Vaar Energi, a subsidiary of the Italian Eni, announced on Wednesday plans to increase oil production at the Arctic Goliat field in partnership with minority shareholder Equinor.

The companies are investing about $360 million in a project aimed at increasing oil production at the Goliat field starting in 2029 and extending the field's lifespan by approximately 10 years until 2050, according to a statement from Vaar.

As part of the project, a pipeline connection will be established with the nearby gas facility Snoehvit, which will allow for the removal of large volumes of natural gas from Goliat, which currently limits oil production.

Eni stated that additional oil will be sold from the very beginning, while gas will be exported to the Hammerfest LNG plant under a gas bank agreement concluded with Snoehvit, and will be sold as processing capacities become available.

Last year, the Goliat field produced more gas than oil, but lacks the capacity to export gas, forcing the operator to pump a large portion of it back into the reservoir, the company reported.

The average daily oil production at the Goliat field in 2025 was just over 22,000 barrels per day, according to data from the Norwegian Petroleum Directorate.

Vaar owns 65% of the Goliat license, while Equinor owns 35%.

#WorldNews2026 , #MarketTurbulence , #GlobalEconomicNews

In our group, having monitored dozens of news websites and printed publications, we strive to present only the most interesting news from the world of financial markets for your attention. Enjoy your viewing, and have a good mood!