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Var hits oil in Balder Area probe

The firm’s NCS near-field exploration strategy pays off again

Norwegian producer Var Energi, a joint venture between private equity firm Hitec Vision and Italy’s Eni, has made a discovery totalling an initially estimated 60-135mn bl oe from its King and Prince exploration wells close to the Balder field in the Southern North Sea. Var says the find is its “fifth significant exploration discovery so far this year”. “The discoveries prove that there are still opportunities in the mature areas on the Norwegian Continental Shelf (NCS). Clearly, our near-field exploration strategy is paying off and is certainly an approach we will continue to pursue,” says the firm’s CEO Torger Rod. Var, which holds a 90pc stake in the licence, and its 10pc partner Mime Pe

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