Vår Energi proves North Sea Ringhorne oilfield extension

April 17, 2024
Vår Energi has made a new oil discovery in the Balder area of the Central Norwegian North Sea.

Offshore staff

SANDNES, NorwayVår Energi has made a new oil discovery in the Balder area of the Central Norwegian North Sea.

The Ringhorne North exploration well and two sidetracks, drilled by the semisub Deepsea Yantai in 127 m of water, 8 km north of the Ringhorne field, were the first in production license 956. Estimated recoverable resources are in the range 13 MMbbl to 23 MMbbl.

Vår Energi’s previous exploration activity in the area included two exploration wells in PL 917 on the Hubert and Magellan prospects.

For Ringhorne North, well 25/8-23 S encountered a 5-m oil column in the Ty Formation in sandstone with good reservoir quality. The company views the find as a potential candidate for a tie-in to nearby infrastructure serving the Balder area.

The discovery has proven a northern extension of the Ringhorne Field and has also de-risked other prospects in the area, with potential development synergies with other nearby Vår-operated finds such as King-Prince and Evra-Iving.

“The reserves and resource base in the Balder area have been steadily growing for decades, and we are convinced it will continue to do so in decades to come,” said Rune Oldervoll, executive vice president of Exploration & Production.

In the Barents Sea, the Norwegian Offshore Directorate expects eight to 10 exploration wells to be drilled this year, said director general Torgeir Stordal during his keynote address at the Barents Sea Conference.

His speech also noted the importance of gas exports from Norway for Europe’s continued energy security. While the country can maintain gas deliveries at the current level for a few more years, exports will decline after 2030.

Hence the need, he said, for development of more gas discoveries supported by an increased export capacity from the Barents Sea, where the Johan Castberg Field is due to come onstream later this year, followed at some point by development of the Wisting Field.

"The resource base for such an expansion must be clarified within a few years,” Stordal said. “This is why we're pleased to see more vigorous exploration activity in the Barents Sea following a period of few exploration wells.”

Earlier this year the government awarded eight new production licenses in the region, the most since 2019.



Courtesy Var Energi's "Interim Report Fourth quarter 2023" presentation
Courtesy Var Energi's "Interim Report Third-quarter 2023"
Jotun Fpso
Photo 179434967 © Michele Ursi | Dreamstime.com
North Sea