Vår Energi Confirms Discovery of Oil in the Balder Area in the Central North Sea

Source: www.gulfoilandgas.com 4/17/2024, Location: Europe

Vår Energi has confirmed the discovery of oil in the Balder area in the Central North Sea.

The latest Ringhorne North exploration well in production license (PL 956) was successful with estimated recoverable resources of between 13 and 23 million barrels of oil.

Operator Vår Energi considers the discovery a potential commercial candidate to be tied into nearby existing infrastructure in the Balder area.

'The discovery proves that there are still opportunities in the mature areas on the Norwegian Continental Shelf, and I’m glad to see that our near-field exploration strategy is paying off. We believe there is more value to be unlocked in the Balder area, and we are intensifying exploration activities to maximise value creation from the existing infrastructure', says Vår Energi COO, Torger Rød.

The Ringhorne North discovery adds to an already impressive exploration track record. Over the past five years, Vår Energi has had a discovery rate of over 50 percent, with costs of less than USD 1 per barrel post tax.

Vår Energi EVP Exploration & Production, Rune Oldervoll says:

'Our exploration portfolio is the basis to unlock and create future value. We are among the largest license holders on the NCS with roughly 200 licenses. Our commitment to explore for further resources remains firm. We have a highly experienced team, and we are also leveraging the expertise of Eni, our major shareholder, one of the most successful explorers globally'.

The discovery supports the plans for continuous development of the Balder area as a long-term production hub in the North Sea.

In addition to unlocking new resources and proving the northern extension of the Ringhorne field, the Ringhorne North discovery also de-risks more drillable prospects in the area and opens up potential development synergies with other nearby Vår Energi operated discoveries such as King-Prince and Evra-Iving.

'The reserves and resource base in the Balder area has been steadily growing for decades and we are convinced it will continue to do so in decades to come. We are positioned to produce high value, low emission barrels for a long time – and the latest Ringhorne North discovery is underpinning our long-term production targets', Oldervoll adds.

The Ringhorne North exploration well and two additional side-track/appraisal wells were drilled by the semi-submersible rig Deepsea Yantai in the Central North Sea, eight kilometers north of the Vår Energi operated Ringhorne field, about 200 kilometers northwest of Stavanger.

The licence partners are Vår Energi ASA (operator) 50%, Aker BP ASA 20%, Harbour Energy Norge AS 15% and Sval Energi AS 15%.

Mozambique >>  5/24/2024 - CNOOC Limited and 80883 (RMB Counter), SSE: 600938) announces its wholly owned subsidiaries have entered into petroleum exploration and production con...
United Kingdom >>  5/24/2024 - Union Jack Oil plc (AIM:UJO) (OTCQB:UJOGF), a UK and USA focused onshore hydrocarbon production, development, exploration and investment company, is p...

Congo >>  5/22/2024 - The African Energy Chamber hosted a webinar with global market intelligence first S&P Global Commodity Insights on ‘Exploring the Future of Oil & Gas ...
Gabon >>  5/21/2024 - Panoro Energy ASA (“Panoro” or the “Company”) is pleased to announce that the DHIBM-7P pilot well has successfully made a significant new oil discover...

Gabon >>  5/20/2024 - BW Energy is pleased to announce a substantial oil discovery with good reservoir quality in the DHIBM-7P pilot well drilled to appraise the northern f...
Suriname >>  5/16/2024 - PETRONAS Suriname E&P B.V. (PETRONAS Suriname E&P), a subsidiary of PETRONAS, has made a third hydrocarbon discovery in Block 52 at the Fusaea-1 explo...

Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.