Vaar Energi and partners to develop 3 oil, gas discoveries off Norway for $1.4 bln

• The three discoveries will be developed through subsea tie-backs to the Gjoea field, located about 50 km northeast of Norway's largest gas field, Troll
• Cerisa is scheduled to begin production in 2027, followed by Gjoea Nord and Ofelia in 2028
• Vaar Energi, majority-owned by Italy's Eni, plans to sanction over a dozen subsea tie-back projects this year to maintain production above 400,000 barrels of oil equivalent per day

Summary: Vaar Energi to Develop Three North Sea Discoveries for $1.42 Billion

Key Investment Details:

Vaar Energi and its partners will invest approximately 14 billion Norwegian crowns ($1.42 billion) to develop three oil and gas discoveries—Cerisa, Gjoea Nord, and Ofelia—in the Gjoea area offshore Norway. Plans were submitted to the energy ministry on June 25.

Project Specifications:

• Location: Northern North Sea, approximately 50 km northeast of Troll, Norway's largest gas field
• Development method: Subsea installations tied back to existing Gjoea field facilities
• Recoverable resources: 76 million barrels of oil equivalent
• Production timeline: Cerisa expected online in 2027, with Gjoea Nord and Ofelia following in 2028

Companies Involved:

Vaar Energi, majority-owned by Italy's Eni, serves as operator for all three projects. Partners across multiple offshore licenses include Harbour Energy, Okea, Aker BP, DNO, INPEX Idemitsu, Orlen Upstream, and state-owned Petoro.

Strategic Context:

This development is part of Vaar Energi's broader strategy to sanction over a dozen projects in the current year—all subsea tie-backs—aimed at maintaining long-term production above 400,000 barrels of oil equivalent per day.

Market Implications:

The investment demonstrates continued commitment to North Sea development despite energy transition pressures. The use of subsea tie-backs to existing infrastructure represents a cost-effective approach to maximizing production from mature basin areas. The project supports Norway's position as a key European energy supplier while extending field life and production capacity through 2028 and beyond.