Welcome to the new year! With 2025 well and truly behind us, the start of 2026 has brought with it a renewed sense of optimism for the international energy market. Vår Energi, an energy company focused on the Norwegian Continental Shelf, has reported that it discovered a fresh oil find at the Goliat Ridge exploration well in the Barents Sea, paving the way for the company to kick off this year with a new trove of oil production.
Vår Energi is drilling several exploration wells in the Barents Sea
Vår Energi has been operating in the Barents Sea off the coast of Norway for many years now, and has developed a portfolio that promises to lead the company into the new year with a treasure trove of new oil potential. The company discovered back in December that the Goliat Ridge exploration well had a vast trove of oil.
The Goliath Ridge discovery is located approximately 5 kilometers from Vår Energi’s Goliat field and forms an integral part of the company’s well-drilling exploration program. Vår Energi noted that the field encountered hydrocarbons in both the Realgrunnen and Kobbe formations.
The Goliat North well forms part of a broader plan for Vår Energi
The company has stated that the total estimated recoverable resources in the Goliat North well are up to 5 million barrels of oil equivalent. The well-drilling program is being run by Vår Energi and its partner Equinor, which holds a 35% interest.
The partners will drill a total of four wells in the Goliat Ridge, with the Zagato side track already underway. Once all the drilling has been completed, Vår Energi will make use of the newly acquired 3D seismic data to assess the potential of the Golait Ridge.
The Goliat Ridge sets the standard for new upstream developments for Vår Energi
With the world enthralled by the overwhelming calls to end the reliance on oil and gas, and instead develop a framework to include more renewable energy projects, the Goliat Ridge plays an integral part in Vår Energi’s upstream development plans for the region.
Including the latest discovery, the potential of the Goliat Ridge has become evident to the company. Goliat Ridge holds an estimated gross discovered resources of 39 to 108 mmboe. The company has noted that additional prospective resources could take that number up to 200 mmboe.
Notably for the company, a tie-back of the discovered resources to the nearby Goliat FPSO is being planned, potentially increasing the entire value chain of the Norwegian upstream market. Vår Energi is quickly becoming the backbone of the Norwegian upstream market through its litany of already approved projects.
The Norwegian government has confirmed the new upstream discovery
Notably, the Norwegian Offshore Directorate has confirmed the discovery and potentially shed some more light on the development. The Directorate has noted that the wildcat well 7122/7-8 was drilled under production license 229. With the new year bringing with it a range of new possibilities for the international upstream market, the evidence would suggest that this year will see the reliance on oil and gas continue.
The global upstream market may be in for a tough start to the year
While the discovery made at the Goliat Ridge by Vår Energi points to the start of a new year filled with potential for the Norwegian energy company, the same could not necessarily be said for the rest of the upstream market. Experts and analysts have noted that 2026 may see tighter refining margins for some regions of the world; despite that, the Norwegian upstream market is set to kick off the year in style, thanks to the find at the Goliat Ridge.
