Vaar Energi Secures Approval for North Sea Drilling Campaign

Norwegian operator Vaar Energi has received approval from the Norwegian Offshore Directorate (NOD) to drill two exploration wells in the Norwegian North Sea during July and September 2024, utilizing the semi-submersible rig COSL Prospector for both operations.

Drilling Schedule and License Details

The first well, designated 6407/5-3 S, will be spudded in July within production license 1002, where Vaar holds a 42.3% operating stake alongside Equinor. The rig will then move to production license 636 in September to drill exploration well 36/7-6, where Vaar operates with a 30% stake, with partners including Inpex, Inpex Idemitsu Norge, Orlen Upstream Norway, and DNO Norge holding the remaining interests.

Key Prospects and Resource Potential

While the NOD did not name the specific prospects, Vaar has previously identified the Lakris prospect in PL 1002 as its largest exploration target for the year, with pre-drill gross potential resources estimated at 252 million barrels of oil equivalent. In the event of a commercial discovery at Lakris, development is expected to involve a tieback to existing regional infrastructure.

Strategic Context and Nearby Discoveries

The well to be drilled in PL 636 is located east of the Cerisa discovery, which Vaar announced in June 2024. This operation aims to confirm additional reserves in the acreage. According to Orlen, the Cerisa development concept involves drilling two production wells from an existing subsea template currently used for the Duva field within the same license. Cerisa is part of the broader Gjoa subsea project, which also includes bringing the Ofelia and Gjoa Nord fields on stream, with the existing Gjoa platform serving as a production hub.