Vår Energi Advances Goliat Gas Export Project with Amended Plan

Vår Energi and partner Equinor have formally submitted an amended Plan for Development and Operation (PDO) for the Goliat Gas Export (GGE) project in the Barents Sea. This strategic move distinguishes the company from regional competitors by leveraging existing green infrastructure to unlock stranded gas reserves while simultaneously boosting oil recovery. By transitioning from gas re-injection to active export, Vår Energi optimizes reservoir management to extract an additional 112 million barrels of oil equivalent, effectively extending the Goliat field’s operational lifespan by a decade to the year 2050.

Decarbonized Infrastructure and Operational Longevity
The technical framework of the GGE project centers on a 12-kilometer pipeline connecting the Goliat Floating Production Storage and Offloading (FPSO) unit to the Snøhvit pipeline. Unlike many global offshore projects that face high carbon footprints, the Goliat platform is fully electrified with power from shore. This allows the new export project to facilitate significant production increases without adding new CO2 emissions, providing a competitive edge in a market increasingly defined by stringent environmental standards. The project also serves as a future-proof hub, designed to integrate subsequent developments like the Goliat Ridge.

Economic Viability and European Energy Security
With a gross investment of approximately USD 360 million, the project focuses on high-value 2P reserves and secures a reliable gas supply chain to Europe via the Hammerfest LNG plant. The arrangement includes a sophisticated "gas bank" agreement with Snøhvit, ensuring gas is sold as processing capacity becomes available. By reaching a production start in the third quarter of 2029, Vår Energi reinforces its position as a primary contributor to European energy security, utilizing a robust economic model that meets internal breakeven targets while creating long-term value through optimized subsea infrastructure.

Edited by Evgeny Churilov, Induportals Media - Adapted by AI.

www.varenergi.no