• Vaar finds more oil near existing Arctic field
• Drilling for further reserves in the area
• Vaar is majority owned by Italy's Eni

OSLO, Dec 12 (Reuters) - Norway's Vaar Energi (VAR.OL) , opens new tab has discovered additional oil reserves in its Countach appraisal well near the Goliat field in the Norwegian sector of the Arctic Barents Sea, the company said on Thursday.

The preliminary estimated gross recoverable resources encountered in the well were between 4 million and 25 million barrels of oil equivalent, the company, which is majority owned by Italy's Eni (ENI.MI) , opens new tab, said in a statement.

This brings the total estimated recoverable resources in the Countach discovery to between 10 million and 55 million barrels of oil equivalent, it added.

"The discovery confirms the potential of the Goliat ridge," Vaar said.

The company plans additional exploration around Goliat in 2025, targeting prospects with potential recoverable resources of more than 100 million barrels.

Countach is located 13 kilometres (8 miles) northeast of the Goliat field which came on stream in 2016 and has seen declining production in recent years.

"The potential to unlock significant additional resources is considerable, with the opportunity of being turned into high value barrels by utilising available production capacity at the Goliat facility," Vaar CEO Torger Roed said in the statement.

The company aims to drill around 20 exploration wells in the Barents Sea region over a four-year period, as part of the group's overall plan to sustain long-term production of 350,000-400,000 barrels of oil equivalent per day.

Vaar holds a 65% stake in the licence while Equinor (EQNR.OL) , opens new tab holds the remaining 35%.

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https://www.reuters.com/business/energy/norways-vaar-energi-finds-more-oil-near-arctic-goliat-field-2024-12-12/