ConocoPhillips Gets Norway’s Green Light to Restart Fields and Increase Europe Gas Supply
Norway Approves ConocoPhillips Project to Boost European Gas Supply
May 7 (Reuters) - ConocoPhillips said on Thursday that Norway's energy ministry has approved development and operating plans for a project in the Greater Ekofisk area, a move expected to boost gas deliveries to Europe.
Details of the Previously Produced Fields (PPF) Project
The Previously Produced Fields (PPF) project is a joint redevelopment of the Albuskjell, Vest Ekofisk and Tommeliten Gamma fields, and is expected to deliver between 90 million and 120 million barrels of oil equivalent in recoverable gas and condensate.
Investment and Redevelopment Plans
According to plans presented to the Norwegian government in February, ConocoPhillips and its partners will invest about 20 billion Norwegian crowns ($2.16 billion) to bring the three fields, shut down in 2019, back online.
Stake Distribution Among Partners
ConocoPhillips has a 35.1% stake in Albuskjell and Vest Ekofisk, and 28.3% in Tommeliten Gamma.
Other Partners and Their Shares
Other partners in Albuskjell and Vest Ekofisk are Var Energi with 52.3%, Orlen Upstream with 7.6% and state-owned Petoro with 5%.
Orlen and Var have 62.6% and 9.1% in Tommeliten Gamma, respectively.
Production Timeline and Currency Note
The first gas production is expected to start in the fourth quarter of 2028.
($1 = 9.2788 Norwegian crowns)
(Reporting by Pooja Menon in Bengaluru; Editing by Vijay Kishore)
