Vaar Energi to invest $1.4 billion in 3 oil and gas discoveries offshore Norway

Vaar Energi, together with its partners, will invest approximately 14?billion crowns (1.42 billion dollars) in order to develop three oil & gas discoveries offshore Norway. This is according to plans that were submitted to the Energy Ministry on Thursday.

Cerisa Nord, Gjoea Nord, and Ofelia, located in the northern part of the North Sea, will be developed using?subsea facilities that are linked to the Gjoea Field?facilities. These discoveries are around 50 km (30 miles) northeast from Norway's largest natural gas field, Troll.

According to the ministry, these projects will?add approximately 76 million barrels of oil-equivalent in recoverable resources.

Plans showed that Cerisa would begin production in 2027. Gjoea Nord, and Ofelia would follow a year later.

Vaar Energi is the operator of all three, and it is majority owned by Eni.

Partners in several offshore licences include : Harbour Energy, Okea BP, DNO, INPEX Idemitsu, Orlen Upstream, and state-owned Petoro. Vaar plans to sanction more than a dozen subsea projects this year, all of which will help it sustain its long-term production at 400,000 barrels per day.

(source: Reuters)