Jul 21, 2025
Norway's Vaar Energi has found oil and gas in the Norwegian Sea.
Vaar Energi announced on Monday that it has found oil and gas at the Vidsyn prospect in the Norwegian Sea.
Initial estimates suggest that the discovery may contain recoverable reserves ranging from 25 million to 40 million barrels of oil equivalent, according to Vaar's statement.
The company plans to assess the discovery and may develop it as a tie-in to the existing Fenja oil and gas field.
Bijan Mossavar-Rahmani, chairman of DNO, which holds a 7.5% stake in the field, stated separately that they will work with Vaar Energi to expedite production compared to the usual pace in Norway.
Vaar Energi owns 75% of the exploration permit, with Sval Energi owning the remaining 17.5%.
Initial estimates suggest that the discovery may contain recoverable reserves ranging from 25 million to 40 million barrels of oil equivalent, according to Vaar's statement.
The company plans to assess the discovery and may develop it as a tie-in to the existing Fenja oil and gas field.
Bijan Mossavar-Rahmani, chairman of DNO, which holds a 7.5% stake in the field, stated separately that they will work with Vaar Energi to expedite production compared to the usual pace in Norway.
Vaar Energi owns 75% of the exploration permit, with Sval Energi owning the remaining 17.5%.