Var hits oil in Balder Area probe
The firm’s NCS near-field exploration strategy pays off again
Norwegian producer Var Energi, a joint venture between private equity firm Hitec Vision and Italy’s Eni, has made a discovery totalling an initially estimated 60-135mn bl oe from its King and Prince exploration wells close to the Balder field in the Southern North Sea. Var says the find is its “fifth significant exploration discovery so far this year”. “The discoveries prove that there are still opportunities in the mature areas on the Norwegian Continental Shelf (NCS). Clearly, our near-field exploration strategy is paying off and is certainly an approach we will continue to pursue,” says the firm’s CEO Torger Rod. Var, which holds a 90pc stake in the licence, and its 10pc partner Mime Petr
Also in this section
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields