What's Happening?
ConocoPhillips, along with its partners including Vår Energi, has approved a $1.8 billion investment for the Previously Produced Fields (PPF) Project in the Greater Ekofisk Area on the Norwegian Continental
Shelf. This project aims to redevelop three gas-condensate fields—Albuskjell, Vest Ekofisk, and Tommeliten Gamma—that were previously shut down in the late 1990s. The redevelopment will involve 11 production wells and four new subsea templates, all connected to the Ekofisk Complex via a shared multiphase pipeline. The first production is anticipated in the fourth quarter of 2028, with the project expected to deliver 55 million barrels of oil equivalent (MMboe) net 2P reserves to Vår Energi. The total recoverable resources across the licenses are estimated between 90 and 120 MMboe.
Why It's Important?
This project is significant as it represents a strategic move to extend the production life of mature fields on the Norwegian Continental Shelf, leveraging existing infrastructure to secure low-cost reserves. The initiative aligns with ConocoPhillips' strategy to increase gas deliveries to Europe, emphasizing a low cost of supply. For Vår Energi, the project supports its goal of maintaining production levels of 350,000 to 400,000 barrels of oil equivalent per day towards 2030. The project also highlights the use of advanced technologies such as improved well placement and horizontal drilling to enhance recovery from mature reservoirs, potentially setting a precedent for similar projects in the region.
What's Next?
Plans for development and operation (PDOs) are expected to be submitted to the Norwegian Ministry of Energy in the first quarter of 2026. Final regulatory approvals will be required before full execution of the project. The ownership interests in the project reflect recent portfolio changes, including Vår Energi's acquisition of TotalEnergies' stake in PL018B/F. Following this transaction, Vår Energi will hold a 52.3% interest in PL018B/F and a 9.1% interest in PL044/D, alongside partners ConocoPhillips, Orlen Upstream Norway, and Petoro.
