Italy's Eni Announces Discovery Of New Oil Deposit In Barents Sea Off Norway

Umer Jamshaid Published March 10, 2021 | 05:31 PM

MOSCOW (UrduPoint News / Sputnik - 10th March, 2021) Italian oil giant Eni announced Wednesday that its Norway subsidiary Var Energi had discovered new oil deposits in the Barents Sea

"Eni through Var Energi, jointly owned by Eni (69.85%) and by HitecVision (30.15%) announces a new oil discovery in production licence PL532 in the Barents Sea by drilling the exploration well 7220/7-4 on the Isflak exploration prospect. Var Energi AS holds a 30% stake in the licence, while Equinor Energy (which is the Operator) holds 50% and Petoro AS 20%," the company said in a statement.

The discovery is estimated to contain between 65-100 million barrels of oil equivalent.

"The well is located about 10 km [6.2 miles] southwest of the Skrugard discovery and 230 km [142.9 miles] northwest of Hammerfest in a water depth of 349 m [1145 feet] and was drilled with the semisubmersible drilling rig Transocean Enabler," the company mentioned.

According to Eni, the discovery confirms the effectiveness of Var Energi's exploration strategy in the region.