Chinese rig finds oil in Barents Sea
The Cosl Prospector discovered up to 52 million barrels of oil in an appraisal well in Norwegian Arctic waters.
The well is estimated to hold between 1,6 and 8,3 million standard cubic meters of oil equivalents, or 10-52 million barrels, the Norwegian Offshore Directorate informs.
It is located near Goliat, the oil field operated by company Vår Energi.
The discovery was made by Cosl Prospector, a semisubmersible owned and operated by COSL Drilling Europe. The company is the European branch of Chinese state-owned enterprise China Oilfield Services (COSL).
Cosl Prospector is built by a Chinese yard in 2014 and operates under the flag of Singapore.
“The discovery confirms the potential of the Goliat ridge, where additional gross prospective recoverable resources of over 100 mmboe will be assessed with the planned drilling program in 2025, Vår Energi writes in a statement.
New wells in 2025
According to the company, another three wells are to be drilled in the area in 2025; the Zagato North, Zagato South and Goliat North wells.
“We are committed to further develop the Barents Sea as a strategically important petroleum province,” Torger Rød, COO of Vår Energi says.
Vår Energi is a Norwegian company established in 2018 following a merger between ENI and Point Resources.
The company owns 65 percent of the license area. Equinor holds the remaining 35 percent.
Both companies in 2023 signed contracts with COSL for drilling in the Barents Sea.
Oil industry cooperation with China
Despite repeated warnings from Norwegian security and intelligence authorities about Chinese threats, the Norwegian oil industry continues to cooperate with Chinese state-affiliated companies.
Communication Adviser Jan Eirik Heigre Gjerdevik at Vår Energi previously underlined to the Barents Observer that a thorough evaluation was made ahead of signing the contract with COSL.
“The most important for us is to contract secure and reliable rigs for our drilling campaigns. In line with regular contract procedures we also in this case conducted a careful evaluation that included a duel diligence assessment.”
He also underlined that COSL Drilling Europe is a company based and managed from Norway and that Vår Energi has “full confidence that it is run in accordance with Norwegian and international laws.
“On a general basis, we have continuous dialogue with Norwegian authorities about issues of security and safety on the Norwegian shelf.”
Related stories from around the North:
Norway: Norway wealth fund hits record 20 trillion crowns, The Independent Barents Observer
Russia: Russian renewable energy soon without foreign partners, The Independent Barents Observer
United States: Biden closes half of NPR-A acreage in Arctic Alaska to oil drilling, Alaska Public Media
