Financial Wire

Vår Energi, Equinor Submit Amended Plan for Development, Operation for Goliat Gas Export Project

-- Oil and gas group Vår Energi (VAR.OL) and peer Equinor (EQNR.OL) filed with Norway's Ministry of Petroleum and Energy an amended plan for development and operation for the Goliat gas export project, according to a Wednesday release.

The project, which is set to add 10 years to the operational life of the Barents Sea's Goliat field to 2050, will tap into gas reserves currently being re-injected into the Goliat field reservoir. The gas will be exported to the Hammerfest LNG plant under a gas bank arrangement with Snøhvit, while incremental oil produced will be sold.

The Goliat project aims to develop proved plus probable reserves of 112 million barrels of oil equivalent, and will start operations in the third quarter of 2029.

Vår Energi holds operatorship and a 65% interest in the Goliat license, while Equinor owns the remaining 35%.

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