$1.8-billion PPF project approved to revive previously produced fields at Ekofisk

Vår Energi and its license partners, led by operator ConocoPhillips, have taken a final investment decision (FID) on the Previously Produced Fields (PPF) Project in the Greater Ekofisk Area, advancing a large-scale subsea redevelopment aimed at extending production life on the Norwegian Continental Shelf.

The project targets the redevelopment of three gas-condensate fields—Albuskjell, Vest Ekofisk and Tommeliten Gamma—that were shut in during the late 1990s following infrastructure decommissioning and capacity constraints at the Ekofisk Complex. With additional processing capacity expected to become available later this decade, the partners are moving forward with a new subsea tieback solution.

Total gross capital investment for the PPF Project is estimated at approximately USD 1.8 billion, including about USD 0.7 billion net to Vår Energi. The redevelopment is expected to deliver 55 MMboe net 2P reserves to Vår Energi, while total recoverable resources across the licenses are estimated at 90–120 MMboe.

The development concept includes 11 production wells and four new subsea templates, all tied back to the Ekofisk Complex via a shared multiphase pipeline. First production is planned for Q4 2028, adding new high-value barrels while leveraging existing infrastructure.

According to Vår Energi, the project fits its disciplined investment framework, with a breakeven price below USD 35/boe, rapid payback and an expected return on investment above 25%. The company said the development supports its goal of sustaining production of 350,000–400,000 boed toward 2030 and beyond.

“This project strengthens our position in the Greater Ekofisk Area and secures low-cost reserves with strong upside potential,” said Vår Energi COO Torger Rød, noting that improved well placement and horizontal drilling technology are key to increasing recovery from the mature reservoirs.

ConocoPhillips said the PPF Project aligns with its near-field resource strategy on the Norwegian continental shelf, emphasizing low cost of supply and increased gas deliveries to Europe. “We are advancing subsea developments in the Greater Ekofisk Area and value the strong support from our license partners,” said Steinar Våge, president for Europe, Middle East and Africa.

Plans for development and operation (PDOs) are scheduled to be submitted to the Norwegian Ministry of Energy in the first quarter of 2026, with final regulatory approvals required before full execution.

Ownership interests reflect recent portfolio changes, including Vår Energi’s acquisition of TotalEnergies’ stake in PL018B/F. Following completion of that transaction, Vår Energi will hold 52.3% in PL018B/F and 9.1% in PL044/D, alongside ConocoPhillips, Orlen Upstream Norway and Petoro.