The Giant Gjallar Vent (GGV), located in the Vøring Basin off mid-Norway, is one of the largest (~ 5 × 3 km) vent systems in the North Atlantic. The vent represents a reactivated former hydrothermal system that formed at about 56 Ma. It is fed by two pipes of 440 m and 480 m diameter that extend from the Lower Eocene section up to the Base Pleistocene Unconformity (BPU). Previous studies based on 3D seismic data differ in their interpretations of the present activity of the GGV, describing the system as buried and as reactivated in the Upper Pliocene. We present a new interpretation of the GGV's reactivation, using high-resolution 2D seismic and Parasound data. Despite the absence of geochemical and hydroacoustic indications for fluid escape into the water column, the GGV appears to be active because of various seismic anomalies which we interpret to indicate the presence of free gas in the subsurface. The anomalies are confined to the Kai Formation beneath the BPU and the overlying Naust Formation, which are interpreted to act as a seal to upward fluid migration. The seal is breached by focused fluid migration at one location where an up to 100 m wide chimney-like anomaly extends from the BPU up to the seafloor. We propose that further overpressure build-up in response to sediment loading and continued gas ascent beneath the BPU will eventually lead to large-scale seal bypass, starting a new phase of venting at the GGV.