The NPD confirmed, on 5 November 2019, that Var has taken a 20% interest in PL 901 from operator Equinor, adding to the 30% interest that Var already held in the licence. PL 901 was awarded in APA 2016 and covers a 278 sq km area over parts of blocks 7122/5, 7122/6 and 7123/4, to the east and south of Tornerose. It contains the 2008 Tornerose appraisal wells 7123/4-1 S and 7123/4-1 A which only encountered shows. The deal is effective from 31 October 2019.  Tornerose was discovered in 1987 by 7122/6-1. A 75 m gas column was encountered in the Upper Triassic Snadd Formation but at the time the find was considered uneconomic as companies exploring the Barents Sea were looking for oil. However, the development of nearby Snohvit meant that gas finds became more interesting so the discovery was appraised in 2006. 7122/6-2 was a success and Statoil confirmed that Tornerose was a viable project. However, the appraisal drilling in 2008 (in what is now PL 901) was disappointing, with the hydrocarbons in both 7123/4-1 S and sidetrack 7123/4-1 A being classed as residual.  In 2019 Equinor was granted an extension to the PDO submission date for Tornerose and nearby Snohvit Beta from December 2019 to December 2024, although it is likely that this will need to be extended again. The two discoveries hold approximately 100 Bcfg and 140-200 Bcfg respectively, not enough to warrant a standalone development. Therefore, the projects cannot proceed until there is sufficient capacity at the Melkoya LNG facility (which is likely to be 2038). In 2012 Equinor ruled out the possibility of an expansion of capacity at Melkoya (ie a second train or a dewpoint facility/pipeline) on economic grounds. The company is, however, looking at options for a further phase of development at Snohvit to include compression (either onshore, subsea or on the platform), the drilling of new wells and a potential new pipeline to shore, with a view to extending production past 2050. Concept selection for this Snohvit Future Phase II project will take place in December 2019, with FID by the end of 2020 and potential start-up in 2025.  Interest in PL 901 is now held by Equinor Energy AS (30% + operator), Var Energi AS (50%) and Concedo ASA (20%).
VÃ¥r (->50%) acquired 20% stake in PL 901 from Equinor (->  % op, Concedo%) The 278-sq km licence comprises part-blocks 7122/5, 7122/6 + 7123/4, Tornerose area.