Var Energi Makes Significant North Sea Find

Var Energi Makes Significant North Sea Find
Var Energi has announced a 'significant' discovery in the North Sea.

Var Energi has announced a “significant” discovery in the North Sea.

In a statement posted on its website, the company confirmed the discovery of oil and gas in the King and Prince exploration wells in the Balder area in the Southern North Sea. Var Energi noted that preliminary estimates showed volumes of between 60 million and 135 million barrels of recoverable oil equivalents.

The King and Prince discovery represents Var Energi’s fifth significant exploration find so far this year, the company highlighted. The licensees of the discovery (Var Energi AS, 90 percent interest, Mime Petroleum AS, 10 percent interest) consider the find to be commercial and will assess tie-in to the existing infrastructure in the Balder area, according to Var Energi.

The company’s chief executive officer, Torger Rod, noted that the discovery proves that there are still opportunities in mature areas on the Norwegian Continental Shelf (NCS).

“I’m proud to represent yet another discovery that will generate activity and create value – for the company, the owners, the supplier industry and the society at large,” the Var Energi head said in a company statement. “Clearly, our near-field exploration strategy is paying off and is certainly an approach we will continue to pursue,” he added.

Commenting on the find, Denis Palermo, Var Energi’s vice president of exploration, said, “this is fantastic news”.

“We know that there is significant remaining exploration potential in the Balder licenses and I’m proud and glad to see that all the hard work put down by the team has paid off,” he added.

Var Energi is owned by Eni, which has a 69.85 percent shareholding in the company, and private equity investor HitecVision, which holds the remaining 30.15 percent stake. The business describes itself as one of the largest exploration and production companies on the NCS.

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