Lakris Prospect Overview

Norwegian energy companies Equinor and Vaar Energi are preparing to drill a significant exploration prospect in the Norwegian Sea, known as Lakris. Equinor has previously described this well as a "new idea" or high-impact prospect. According to Vaar's first quarter report, the Lakris prospect has pre-drill gross potential resources of 252 million barrels of oil equivalent, making it the largest prospect on Vaar's exploration schedule for the year.

Drilling Schedule and Location

The Lakris prospect is scheduled to be drilled in the third quarter of 2026. It is located in Block PL 1002 in the Mikkel/Halten East area. The Norwegian Environment Agency has received an application from Vaar, the operator of the well, with the earliest possible start date set for 10 June 2026. The drilling operation is expected to last up to 40 days, and the water depth at the location is 218 metres.

Context and Industry Insights

Equinor indicated late last year that Lakris and Vikingskipet were the only "new play concepts/idea" exploration prospects on its 2026 schedule. Vikingskipet, which was drilled in the Barents Sea, was unsuccessful. Vaar's quarterly report notes that the company has participated in three commercial infrastructure-led discoveries out of six wells drilled so far this year. Vaar's chief executive, Nick Walker, stated in an earnings call that these discoveries are being turned into value, with Frida Kahlo set to start production through Sleipner this quarter and Omega South expected to be sanctioned as a tie-back to Snorre by year-end. Walker added that most of Vaar's high-impact exploration programme for 2026 is in the second half of the year, with seven wells remaining and key prospects to be drilled in core areas.

Partnership Details

The partners in Block PL 1002 are operator Vaar, holding a 42.3% stake, and Equinor, holding a 57.7% stake.