Vår Energi has submitted an updated development and operation plan for the Goliat Gas Export project in the Barents Sea, outlining an investment of approximately $360 million to support extended production from the field.

The revised plan, delivered to Norway’s Ministry of Petroleum and Energy, focuses on increasing oil recovery through optimized reservoir management after the gas currently being reinjected is produced.

The company stated that the project is designed to extend the producing life of the Goliat field by around ten years, with operations continuing to about 2050. It also supports further infrastructure development in the Barents Sea and creates a framework for additional field tie-backs.

The development targets 2P reserves of 112 million barrels of oil equivalent gross, corresponding to 73 million barrels of oil equivalent net to Vår Energi. Approximately 15% of the volumes consist of oil. Production start is planned for Q3 2029.

The scope includes new subsea infrastructure connecting the Goliat FPSO to the Snøhvit pipeline system. Key components comprise a gas riser, umbilical, and a 12 km gas export pipeline. Planned upgrades on the FPSO will enable integration with the new subsea facilities.

According to Vår Energi, oil volumes from the project will be marketed from the outset, while gas will be transported to the Hammerfest LNG facility under a gas bank arrangement with Snøhvit and sold when processing capacity becomes available.

The PL229 license is operated by Vår Energi with a 65% stake, while Equinor holds the remaining 35%.

As the Goliat installation is powered from shore, the company indicated that the project will not result in additional CO2 emissions. The export solution is also expected to support future developments tied back to the FPSO, with Goliat Ridge identified as the first candidate.

Total investment is estimated at $360 million gross before tax, equivalent to $233 million net before tax. The company stated that the project aligns with its break-even targets and offers further upside through operational improvements.

In January 2026, Vår Energi drilled an appraisal well in the Barents Sea, confirming reservoir quality and increasing recoverable volumes associated with an oil discovery.