Sandnes, Norway, 15 April 2026 - Vår Energi ASA (OSE: VAR, "the
Company") has submitted an amended Plan for Development and Operation (PDO)
for the Goliat Gas Export (GGE) project to the Ministry of Petroleum and
Energy, together with its partner Equinor.
The project is expected to increase oil production from the Goliat field in the
Barents Sea?through?optimised reservoir management following the
production of the gas reserves, currently being re-injected into the
reservoir. The incremental oil will be sold from the start, while the gas will
be exported to the Hammerfest LNG plant under a gas bank arrangement, agreed
with Snøhvit, and sold when processing capacity is available.
The project is developing proved plus probable (2P) reserves of 112 million
barrels of oil equivalent (mmboe) gross (73 mmboe net Vår Energi), of
which approximately 15% is oil. The project is expected to come onstream in
the third quarter of 2029.
Vår Energi's COO Torger Rød said:
"This is an effective, value creating project with significant upside. The
project expands the infrastructure in the Barents Sea and unlocks future
developments.?Importantly, it extends the operational life of the Goliat field
by approximately ten years, to around 2050, thereby strengthening the long-term
security of energy supply to Europe."
The project comprises new subsea infrastructure connecting the Goliat FPSO to
the Snøhvit pipeline, including a gas riser, umbilical, and a 12 km gas export
pipeline. Modifications to the Goliat FPSO enable the new infrastructure to be
connected to existing facilities on the FPSO.
The GGE project also facilitates efficient gas solutions for future projects
to be connected to the Goliat FPSO, with the first being the Goliat
Ridge development. Total investments for
the GGE project amounts to around USD 360 million gross pre-tax (USD 233 million
net Vår Energi pre-tax). The project has robust economics with a breakeven in
line with the Company's target and provides significant upside
potential from optimisation of Goliat operations.
Goliat is fully electrified with power from shore and the GGE
project represents no additional CO2 emissions.
Partners in the Goliat licence (PL229) are: Vår Energi (operator and 65%) and
Equinor (35%).
Contact
Investor relations
Ida Marie Fjellheim, VP Investor relations
+47 905 09 291
ida.fjellheim@varenergi.no
Media
Liv Jannie Omdal, VP Communications
+47 97667137
liv.omdal@varenergi.no
About Vår Energi
Vår Energi is a leading independent upstream oil and gas company on the
Norwegian Continental Shelf (NCS). To learn more, please
visit varenergi.no (https://varenergi.no/no/)