Vår Energi has confirmed a new oil discovery at the Zagato exploration well in the Barents Sea, located in close proximity to the existing Goliat field.
Preliminary estimates suggest gross recoverable resources from the well range from 15 million barrels of oil equivalent (mboe) to 43 mboe.
The Zagato discovery, situated just eight kilometres northeast of the Goliat floating production, storage and offloading (FPSO) unit, is a strategic win for Vår Energi, solidifying its presence in one of its core operational areas on the Norwegian Continental Shelf (NCS).
The discovery was made on the Goliat ridge, which is characterised by a series of adjacent fault-bounded prospects.
Notably, all three wells drilled on the Goliat ridge – Countach, Countach appraisal, and now Zagato – have successfully encountered hydrocarbons in separate fault blocks.
Vår Energi previously announced an oil discovery in the Countach appraisal well in December 2024.
This string of successes significantly de-risks future prospecting in the surrounding undrilled areas, suggesting potential total gross estimated recoverable resources in the region could reach around 100 mboe.
The exploration wells have also revealed high-quality reservoirs, exhibiting characteristics similar to those found in the producing Goliat field.
Vår Energi is keen to capitalise on this momentum.
The company plans to conduct new 3D and 4D seismic surveys in the summer of 2025 to further delineate the remaining potential and accelerate development studies.
In addition, two more exploration/appraisal wells are scheduled to commence drilling towards the end of the third quarter of this year.
Torger Rød, COO of Vår Energi, emphasised the significance of the discovery: “The Zagato discovery reinforces Vår Energi’s position as a leading exploration company on the Norwegian Continental Shelf (NCS).
“Close proximity to existing infrastructure provides opportunity for a fast-track, low-emission, cost-efficient development utilising available capacity at the Goliat FPSO, adding high-value barrels.”
Rød further added: “With additional wells being drilled this year, we see an opportunity to unlock significant additional resources as tie-back projects to Goliat.
“The recent discoveries continue to strengthen Vår Energi’s ability to sustain high-value production of 350-400 kboepd [thousand barrels of oil equivalent per day] in the longer term.”
The Countach appraisal and Zagato wells are part of a broader two-year drilling campaign in the Barents Sea, a collaborative effort between Vår Energi and Equinor.
This campaign targets both infill production and exploration wells.
Vår Energi plans to drill approximately 20 exploration wells in the Barents Sea over the next four years.
Following the completion of operations at Zagato, the drilling rig will move to the Goliat field to drill infill wells before returning to the Goliat ridge later in the year.
Vår Energi currently holds a 65 per cent interest in the Zagato well and serves as the operator, while Equinor holds the remaining 35 per cent stake.
