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    Var Energi strikes oil, gas in Barents Sea

Summary

The find is estimated to hold up to 12mn barrels of oil equivalent in recoverable reserves.

by: Joseph Murphy

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Var Energi strikes oil, gas in Barents Sea

Eni subsidiary Var Energi has discovered 9-12mn barrels of oil equivalent of recoverable oil and gas in the south Barents Sea, the company reported on October 12.

The find was made by the Rodhette exploration well, 30 km north of Var Energi's Goliat field, and 5 km south of the Tornerose discovery. Drilled by the Scarabeo 8 rig, the well struck a 28-m oil and gas column some 1,882 m below sea level.

The Norwegian Petroleum Directorate (NPD) separately described the discovery as minor. The well has not been formation-tested, but extensive data acquisition and sampling has been carried out, the NPD said.

This marks the first well drilled at production licence 901, which Var Enrgi operates with a 50% interest. Longboat Energy has 20%, Concedo a further 20% and Equinor 10%. Eni has nearly a 70% stake in Var Energi, while Norwegian private equity group HitecVision owns the remaining interest.