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Investing.com -- Vaar Energi, a subsidiary of Italy’s Eni, announced on Wednesday plans to increase crude production from its Arctic Goliat oilfield alongside minority stakeholder Equinor.
The companies will invest around $360 million in the project, which aims to raise Goliat’s oil output from 2029 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, enabling the removal of large amounts of natural gas from Goliat that currently limits oil flow.
Eni said the additional 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 becomes available.
The Goliat field produced more gas than oil last year but lacks the ability to export the gas, forcing the operator to reinject most of it into the reservoir, the company said.
Goliat’s average daily oil production stood at just over 22,000 barrels per day in 2025, according to data from the Norwegian Offshore Directorate.
Vaar owns 65% of the Goliat licence while Equinor owns 35%.
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