Var Energi (OSLO: VAR) is celebrating Christmas early as it announces the “largest discovery” in the Barents Sea this year.
The “Lupa” find, in the Goliat Area, has estimated recoverable resources of 57-132 million barrels of oil equivalent.
Rune Oldervoll, EVP of Exploration and Production at Var Energi, said: “The Lupa discovery further strengthens our foothold in the north.
“The discovery could serve as another step towards realising additional gas infrastructure in the Barents Sea in the future. We have a long-term growth strategy for the Barents Sea and will continue to chase new opportunities for value creation.”
Var Energi has a success rate of 57% for exploration in 2022, with three of its successful wells being drilled in the Barents Sea.
Lupa will build on the hub-focused strategy in the region, adding barrels to the Goliat FPSO.
The well was drilled in licence PL229E by the Transocean Enabler rig and will be plugged and abandoned.
Oslo-listed Var Energi holds a 50% stake in the PL229E license, with Aker BP (50%) making up the rest of the JV.
Alessandro Barberis, VP Exploration, applauded the team for the find.
He said: “This is the largest discovery on the shelf this year and comes as a Christmas gift. I want to give credit to our highly skilled and dedicated exploration professionals, continuing to perform, placing Vår Energi amongst the top explorers on the Norwegian shelf.”