Norway’s Vaar Energi, a unit of Eni, said on Wednesday it will invest about $360 million to boost crude production at the Arctic Goliat oilfield.
The project is being developed in partnership with Equinor, which holds a minority stake.
The investment aims to increase oil output from 2029 and extend the field’s operational life by around a decade to 2050.
Goliat, located in the Barents Sea, currently faces constraints due to excess natural gas production.
To address this, the partners will build a pipeline linking Goliat to the nearby Snøhvit gas facility.
This will allow surplus gas to be transported for processing instead of being reinjected into the reservoir.
Gas volumes will be exported via the Hammerfest LNG plant under a gas storage arrangement and sold when capacity becomes available.
The move is expected to unlock additional oil volumes that were previously restricted.
Goliat produced more gas than oil in 2025, with crude output averaging just over 22,000 barrels per day, according to official data.
Vaar Energi holds a 65% stake in the licence, while Equinor owns the remaining 35%.