Oil discovery in the Barents Sea

Vår Energi confirms discovery of oil in the Equinor operated Snøfonn Nord exploration well in the Johan Castberg area.

The exploration well proved successful with the latest preliminary estimates showing volumes between 30-50 million barrels of recoverable oil.

Significant 

Torger Rød, Vår Energi CEO, says:

With the Snøfonn discovery, Vår Energi celebrates its first exploration success of 2022. This confirms our strategic approach to exploration in the Barents Sea, strengthening the value creation in the region. The discovery adds valuable volumes to our resource base, supporting our long-term growth targets. Together with the partners, we will assess and mature the discovery for a tie back to Johan Castberg”.

“We are pleased with the result, which strengthens Vår Energi’s position around one of our key hubs, confirming the company’s strategy and commitment to exploration in the Barents Sea”.

Mature area

The exploration well is located approximately 5km southeast of the Skrugard discovery and 210 km northwest of Hammerfest.

Snøfonn Nord was drilled in PL 532 by TransOcean Enabler. The well encountered an oil column of about 130 meters in the Realgrunnen Subgroup within very good to moderate reservoir sandstones of the Nordmela, Tubåen and Fruholmen formations.

Extensive data acquisition took place, including sampling and the well will be permanently plugged and abandoned.

Vår Energi ASA holds a 30% stake of the license, with Equinor (Operator; 50%) and Petoro (20%) making up the rest of the JV.