Var Energi announces gas discovery in the Barents Sea
This is the largest discovery on the shelf this year
Preliminary estimates of the size of the discovery are between 57-132 million barrels of recoverable oil equivalent (9-21 billion Sm3 recoverable gas resources).
Building on the successful 2021 exploration performance, Lupa brings the 2022 exploration success of Vår Energi to 57%. Three of the successful wells in 2022 were drilled in the Barents Sea.
Rune Oldervoll, EVP Exploration & Production, says:
"The well confirms our hub-focused strategy. 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."
Alessandro Barberis, VP Exploration, says:
"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."
The primary exploration target for the 7122/9-1 T2 Lupa well was to prove hydrocarbons in the Havert formation of Triassic age. The well encountered a gas column of 55 meters in sandstones with moderate to good reservoir quality. The gas-water contact was not encountered in the well. The total depth was called in the Ørret formation. Extensive data acquisition took place, including sampling, and the discovery will now be further assessed and matured.
The Lupa well was drilled in PL229E by Transocean Enabler and will be permanently plugged and abandoned. The rig will now move back to continue drilling 7122/8-1S Countach in the PL229 licence.
Vår Energi holds a 50% stake in the PL229E license, with Aker BP (50%) making up the rest of the JV.