Vår Energi acquires TotalEnergies’ stake in North Sea redevelopment project

Vår Energi ASA has acquired TotalEnergies’ non-operated ownership interest in the ConocoPhillips-operated Ekofisk Previously Produced Fields (PPF) development project in North Sea license PL018F (Albuskjell, West Ekofisk fields).

Through its transaction with TotalEnergies, Vår Energi’s ownership interest in the PPF project increase to 52.284% from 12.388% with an expected net addition of proved plus probable reserves of 38 MMboe with potential for further growth, the company said.

The PPF project aims to redevelop mature fields which ceased production in 1998 through four new subsea templates and 11 production wells tied back to Ekofisk field center. The goal is to extend the production life of the Ekofisk area on the Norwegian Continental Shelf (NCS) through use of new completion and horizontal well technology.

Completion of the deal is subject to final investment decision for the PPF project—expected in this year’s fourth quarter—and customary regulatory approvals, including the carve-out of the PL018F license from the PL018 license. Production from the project is expected to begin end-2028.

In May 2025, ConocoPhillips Skandinavia awarded Subsea7 a FEED study contract for the PPF development.

Following the transaction, the PL018F license holders are ConocoPhillips (35.112%, operator), with Vår Energi ASA (52.284%), DNO ASA (7.604%%), and Petoro (5%) as partners.