The Barents hub

The Barents Sea is a cornerstone of Vår Energi’s portfolio and a key driver of long-term value creation. It is a mature, proven petroleum province with significant remaining resources and infrastructure, positioned to deliver stable production and substantial growth for decades to come.

With around 25% of our production and remaining resources located in the region, we are building on a strong foundation that includes the operated Goliat field, Johan Castberg, and the Snøhvit gas field – assets that anchor our continued development of the Barents hub.

Scaling up a high-value core area

Our ambition is to fully realise the potential of the Barents Sea through disciplined growth and industrial development.

We are accelerating value creation by:

• Increasing recovery from producing fields
• Developing discoveries around existing hubs
• Advancing targeted exploration in proven areas
• Maximising utilisation of shared infrastructure

Together, this positions the Barents Sea to maintain and grow production beyond 2035.

Goliat – the hub for future growth

Goliat is our operated flagship and a key enabler for unlocking further value in the region. The FPSO has been in production since 2016 and is a safe, electrified and efficient facility with available capacity for future tie-ins.

We are investing to extend Goliat’s lifetime towards 2050, strengthening its role as a long-term hub for surrounding discoveries and increased recovery.

Unlocking gas – expanding export capacity

The Goliat gas export project is a key step in strengthening the Barents Sea’s contribution to European gas supply. By connecting to the Snøhvit system and Melkøya LNG, we are enabling new export volumes and enhancing the value of our resource base.

Discoveries – material, near-field growth

Recent discoveries, including the Goliat Ridge structures, confirm substantial remaining resources in the Barents Sea. With a recoverable volume potential exceeding 200 mmboe, we see clear opportunities for fast, cost-efficient developments through tie-backs to existing Goliat infrastructure.

Johan Castberg – adding scale and momentum

Johan Castberg is a major producing field that reinforces the Barents Sea as a significant oil province. With production started in 2025, the field provides both immediate scale to the company and a strong platform for future developments.

Snøhvit – a strategic gas position

Snøhvit is a long-life LNG asset that strengthens our gas portfolio and provides direct access to European markets. It is a key pillar in the Barents Sea system, supporting both stability and future growth.