good reservoir quality and an oil column of over 200 meters in the Klappmyss formation, which despite being of poorer reservoir quality, is said to open new opportunities in the deeper section of the Goliat ridge. Vår Energi is planning to acquire new 3D and 4D seismic during 2025 to assist in the further development of the Goliat area.

While the company’s estimated additional gross prospective recoverable resources in the Goliat ridge at the Zagato North, Zagato South, and Goliat North prospects exceed 100 mmboe, the original plan of development and operations (PDO) for Goliat was based on total expected recoverable reserves of 176 million barrels of oil. As a result, the firm claims this underlines the significance of the Goliat ridge opportunity.

Commenting on the oil discovery, Torger Rød, Vår Energi’s COO, emphasized: “It is very encouraging to discover oil close to the Goliat infrastructure and we are excited about the potential additional opportunities presented in the Goliat ridge.

“Three more wells are expected to be drilled in 2025, the Zagato North, Zagato South and Goliat North wells, targeting similar opportunities in the Goliat ridge between the Goliat field and the Countach discovery. The potential to unlock significant additional resources is considerable, with the opportunity of being turned into high value barrels by utilising available production capacity at the Goliat facility.”

While the Barents Sea is believed to hold half of the remaining undiscovered resources on the Norwegian Continental Shelf (NCS), the Countach appraisal well is the first well in the planned two-year drilling campaign in the Barents Sea, a collaboration effort with Equinor, targeting both infill production and exploration wells.

Moreover, Vår Energi plans to drill around 20 exploration wells in the Barents Sea region over four years, as part of its plan to sustain production at 350-400,000 barrels of oil equivalent per day long term. After completing work at Countach, a new exploration well is planned on the Elgol prospect 17 kilometers northeast of Goliat. Vår Energi operates the license with 65% interest, while Equinor owns the remaining 35%.

“The Countach discoveries reinforces Vår Energi’s position as a leading exploration company on the Norwegian Continental Shelf (NCS) and in the Barents Sea. We are committed to further develop the Barents Sea as a strategically important petroleum province” Rød added. 

Equinor’s recent investment plan envisions $5.7–$6.6 billion being poured each year into the Norwegian oil and gas arena by 2035. The Norwegian Offshore Directorate (NOD) warned a few months ago that over $1.42 trillion was at risk of being lost if Norway did nothing to ramp up its search for remaining hydrocarbon resources on the NCS and employ new technology to increase production levels.

The Equinor-Vår Energi area-wide emergency preparedness system for the southwestern Barents Sea is designed to place several tools at disposal to reach objectives, including a helicopter of the type S-92 and three emergency response and rescue vessels with standing oil spill response capabilities.