Vår Energi strikes oil in North Sea with promising new discovery at Ringhorne North well

Vår Energi has announced an oil discovery at the Ringhorne North exploration well (well 25/8-23 S) located in the Balder area of the Central North Sea, off the coast of Norway. This significant find is situated within production license 956 (PL 956), where Vår Energi holds a 50% operating stake. The company estimates the well’s recoverable resources to be between 13 to 23 million barrels of oil equivalent.

The oil discovery at Ringhorne North is seen as a vital asset for Vår Energi, offering a promising commercial opportunity to utilize adjacent infrastructure in the Balder area. Positioned just 8km north of the Vår Energi-operated Ringhorne field and about 200km northwest of Stavanger, the well was drilled using the Deepsea Yantai semi-submersible rig. The discovery underscores the potential for ongoing development of the Balder area as a key production hub in the North Sea.

The primary exploration well, along with two additional side-track/appraisal wells (25/8-23 A and 25/8-23 B), were conducted successfully. The well 25/8-23 S targeted petroleum deposits within the Ty Formation and Skagerrak Formation. It encountered a 5-meter oil column in the Ty Formation characterized by good reservoir quality. Meanwhile, the sidetrack wells targeted the Nansen Formation, revealing a 15-meter section with good reservoir quality and traces of oil, although the Skagerrak Formation showed moderate to poor reservoir quality and was found to be aquiferous.

Vår Energi COO, Torger Rød, highlighted the strategic importance of the discovery: “The discovery proves that there are still opportunities in the mature areas on the Norwegian Continental Shelf, and I’m glad to see that our near-field exploration strategy is paying off. We believe there is more value to be unlocked in the Balder area, and we are intensifying exploration activities to maximise value creation from the existing infrastructure.”

The discovery not only taps into new resources but also confirms the northern expansion of the Ringhorne field and reduces the exploration risk for future drilling prospects in the area. Furthermore, it enhances development synergies with other nearby discoveries like King-Prince and Evra-Iving.

Vår Energi’s partners in PL 956 include Aker BP with a 20% stake, Harbour Energy Norge holding 15%, and Sval Energi also at 15%. This collaborative approach underlines the joint efforts in developing the Norwegian Continental Shelf’s oil potential sustainably and efficiently.

This new discovery by Vår Energi not only enhances the company’s portfolio but also strengthens the North Sea’s reputation as a resilient and promising region for oil exploration and production. Continued investment in this mature area demonstrates the enduring potential and strategic importance of the North Sea oil reserves.