Vaar Energi Discovers New Oil and Gas Field in the Norwegian Sea
Norwegian oil company Vaar Energi announced on Monday the discovery of an oil and gas field at the Vidsyn block in the Norwegian Sea.
According to preliminary data presented by the company, recoverable reserves at the new field are estimated in the range of 25 million to 40 million barrels of oil equivalent, reports Reuters.
In its statement, Vaar Energi said it plans to conduct a detailed assessment of the discovery and is considering the possibility of developing the field by tying it back to the existing Fenja oil and gas field.
Bijan Mossavar-Rahmani, Chairman of DNO, a company that holds a 7.5% stake in the field, stated in a separate comment that, together with Vaar Energi, they aim to bring the field into production on a faster timeline than is typical under Norwegian standards.
According to data on license distribution, Vaar Energi, the project operator, holds 75% of the exploration license, while Sval Energi owns the remaining 17.5%.
