While many operators have lost interest in the Barents Sea, the Norwegian Offshore Directorate (NOD) is still urging companies to do more exploration. This area is likely where most resources are yet to be found on the Norwegian Continental Shelf.
One of the players who have shown a steadfast belief in the shallow shelf sea in the high north is Vår Energi. Not only have they increased their position in the Barents Sea through the acquisition of Neptune Energy’s Norwegian assets, but they have also announced plans to do exploration in the area at least until 2026, and possibly to 2029, by securing rig capacity together with Equinor.
Exploration often pays off, and during the NCS Exploration – Recent Discoveries conference in Oslo in May, Vår Energi will present two of their recent successes: Lupa and Countach.
Lupa was the largest discovery on the NCS in 2022. The gas discovery on the Finnmark Platform is currently estimated to be ~110 million barrels of oil equivalents. Vår Energi believes the new proven play concept may open the platform to further gas discoveries. They agree with NOD that increasing proven gas resources will unlock the Barents Sea gas potential (increased export infrastructure).
Countach, while not a large oil discovery, is situated down flank of the Goliat field and thus favorable for a potential tie-in development solution. The proven geological model allows further exploration along the so-called Northern Trend in the Hammerfest Basin.
Join the conference and attend the session on the Barents Sea to learn more about the exploration potential in our northernmost area and the stories of how Lupa and Countach were discovered.
The program can be found on the conference website. The place is Oslo (Fornebu), and the dates are May 7. – 8. 2024.