Norwegian company Vaar Energi plans to drill seven exploration wells in the second half of this year to increase reserves for its key production centers.

Currently, Vaar Energi ranks second in oil and gas production volumes in Norway and is actively engaged in geological exploration. The main part of the 2026 exploration program is scheduled for the second half of the year. As part of this program, seven exploration wells are planned: three in the Balder area, three in the Gjøa area, and one in the Asgard region.

Major Exploration Projects

Lakris
The Lakris prospect, located in the Norwegian Sea, has the largest potential—preliminarily estimated at 252 million barrels of oil equivalent. Drilling will be carried out using the semi-submersible COSL Prospector rig. Lakris targets two objectives: a new Nise formation of Cretaceous age and a deeper, already developed Tilje reservoir of Jurassic age in the Aasgard-Halten area. If drilling is successful, both reservoirs could be tied into the existing infrastructure in the Asgard region. Vaar holds a 42.3% stake in license PL 1002, where Lakris is located, with the remaining 57.7% owned by Equinor.

Jotun Deep
The next largest prospect is Jotun Deep (formerly Birkeland), located in license PL 1203. Its potential is estimated at 60 million barrels of oil equivalent. Drilling will be conducted using the COSL Pioneer rig, with a possible start date of August 15, 2026. The well is intended to search for oil and gas in the Statfjord group sandstones, partially beneath the former Jotun field. The prospect is within tie-back distance to Vaar Energi’s assets in the Balder area. License shares are distributed as follows: Vaar – 30%, Equinor – 30%, DNO and Petoro – 20% each.

Anabelle
In the Gjøa area (PL 929), the Anabelle prospect has been approved for drilling, with a preliminary potential of 44 million barrels of oil equivalent. Operations will be carried out using the COSL Prospector rig starting mid-September 2026. Vaar owns 40% in PL 929, Harbour Energy and Pandion each hold 20%, and Aker BP and DNO each have 10%.

Sava
Drilling approval has also been granted for the Sava exploration well in neighboring PL 636, where the preliminary potential is estimated at 38 million barrels of oil equivalent.

Purzel and MG
The Purzel prospect in PL 1105S may contain 43 million barrels of oil equivalent, while the MG prospect is estimated at 27 million barrels.

Additional Projects

Vaar Energi will also participate in the appraisal of the Norma gas and condensate discovery.