Found Oil in the Barents Sea

Vår Energy confirms having found oil in an Equinor-operated exploration well in the Johan Castberg area. The latest estimates indicate volumes in the range from 30 to 50million barrels of extractable oil.

The exploration well is located just over 200 kilometers northwest of Hammerfest, Norway.

“Now we, along with our partners, will assess the deposit and investigate opportunities for a production solution in connection to Johan Castberg”, says Vår Energi CEO Torger Rød.

Vår Energi ASA has an ownership share of 30 % of the licence, along with Equinor (operator, 50%) and Petoro (20 %).