New oil discovery in the North Sea
Vår Energi confirms discovery of oil in the Balder area in the Central North Sea. The latest Ringhorne North exploration well in production license (PL 956) was successful with estimated recoverable resources of between 13 and 23 million barrels of oil. Operator Vår Energi considers the discovery a potential commercial candidate to be tied into nearby existing infrastructure in the Balder area. “The discovery proves that there are still opportunities in the mature areas on the Norwegian Continental Shelf, and I’m glad to see that our near-field exploration strategy is paying off.