Vår
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
"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
The Ringhorne North discovery adds to an already impressive exploration track record. Over the past five years, Vår
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
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
"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
The licence partners are Vår Energi ASA (operator) 50%,
Contact
Investor relations
+47 90509291
Ida.fjellheim@varenergi.no
Media relations
+47 92616759
andreas.wulff@varenergi.no
About Vår
Vår
https://news.cision.com/var-energi-asa/r/new-oil-discovery-in-the-north-sea,c3962728
https://mb.cision.com/Main/21086/3962728/2737307.pdf
(c) 2024 Cision. All rights reserved., source