Vaar Energi, a majority owned unit of Italy’s Eni, has made a “significant” discovery of new oil resources in the mature Balder area of the southern Norwegian North Sea, the company said.
The latest preliminary estimates from exploratory wells showed volumes between 60 million and 135 million barrels of recoverable oil equivalents, Vaar said in a statement.
“The discoveries prove that there are still opportunities in the mature areas on the Norwegian Continental Shelf,” said Torger Roed, CEO of Vaar Energi.
It was the fifth significant exploration discovery of 2021 for Vaar Energi, it added.
Mime Petroleum has a 10% stake in the discoveries, with the two firms now assessing a tie-in to the existing infrastructure in the Balder area.
Vaar Energi is a joint venture of Italy’s Eni (69.85%) and Norway private equity investor HitecVision (30.15%).
Recommended Reading
Exxon’s Payara Hits 220,000 bbl/d Ceiling in Just Three Months
2024-02-05 - ExxonMobil Corp.’s third development offshore Guyana in the Stabroek Block — the Payara project— reached its nameplate production capacity of 220,000 bbl/d in January 2024, less than three months after commencing production and ahead of schedule.
What's Affecting Oil Prices This Week? (Feb. 5, 2024)
2024-02-05 - Stratas Advisors says the U.S.’ response (so far) to the recent attack on U.S. troops has been measured without direct confrontation of Iran, which reduces the possibility of oil flows being disrupted.
Tinker Associates CEO on Why US Won’t Lead on Oil, Gas
2024-02-13 - The U.S. will not lead crude oil and natural gas production as the shale curve flattens, Tinker Energy Associates CEO Scott Tinker told Hart Energy on the sidelines of NAPE in Houston.
What's Affecting Oil Prices This Week? (March 18, 2024)
2024-03-18 - On average, Stratas Advisors predicts that supply will be at a deficit of 840,000 bbl/d during 2024.
What's Affecting Oil Prices This Week? (March 11, 2024)
2024-03-11 - Stratas Advisors expects oil prices to move higher in the middle of the year, but for the upcoming week, there is no impetus for prices to raise.