Vår Energi reports major oil and gas discovery in the North Sea

Vår Energi reports major North Sea oil and gas discovery

Norway

STAVANGER, June 27, 2024 – Norwegian independent Vår Energi said on Thursday it has confirmed recoverable resources of up to 39 million boe at a well in the North Sea.

The Cerisa exploration well has tapped 18 million-39 million boe, marking the company’s fourth discovery in a row close to the Vår Energi-operated Gjøa platform.

The company said the well, along with other recent discoveries, could be tied into the Gjøa field’s infrastructure.

The discoveries together have estimated gross recoverable resources of up to 110 million boe.

“The Cerisa discovery is a testament to our consistent and successful exploration strategy, targeting high value barrels close to existing infrastructure,” Vår Energi COO Torger Rød said.

“It clearly demonstrates the potential to unlock further resources in the area and adds to the value accretive synergies resulting from the Neptune transaction.”

The company can now boast a discovery rate topping 50% for the past five years.

In 2023, Eni and Vår Energi acquired UK-headquartered Neptune Energy for USD 4.9 billion.

Vår Energi – which is 63% owned by Eni – took over Neptune’s Norwegian operations.

Photo of the Gjøa platform courtesy of Vår Energi.