Norwegian oil and gas operator Vår Energi has made a gas and condensate discovery at the Vidsyn prospect in the Norwegian Sea, its partner company said July 21, estimating gross recoverable resources at up to 40 million barrels of oil equivalent.
The discovery, which marked Vår Energi’s third commercial find this year, is being evaluated as a potential tie-in to the nearby Fenja oil and gas field. Natural gas and condensate were found on the Vidsyn ridge, which Vår Energi said could hold up to 100 MMboe gross.
“Vidsyn is an exciting discovery unlocking a much larger potential along the ridge in our operated Fenja area and adding high-value barrels to be developed leveraging existing infrastructure in which Vår Energi holds significant equity,” said Luca Dragonetti, senior vice president of exploration, for Vår Energi.
Drilled by the Deepsea Yantai rig updip of a previous exploration well, the wildcat well hit a gas and condensate column of about 110 m in the Ile Formation in a sandstone reservoir with moderate to good reservoir properties, according to the Norwegian Offshore Directorate. The reservoir was approximately 145 m thick with the total column being greater than 210 m, the NOD said.
Second exploration targets in the Tilje and Tofte formations were also encountered with moderate reservoir quality, according to the NOD.
The well was drilled in production license 586 to a vertical depth of 3,857 m below sea level with a water depth at 310 m.
Vår Energi said estimated gross recoverable resources are between 25 MMoe and 40 MMboe. The company said the discovery supports its infrastructure-led exploration approach while strengthening its position in the Norwegian Sea.
“We are actively exploring in this area and are currently maturing new prospects,” said Dragonetti. “The Vidsyn discovery is the consequence of our disciplined and selective exploration strategy focused on expanding our ability to deliver value through proximity to existing infrastructure.”
Vår Energi is the operator, holding a 75% interest in the exploration permit. Its partners are DNO subsidiaries DNO Norge (7.5%) and Sval Energi (17.5%).
Below is a compilation of some of the latest E&P news.
Exploration
CEP Makes Europe’s Largest Oil Deposit in a Decade
Central European Petroleum (CEP) discovered one of Europe’s largest conventional oil finds in a decade, located off Poland, the company announced in a July 21 press release.
If confirmed, the discovery would rank as Poland’s largest conventional hydrocarbon deposit and would more than double the country’s current estimated oil reserves—which stood at around 20.2 million tonnes (MMtonne) in 2023, according to Polish press.
“This is a historic moment for both Central European Petroleum and the Polish energy sector,” said Central European Petroleum’s CEO Rolf G. Skaar.
The breakthrough was made in the country’s Baltic Sea coast at CEP’s Wolin East 1 well, according to the release.
Wolin is sited approximately 6 km from the port city of Świnoujście in Poland's northwest.
Preliminary figures suggest the Wolin East 1 site contains 22 MMtonnes of recoverable crude oil and condensate, along with 5 Bcm of commercial-grade natural gas.
The broader concession area, spanning 593 sq km, is estimated to contain over 33 MMtonnes of oil and condensate, as well as 27 Bcm of gas.
The well was drilled using a jackup platform in waters measuring 9.5 m deep, and reached a total vertical depth of 2,715 m.
“Wolin East is more than just a promising deposit—it is a joint opportunity to unlock the full geological and energy potential of the Baltic Sea,” Skaar said.
CEP said the find could play a key role in reducing Poland’s dependence on imported fossil fuels, as the country looks to strengthen its energy autonomy.
“The discovery of the Wolin East hydrocarbon deposit ... could prove to be a breakthrough in the history of hydrocarbon exploration in Poland, especially in areas still insufficiently explored, such as the Polish Exclusive Economic Zone in the Baltic Sea,” said Krzysztof Galos, Poland’s undersecretary of state and chief national geologist.
CEP Central European Petroleum, the company’s Polish subsidiary, is overseeing the project, the release stated.
CNOOC Strikes Oil, Gas in ‘Breakthrough’ Discovery in South China Sea
CNOOC on July 15 said exploration well WZ10-5S-2d encountered oil and gas in metamorphic sandstone and slate buried hills in the South China Sea’s Beibu Gulf.
Test results indicate the well produces 165,000 cf of natural gas and 400 bbl/d of crude oil, the company said in a news release.
“This represents the first major breakthrough in metamorphic sandstone and slate buried hills exploration offshore China, setting important example for advancing deep plays and buried hills oil and gas exploration,” said CNOOC CEO Zhou Xinhuai. “In the future, CNOOC Limited will continue to intensify research on key theories and technologies for deep play exploration, to enhance research and development capabilities, advance reserves and production growth and to ensure stable supply of oil and gas.”
The well was drilled to a total depth of 3,362 m. The average water depth was 37 m.
Viridien, Partners Complete OMEGA Merge on NCS
Viridien and partners TGS and Axxis said they have completed OMEGA Merge, what is being called the largest continuous ocean bottom node dataset across the Norwegian Continental Shelf.
In a news release July 15, Viridien said more than 250,000 nodes and 9.5 million shots were deployed across a 3,700 sq km area on the NCS. The area included the Utsira, Sleipner and
Heimdal areas. The company said it conducted pre-migration matching to ensure consistency in time, phase, amplitude and frequency content.
