-- Eni (E) subsidiary, Var Energi, said Wednesday it had submitted revised development plans to Norwegian authorities to increase oil production and extend the lifespan of its Goliat field in the Barents Sea.
The energy firm, alongside partner Equinor, filed an amended Plan for Development and Operation for the Goliat Gas Export project with the Ministry of Petroleum and Energy.
The project is designed to increase oil recovery by optimizing reservoir management once the gas currently reinjected into the field is produced and exported.
Var Energi said incremental oil volumes will be sold immediately, while gas will be sent to the Hammerfest LNG plant under a gas bank arrangement tied to the Snohvit development, and marketed when processing capacity becomes available.
The company said the development targets 112 million barrels of oil equivalent in proved and probable reserves, of which about 15% is oil. First production is expected in Q3 2029.
Torger Rod, chief operating officer at Var Energi, said the project would extend Goliat's operational life by about a decade to 2050, while supporting future developments in the Barents Sea.
"This is an effective, value-creating project with significant upside. The project expands the infrastructure in the Barents Sea and unlocks future developments," Rod said.
The plan includes new subsea infrastructure linking the Goliat floating production, storage and offloading vessel to the Snohvit pipeline system. The scope covers a gas riser, an umbilical, and a 12-kilometer export pipeline, alongside modifications to the FPSO to integrate the new facilities.
The GGE project is also expected to enable additional tie-ins, including the planned Goliat Ridge development.
Total investment is estimated at $360 million before tax, with Var Energi's share at $233 million. The company said the project meets its breakeven targets and offers upside through further optimization.
Var Energi holds a 65% operating stake in the license, with Equinor owning the remaining 35%.
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