Barents Sea Area, which accounted for 11% of the company’s production for 2024 and 344 mmboe in 2P reserves at the end of the year, features significant value and upside potential.
Key assets include the Goliat field (in which Vår Energi holds a 65% working interest and is the operator), the only oil– producing field in the Barents Sea Area with active infill drilling ongoing.
It features one of the world’s largest and most sophisticated circular and permanently anchored FPSO units.
)
We strongly believe in the future of the region and aim to realise the true potential of the Barents. Building on our unique experience as operator for the neighboring Goliat field, we are set to capture new opportunities through exploration and development of new discoveries in the area.
The Barents hub features significant value and upside potential. Some of our key projects and assets:
Vår Energi has, together with the licence partner, approved concept selection (DG2) for a gas export solution from Goliat to the Snøhvit pipeline for further transport of gas to the LNG plant on Melkøya. The Goliat gas project is an important step for increased gas export capacity from the Barents Sea.
Another key asset in the Barents Sea Area is Johan Castberg, a sanctioned and substantially de-risked project. Production from the field started in March 2025 and Vår Energi holds a 30% working interest in the licence (Equinor is operator).
In 2023, Vår Energi confirmed discovery of oil in the operated Countach well in the Goliat production license. The Countach well was drilled about 13 kilometers northeast of the Goliat field. Also, in 2022 we announced the Lupa discovery not far from the Goliat field.
The Snøhvit field was added to the Barents Sea Area portfolio after the acquisition of Neptune Energy Norge AS, completed in January 2024. Snøhvit is a highly strategic long-life LNG asset.
