Norway’s energy powerhouse, Vår Energi, has done it again. The company has struck oil in the icy waters of the Barents Sea, marking its third major discovery in recent months. This latest find, dubbed the Zagato prospect, is set to bolster Norway’s position as a global leader in sustainable oil exploration and production.
With preliminary estimates suggesting a potential haul of 15 to 43 million barrels of recoverable oil equivalent (mmboe), the Zagato discovery is more than just a win for Vår Energi—it’s a testament to the untapped potential of the Barents Sea.
The Zagato Discovery: A Game-Changer for the Barents Sea
The Zagato well, drilled by the COSL Prospector semi-submersible rig, sits just north of the Goliat field, a cornerstone of Vår Energi’s operations. The discovery confirms the presence of oil in the Middle Triassic Kobbe Formation, with a 72-meter oil column spread across three reservoir zones. While the reservoir quality varies from good to moderate, the sheer volume of oil found is a clear indicator of the region’s promise.
But that’s not all. The well also revealed a three-meter oil column in the Tubåen Formation, boasting excellent reservoir quality, and a two-meter column in the Klappmyss Formation. These findings, combined with the Countach discoveries announced in late 2024, bring the total estimated recoverable resources in the area to a staggering 100 mmboe.
Fast-Tracking Development with Existing Infrastructure
One of the most exciting aspects of the Zagato discovery is its proximity to the Goliat FPSO (Floating Production, Storage, and Offloading) facility. This allows Vår Energi to fast-track development while minimizing emissions and costs.
“The Zagato discovery reinforces Vår Energi’s position as a leading exploration company on the Norwegian Continental Shelf,” said Torger Rød, Vår Energi’s COO. “Close proximity to existing infrastructure provides an opportunity for a low-emission, cost-efficient development, adding high-value barrels to our portfolio.”
The company plans to drill additional wells in the area this year, with the goal of unlocking even more resources. These discoveries are expected to sustain Vår Energi’s production levels of 350-400 thousand barrels of oil equivalent per day (kboepd) in the long term.
The Future of Exploration in the Barents Sea
Vår Energi’s success in the Barents Sea is no accident. The company has been methodically exploring the region since 1997, when it was awarded production license 229. With 11 wells drilled to date, the Zagato discovery is a testament to the company’s expertise and the region’s untapped potential.
Looking ahead, Vår Energi plans to drill around 20 exploration wells over the next four years, with a focus on the Goliat ridge. This area, comprising a series of fault-bounded prospects, has already yielded over 200 mmboe in estimated recoverable resources.
The company is also gearing up for a new 3D and 4D seismic survey in summer 2025, accompanied by the drilling of two further exploration/appraisal wells. These efforts aim to accelerate development studies and solidify the Barents Sea as a key player in global energy markets.
A Bright Future for Vår Energi and the Barents Sea
The Zagato discovery is more than just another oil find—it’s a glimpse into the future of energy exploration. With its commitment to low-emission, cost-efficient development, Vår Energi is setting a new standard for sustainable oil production.
As the company continues to unlock the secrets of the Barents Sea, one thing is clear: the region’s potential is far from exhausted. And with partners like Equinor by its side, Vår Energi is poised to lead the charge into this new era of energy exploration.
