Vår Energi has acquired TotalEnergies' ownership interest in the Ekofisk PPF ('Previously Produced Fields') development project in licence PL018F.
The Ekofisk PPF project is located in the Greater Ekofisk Area of the Norwegian Continental Shelf (NCS). The project will extend the production life of the Ekofisk area. The re-development will enable better reservoir exposure and production rates resulting in significantly increased recoverable resources, through use of new completion and horizontal well technology. The project consists of four new subsea templates and 11 production wells tied back to the Ekofisk Field Center.
The transaction will increase Vår Energi's ownership interest in the PPF project in licence PL018F from 12.388% to 52.284%, strengthening its position in the Greater Ekofisk Area. Completion of the transaction is subject to Final Investment Decision for the PPF project and customary regulatory approvals, including the carve-out of the PL018F licence from the PL018 licence. The effective date is 1 January 2025.
The transaction will add estimated net proved plus probable reserves of 38 million barrels of oil equivalent (mmboe) with low operating costs per barrel and potential for further growth. Final investment decision is expected to be taken in the fourth quarter this year with production from the project expected to start up at the end of 2028.
Nick Walker, CEO of Vår Energi, commented:
'The Ekofisk PPF project is a strategic development that supports our ambitions to maintain a production level of between 350 to 400 thousand barrels of oil equivalent (kboepd) towards 2030 and beyond. The transaction also supports our hub strategy by increasing exposure in an area where we are already present and adds low-cost reserves with significant upside potential.'
Following the transaction, the PL018F licence holders are ConocoPhillips (35.112%, operator), with Vår Energi ASA (52.284%), DNO ASA (7.604%%) and Petoro (5%) as partners.
Source: Vår Energi
