Finance
TotalEnergies to sell Norwegian oil assets to Vaar Energi in push to cut debt
Published by Global Banking and Finance Review
Posted on October 1, 2025
2 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on October 1, 2025
2 min readLast updated: January 21, 2026
TotalEnergies sells Norwegian oil fields to Vaar Energi to reduce debt and focus on profitable assets. The transaction is expected to close in Q4 2023.
By Alban Kacher
PARIS (Reuters) -TotalEnergies on Wednesday said it agreed to sell its interests in several mature oil fields off Norway, the latest step in a broader divestment strategy aimed at cutting debt.
The transaction is expected to close in the fourth quarter of this year, the French oil major said.
The company is seeking to focus on more profitable assets in order to reduce its leverage.
During TotalEnergies' investor day on Monday, group CEO Patrick Pouyanne mentioned "a small divestment in Norway of a mature asset".
Pouyanne said the group intended to raise $3.5 billion through divestitures by the end of the year to offset more than $3 billion in acquisitions that have led to a more than doubling of TotalEnergies' debt in the first six months of 2025.
The asset is being acquired by Norway's Vaar Energi, which will increase its stake in the Ekofisk redevelopment project to 52.3%, Vaar said in a statement.
The project will prolong the operational life of the Ekofisk project, leading to a substantial increase in recoverable resources, Vaar said.
"The transaction will add estimated net proved plus probable reserves of 38 million barrels of oil equivalent with low operating costs per barrel and potential for further growth," it said.
(Reporting by Sudip Kar-Gupta in Paris, Alban Kacher in Gdansk and Terje Solsvik in Oslo; Editing by Muralikumar Anantharaman, Tom Hogue and Thomas Derpinghaus.)
Divestment is the process of selling off assets or investments, often to reduce debt or focus on more profitable areas of business.
Oil fields are areas where oil is extracted from the ground. They contain reservoirs of crude oil that can be tapped for energy production.
Leverage refers to the use of borrowed funds to increase the potential return on investment. It can amplify both gains and losses.
Proved reserves are quantities of oil or gas that geological and engineering data demonstrate with reasonable certainty to be recoverable under existing economic and operating conditions.
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