Eni subsidiary Vaar Energi to expand production at Arctic oilfield

Norway's Vaar Energi, a subsidiary of Italy's Eni, said on Wednesday it plans to boost crude production from its Arctic Goliat oilfield along with minority stakeholder Equinor.

The companies will invest around $360 million in the project, which will increase Goliat's oil output from 2029 onwards and extend the field's production lifetime by approximately 10 years to around 2050, Vaar said in a statement.

The project will establish a pipeline connection to the nearby Snoehvit gas facility, allowing the removal of large amounts of natural gas from Goliat that currently restricts the flow of oil.

"The incremental oil will be sold from the start, while the gas will be exported to the Hammerfest LNG plant under a gas bank arrangement, agreed with Snoehvit, and sold when processing capacity is available," Eni said.

The Goliat field produced more gas than oil last year but has no ability to export the gas, forcing the operator to reinject most of it into the reservoir, the company has said. Goliat's average daily oil production stood at just over 22,000 barrels per day in 2025, data from the Norwegian Offshore Directorate shows.

Vaar owns 65 per cent of the Goliat licence while Equinor owns 35 per cent.

(Reporting by Nerijus Adomaitis and Terje Solsvik, editing by Essi Lehto)