Vår Energi has reserves and resources of more than 1,250 million barrels of oil equivalent (Mboe) on the Norwegian continental shelf (NCS). One of our highest priorities is the replacement of resources and reserves, which forms the basis for future growth of business. All opportunities are taken through our internal quality assurance review systems and the highest-ranking candidates naturally receive priority funding from a robust financial platform.
The company has ownership interests in over 100 licenses on the NCS. Our exploration strategy is focused on identifying additional in and near-field drilling prospects in our established assets and core areas of the Barents Sea, Norwegian Sea and North Sea. We are committed to build a diverse and balanced portfolio of prospects across the NCS including new opportunities in less explored or frontier areas through New Ventures.
We have high ambitions to add more valuable acreage and material resources to our existing portfolio through organic growth, utilizing our subsurface geological and geophysical competence, latest technologies, and extensive databases. As a support to these efforts, tailored research and development (R&D) projects are conducted with Norwegian and international academic and research institutes in order to maintain the front-runner exploration technical expertise on NCS. Vår Energi continues to mature exploration targets in annual Awards in Predefined Areas (APA) and is building a strong technical foundation for future Concession Rounds.
Vår Energi operates several licenses with active and forward-looking exploration programs.
- For example, Vår Energi has acquired a new time-lapse (4D) seismic survey over the Balder and Ringhorne fields and developed a Multiple-Azimuth (MAZ) seismic data set in order to better image several identified exploration and infill drilling targets.
- The company also operates an active exploration program in the Barents Sea, aimed at increasing the resource base for our operated Goliat field.
Since 2016 there have been ongoing evaluations to mature additional volumes in the Marulk Lange Formation target. A possible Lange Formation will be developed by one well drilled and produced from the existing Marulk field infrastructure in the Norwegian Sea. Volumes from the Lange Formation will extend production of the Marulk field from 2021 to 2024.
A full overview of Vår Energi’s license portfolio is available in our interactive License map.