Vår Energi and its partner Equinor have submitted a revised plan for development and operation (PDO) of the Goliat Gas Export (GGE) project to the Norwegian Ministry of Energy.
The project aims to boost oil production at the Goliat field in the Barents Sea by enhancing reservoir management after extracting gas reserves, which are currently being reinjected.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Additional oil will be sold immediately, while the gas will be transported to the Hammerfest liquefied natural gas plant via an existing agreement with Snøhvit and sold when processing facilities are available.
Total pre-tax investment for the GGE project is approximately $360m gross, with Vår Energi’s net contribution being $233m (Nkr2.19bn).
The project involves the development of proven plus probable reserves totalling 112 million barrels of oil equivalent, with approximately 15% consisting of oil. It is due to commence production in the third quarter of 2029 (Q3 2029).
New subsea infrastructure will link the Goliat floating production, storage and offloading (FPSO) unit to the Snøhvit pipeline. This includes a gas riser, umbilical and a 12km gas export pipeline.
Modifications to the existing FPSO will integrate this new infrastructure.
Vår Energi chief operating officer Torger Rød said: “This is an effective, value-creating project with significant upside. The project expands the infrastructure in the Barents Sea and unlocks future developments.
“Importantly, it extends the operational life of the Goliat field by approximately ten years, to around 2050, thereby strengthening the long-term security of energy supply to Europe.”
In the Goliat licence (PL229), Vår Energi acts as the operator with a 65% share, while Equinor holds 35%.
The GGE project is designed to support efficient gas utilisation for upcoming initiatives, beginning with the Goliat Ridge development. It aligns with the company’s breakeven targets and offers substantial potential by optimising Goliat operations.
Fully electrified from shore power, the Goliat field ensures no additional CO₂ emissions from the new project.
In February this year, Vår Energi and Kistos Energy completed drilling at the 25/8-C-23 D well, known as the Prince Updip prospect, in the Balder area of the North Sea.
