Vår Energi: Significant discovery in the North Sea
Vår Energi confirms discovery of oil and gas in the King and Prince exploration wells in the Balder area in the Southern North Sea. The latest preliminary estimates showing volumes between 60-135 million barrels of recoverable oil equivalents. Vår Energi AS (operator) holds a 90% stake of the license and Mime Petroleum AS is partner with 10%.
“The discoveries prove that there are still opportunities in the mature areas on the Norwegian Continental Shelf. I’m proud to present yet another discovery that will generate activity and create value – for the company, the owners, the supplier industry and the society at large. Clearly, our near-field exploration strategy is paying off and is certainly an approach we will continue to pursue,” says Vår Energi CEO, Torger Rød.
Hard work pays off
With the King and Prince result, Vår Energi celebrates the fifth significant exploration discovery so far this year. Vår Energi’s VP Exploration Denis Palermo and his team are on a winning streak.
“This is fantastic news. We know that there is significant remaining exploration potential in the Balder licenses and I’m proud and glad to see that all the hard work put down by the team has paid off,” he says. In addition to the team effort, Palermo is clear on what are the success factors: “We have years of experience and huge amounts of data from the Balder area. Thanks to a systematic exploration strategy, our deep understanding of the area, thorough geological processes, and new technology we are able to unlock the true Balder potential.”
Short time to market
The exploration wells are located in a mature area, approximately six kilometers north of the Balder field and three kilometers west of the Ringhorne platform. The licensees consider the discoveries to be commercial and will assess tie-in to the existing infrastructure in the Balder area. A King and Prince development project has already started in order to minimize time from discovery to production.
“The discoveries fit in well with our area plans and continuous development of the Balder Area as an important production hub for Vår Energi. We are in the process of revitalizing the area and these discoveries will increase future value creation,” explains Vår Energi’s VP Field Development and Projects, Bjørn Thore Ribesen.