Vår Energi has discovered a third offshore oil reserve in the Goliat area of the Norwegian Continental Shelf’s Barents Sea, the company said Feb. 27.

The operated Zagato exploration well found between 15 MMboe to 43 MMboe of preliminary estimated gross recoverable resource. The Zagato discovery is located 8 km from the Goliat FPSO and increases the potential of the Goliat ridge to above 200 MMboe of estimated gross discovered and prospective recoverable resource.

“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,” COO Torger Rød said in the press release.

The three wells drilled so far on the Goliat ridge are Countach, Countach appraisal and Zagato. All three have discovered hydrocarbons in separate fault blocks next to the Goliat field.

The Countach appraisal and Zagato wells are part of an E&P collaboration with Equinor over a two-year period. Vår Energi is the operator of Zagato with 65% interest. Equinor owns the remaining 35%.

“With additional wells being drilled this year, we see an opportunity to unlock significant additional resources as tie-back projects to Goliat,” Rød said. “The recent discoveries continue to strengthen Vår Energi’s ability to sustain high value production of 350-400 kboepd in the longer-term.”

Vår will acquire new 3D and 4D seismic surveys in the summer to finish the remaining potential delineation and development studies. In the third quarter, Vår will drill two more exploration/appraisal wells. 

After completing Zagato, the well’s rig will be used to drill infill wells at the Goliat field before returning to the Goliat ridge later in 2025.

Vår plans to drill 20 exploration wells in the Barents Sea over a four-year period.

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