“The velocity model was then unified using Viridien’s advanced time-lag full-waveform inversion (TL-FWI) and long-wavelength tomography technology,” the company said in a news release. “Utilizing this unified model, the data was pre-stack depth-migrated, to produce a seamless and continuous volume that covers the entire OMEGA Merge area.”
The dataset, now available for licensing, shows previously unseen exploration targets, according to Viridien.
“The final dataset shows unparalleled imaging clarity, offering new insight into complex subsurface structures,” said Dechun Lin, executive vice president of Earth Data at Viridien. “This level of detail will support confident exploration and development decisions for years to come.”
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Field development
Monumental Restarts Production from Copper Moki Field in New Zealand
Commercial production has resumed at the Copper Moki Field in New Zealand’s Taranaki Basin following completion of workovers, operator Monumental Energy said July 21.
The Copper Moki-1 is now producing oil at a rate of 100 bbl/d, while Copper Moki-2 is producing 75 bbl/d, the company said in a news release. The wells received new pump systems, and plans are to ramp up production as the pumps are performing as expected. Prior to the last pump replacement at Copper Moki-2, production from both wells was more than 300 bbl/d combined, according to Monumental.
“The successful restart of Copper Moki reinforces the strategic value of our pivot into oil and gas—particularly given today’s strong commodity prices,” said Max Sali, vice president of corporate development and director at Monumental. “It’s a move that not only strengthens our near-term revenue profile but also positions us to pursue additional high-impact opportunities with our trusted partners at New Zealand Energy.”
With Copper Moki gas tied into regional infrastructure, the company said it can capitalize on New Zealand’s gas prices of between US$15 to US$20 per MMBtu. The company earns a 25% royalty on all oil and gas sales after the recovery of initial capital, according to the release.
Eni, Partners Complete Upgrades at OCTP in Ghana
Work to boost the processing capacity of the non-associated gas system at the Offshore Cape Three Points project in Ghana has been completed, Eni Ghana said July 15.
The project lifted capacity from 246 MMscf/d to 270 MMscf/d, reducing Ghana’s reliance on oil-fueled power generation, the company said.
“Currently, natural gas from OCTP powers around 34% of Ghana’s electricity, providing homes, industries and businesses with a stable and cleaner energy source,” Eni said. “The project’s progress highlights the value of strong partnerships and sustained investment in building a resilient, diverse energy sector for sustainable national development.”
Eni serves as operator of the OCTP projects. Partners are Vitol and Ghana National Petroleum Corp.
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Business
Equinor, BASF Reach Natgas Supply Deal
Equinor has agreed to supply approximately 2 Bcm of natural gas to BASF annually, the oil and gas producer said July 18, with deliveries starting in October.
The 10-year agreement is expected to meet a substantial share of the chemical company’s needs in Europe. Natural gas is among the raw materials BASF uses to produce chemicals. The company also uses natural gas as an energy source.
“Equinor is a trusted and valued partner. The supply agreement not only comes with competitive terms but also supports our sustainability target,” BASF CFO and Chief Digital Officer Dirk Elvermann said.
NKT Taps Helix Robotics to Operate Subsea Trencher
Power cable maker and installer NKT has selected Helix Robotics Solutions as service provider for the T3600 subsea trencher, according to a July 17 news release.
The companies entered a four-year cooperation and frame agreement covering the installation, offshore operations, project engineering and maintenance of the subsea trencher, which Helix said will be deployed on a support vessel it will provide.
The vessel will be equipped with the T-1200 Jet Trencher, two work-class ROVs and a survey spread with personnel to support NKT’s offshore cable burial and construction activities, Helix said in the release. The agreement begins in 2027, with options for extension.
OEG Expands with Trinity Rental Services Acquisition
Offshore energy services provider OEG has expanded in the U.S. with the acquisition of Trinity Rental Services (TRS), the Aberdeen, Scotland-headquartered company said on July 16.
Financial details of the transaction were not disclosed.
Based in Louisiana, TRS provides mechanical integrity services and fabric maintenance solutions. It also has an extensive fleet of offshore baskets, cargo carrying units and paint lockers, among other equipment.
“Following the recent award of a material cargo logistics equipment and services contract for a major international operator in North America, this latest development further diversifies and strengthens our regional capabilities,” said OEG CEO John Heiton. “It adds talent, fleet capability and assets, further building our offering in a robust, long-term market where we see significant potential. We also gain strong synergies from TRS’s high-quality well-invested and maintained asset fleet.”
OEG said the acquisition more than doubles its regional sales, given TRS’ fiscal year 2024 revenue of $53 million. The acquisition will also double the company’s regional fleet, with the addition of about 5,600 cargo carrying units, while adding new specialist integrity and inspection services.
The purchase is the first material acquisition made by OEG since Apollo Funds acquired a majority stake in OEG Energy Group in a transaction valued at more than $1 billion.
Sulzer Grows South American Presence with Facility Opening
Sulzer has opened a third facility in Argentina, providing support for industries that include oil, gas and power generation, the company said July 15.
The company said it has opened a new rotating equipment service center in Ezeiza in addition to a field service hub in La Plata and a main office in Buenos Aires. The 2,600-sq m turbomachinery and pump service center in Ezeiza offers repair and engineering capabilities for rotors and turbomachinery components, the company said.
Sulzer also announced it will offer pump operators energy efficiency upgrades to help lower emissions by reducing the power consumption of their assets.
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Hart Energy Associate Editor Lisa El-Amin contributed to this report.
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