Eni’s Vaar Energi makes Arctic gasoline discovery

Eni’s emblem is seen in entrance of its headquarters in San Donato Milanese, close to Milan, Italy on April 27, 2016. (Stefano Rellandini / Reuters File Photograph)

OSLO — Norway’s Vaar Energi, majority owned by Italy’s Eni, mentioned on Friday it had made a gasoline discovery close to the Goliat subject within the Arctic Barents Sea, supporting the group’s long-term plans to increase within the space.

“That is the biggest discovery on the (Norwegian continental) shelf this yr and comes as a Christmas present,” Vaar exploration supervisor Alessandro Barberis mentioned in an announcement.

Preliminary estimates place the dimensions of the gasoline discovery between 57 million and 132 million barrels of recoverable oil equivalents, or 9 million to 21 million customary cubic meters.

“The licensees will think about tying the invention again to current infrastructure on the Goliat subject at a later date,” the Norwegian Petroleum Directorate mentioned in a separate assertion.

The discover within the Lupa prospect strengthens Vaar’s foothold within the north, the corporate mentioned.

“The invention may function one other step in the direction of realising further gasoline infrastructure within the Barents Sea sooner or later,” mentioned Rune Oldervoll, Vaar’s head of manufacturing and exploration.

“Now we have a long-term progress technique for the Barents Sea and can proceed to chase new alternatives for worth creation.”

Operator Vaar Energi holds a 50 % stake within the license whereas Aker BP owns the remainder.

Reporting by Terje Solsvik.