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Vår Energi ASA has discovered oil in the Zagato exploration well near the Goliat field in the Barents Sea.

The preliminary estimated gross recoverable resources encountered in the well are between 15 million and 43 million barrels of oil equivalent (MMboe), the company said in a news release.

The discovery comes after the Countach discoveries announced last year, and brings the total gross estimated recoverable resources potentially up to around 100 MMboe, the company said. The discoveries continue to demonstrate the potential of the Goliat Ridge, with estimated gross discovered and prospective recoverable resources increasing to above 200 MMboe, Var Energi added.

The Zagato discovery is located 5 miles (8 kilometers) northeast of the Goliat floating production, storage and offloading unit (FPSO), one of Vår Energi’s core areas on the Norwegian Continental Shelf. The Goliat ridge consists of a series of adjacent fault-bounded prospects next to the Goliat field, according to the release.

The three wells drilled so far on the Goliat ridge, Countach, Countach appraisal and Zagato, have successfully discovered hydrocarbons in separate fault blocks, which significantly de-risks the prospectivity in the undrilled areas, the company said. The good quality reservoirs found in the exploration wells are similar to those in the producing Goliat field, it noted.

Var Energi COO Torger Rød said, “The Zagato discovery reinforces Vår Energi’s position as a leading exploration company on the Norwegian Continental Shelf (NCS). Close proximity to existing infrastructure provides opportunity for a fast track, low emission, cost-efficient development utilizing available capacity at the Goliat FPSO, adding high value barrels. With additional wells being drilled this year, we see an opportunity to unlock significant additional resources as tie-back projects to Goliat. The recent discoveries continue to strengthen Vår Energi’s ability to sustain high value production of 350-400 [thousand barrels of oil equivalent per day] in the longer-term”.

To complete the remaining potential delineation and accelerate the progress to development studies, Var Energi plans to execute a new 3D and a 4D seismic survey during the summer, accompanied by the drilling of two further exploration/appraisal wells starting around the end of the third quarter.

Vår Energi is the operator of the asset with a 65 percent stake, while Equinor owns the remaining 35 percent. The Countach appraisal and Zagato wells are part of the planned two-year drilling campaign in the Barents Sea, a collaboration effort with Equinor targeting both infill production and exploration wells.

In total, Vår Energi plans to drill around 20 exploration wells in the Barents Sea region over a four-year period. After completing work at Zagato, the rig will be used to drill infill wells at the Goliat field before returning to the Goliat Ridge later in the year.

Last month, Vår Energi ASA announced it increased its reserves and resource base to 2.1 billion barrels of oil equivalent (boe).

The reported value was the sum of its proved and probable (2P) reserves and contingent resources (2C), as published in its annual statement of reserves for 2024. As of December 31, 2024, Var Energi’s total 2P reserves were estimated at 1.19 billion boe.