Vår Energi has secured the COSLProspector drilling rig for a two-year drilling program in the Barents region offshore Norway, which the company sees as an important strategic priority area.
Signed in cooperation with Equinor, the rig contract with COSL Offshore Management AS will secure the rig for the period 2024-2026, with an option for an additional three years.
Vår Energi CEO Torger Rød said, "We see great opportunities for growth and value creation in the Barents Sea. At the same time, the lack of infrastructure, particularly for gas, poses restrictions for further development in the region. That’s why exploration is essential to uncover new oil and gas resources that can form the basis for new infrastructure and development of existing and future discoveries. We are now gearing up activity in the region by securing a dedicated drilling rig for continuous drilling operations in the coming years."
Vår Energi will drill exploration wells, appraisal wells, along with certain production wells, over a two-year period starting from the last half of 2024.
The company said it aims to identify additional petroleum resources near Goliat and Johan Castberg for utilization of existing infrastructure as well as target exploration for new gas resources that can lead to developing new gas export infrastructure.
According to the Norwegian Petroleum Directorate, the resource potential is significant and the region could help maintain secure, reliable energy deliveries to Europe in the coming decades.
Earlier this year, Gassco concluded that a pipeline solution from the Barents Sea, via Hammerfest and establishment of a new process facility on Melkøya, to the Norwegian Sea, has the greatest potential for realization.
"The report points out that new infrastructure for gas can be achieved, and that this has also highlighted the need for further exploration. We’re glad that Gassco is working to realise development of export capacity in the best interests of all concerned. Cooperation between the players and local and central authorities is the key to success," Rød said.