Vår Energi has submitted an amended plan for development and operation for the Goliat Gas Export project in the Barents Sea, aiming to increase production and extend the life of the Goliat field.
The plan, submitted with partner Equinor to Norway’s Ministry of Petroleum and Energy, is designed to optimize reservoir management by exporting gas currently reinjected into the reservoir.
Under the project, gas will be exported to the Hammerfest LNG plant via a connection to the Snøhvit pipeline, while incremental oil production will be sold from the start.
The development targets 2P reserves of 112 million barrels of oil equivalent, of which about 15% is oil, with production expected to start in the third quarter of 2029.
The project includes new subsea infrastructure linking the Goliat FPSO to the Snøhvit pipeline, including a gas riser, umbilical and a 12 km export pipeline, as well as modifications to the floating production unit.
Total investments are estimated at about $360 million before tax.
The Goliat license is operated by Vår Energi with a 65% stake, alongside Equinor holding 35%
“This is an effective, value creating project with significant upside. The project expands the infrastructure in the Barents Sea and unlocks future developments. Importantly, it extends the operational life of the Goliat field by approximately ten years, to around 2050, thereby strengthening the long-term security of energy supply to Europe,” said Torger Rød, Vår Energi’s COO.