Norwegian energy company Var Energi has confirmed a new oil discovery. The find occurred in the Barents Sea. This development affects the firm’s regional exploration activities.
Details of the Discovery
The recent discovery site is the Zagato North prospect. This site lies within the broader Barents Sea area. It sits specifically near the existing Goliat field, an established production asset. The company announced this after completing drilling operations.
Resource Assessment
Preliminary assessments indicate the potential volume. Experts suggest the discovery holds up to three million barrels of oil equivalent. This figure represents the gross recoverable resources. These resources will contribute to Var Energi’s portfolio.
Var Energi’s Operations
Var Energi is a significant player in Norway’s energy sector. The company actively focuses on exploration and production. Its portfolio includes a substantial Barents Sea presence. This region is vital for Norway’s energy future.
The company consistently pursues growth opportunities. Such discoveries underscore its ongoing exploration efforts. Var Energi aims to maximize value from its assets. They continue to invest in promising areas.
Barents Sea Context
The Barents Sea remains a key area for hydrocarbon exploration. It hosts numerous established oil and gas fields. These fields contribute significantly to Norway’s output. The region offers considerable geological potential.
Proximity to existing infrastructure, such as the Goliat field, can be advantageous. This location might facilitate future development options. However, further studies will determine commercial viability for Zagato North.
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