Vår Energi ASA and its license partners have officially sanctioned the Previously Produced Fields (PPF) Project in the Greater Ekofisk Area. The redevelopment is expected to add high-value barrels starting in 2028, extending the production life of one of Norway’s key offshore regions.
The Greater Ekofisk Area is a mature, shallow-water hub on the Norwegian Continental Shelf, characterized by extensive existing infrastructure and more than 50 years’ production. Oil is produced mainly from naturally fractured chalk in a reservoir at a depth of 3,000 m below the seabed.
Operated by ConocoPhillips Skandinavia AS, the PPF Project has received final investment approval. Total gross capital investment for the project is estimated at approximately $1.8 billion, of which about $700 million is net to Vår Energi.
The redevelopment is expected to deliver 55 million BOE of net proved plus probable (2P) reserves to Vår Energi, with total recoverable resources across the licenses estimated at 90 to 120 million BOE.
The project aligns with Vår Energi’s investment approach, offering a rapid payback period, a breakeven price below $35/bbl, and an expected return on investment above 25%.
Vår Energi COO Torger Rød highlighted the project’s strategic importance. "The PPF project is a key development that supports our plan to sustain production of 350,000 to 400,000 BOED towards 2030 and beyond. It consolidates our position in the Greater Ekofisk Area, secures low-cost reserves, and enhances long-term value creation."
The project covers three previously produced fields: Albuskjell and Vest Ekofisk (PL018B/F) and Tommeliten Gamma (PL044/D). This redevelopment of gas condensate fields will leverage horizontal well technology and improved well placement to boost reservoir exposure and production rates to increase recoverable reserves.
PPF will feature four new subsea templates and 11 production wells tied back to the Ekofisk Complex, with first production expected by late 2028.
Rød added, “By combining modern technologies with an entrepreneurial approach, we optimize recovery from mature fields, strengthen long-term production, and maximize asset value."
In October, Vår Energi announced the acquisition of TotalEnergies’ interest in PL018B/F, raising its stake from roughly 12 to 52%. Upon completion of the transaction in December 2025, Vår Energi will hold 52.28% in PL018B/F and 9.13% in PL044/D.