New finding is making 'Goliat' even bigger
The Vår Energi oil company has made a discovery near its Goliat field in the Barents Sea. Despite climate concerns, Norway will in 2026 boost its oil investments with 7% to about 275 billion kroner (€23,34 billion).
The Norwegian oil company believes the discovery made about five kilometres north its Goliat FSPO holds up to five million barrels of oil equivalent.
Over the last year, several discoveries have been made in the area, among them in the Zagato well. At least four more wells are to be drilled.
The discovery was made by the Chinese-owned rig Cosl Prospector .
Vår Energi believes the Goliat Ridge could hold up to 200 million oil equivalent. The new resources could be tied to the Goliat FSPO.
Vår Energi is project owner and operator with a 65 percent stake in the license. Equinor is partner with 35 percent.
Production at the Goliat was launched in 2016. At the time it was the world's northernmost oil project.
Despite overwhelming evidence of the devastating effects of the oil industry on the climate, Norwegian authorities continue to push for more exploration on the country's shelf. According to Statistics Norway, the Nordic country is expected to invest 275 billion kroner (€23,34 billion) in the oil industry in 2026.
