By Mauro Orru

Eni SpA said Wednesday that Var Energi AS, a company it owns with private equity investor HitecVision AS, made an oil discovery off the Norwegian coast.

The Italian oil-and-gas major said the well is 230 kilometers northwest of Hammerfest, with preliminary estimates suggesting the discovery equates to between 65 million barrels of oil equivalent and 100 million barrels of oil equivalent.

Eni owns 69.85% of Var Energi, with HitecVision retaining 30.15%.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

March 10, 2021 04:30 ET (09:30 GMT)

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