Published by Global Banking & Finance Review®
Posted on February 13, 2026
1 min readLast updated: February 13, 2026
Add as preferred source on GoogleConocoPhillips and partners will invest $2 billion to restart production in the Greater Ekofisk area by 2028, targeting 90-120 million barrels of oil equivalent.
OSLO, Feb 13 (Reuters) - ConocoPhillips and its partners will invest some 20 billion Norwegian crowns ($2.11 billion) to restart production at three fields in the Greater Ekofisk area by the end of 2028, plans presented to the Norwegian government showed on Friday.
The project, called the Previously Produced Fields (PPF), aims to extract more hydrocarbons from late-life Albuskjell, Vest Ekofisk, and Tommeliten Gamma fields that were shut in 2019.
ConocoPhillips estimates that the fields, which span several offshore licenses, still hold some 90 million-120 million barrels of oil equivalent in natural gas and condensate.
The company has a 35.1% stake in Albuskjell and Vest Ekofisk, and 28.3% in Tommeliten Gamma.
Other partners in Albuskjell and Vest Ekofisk are Vaar Energi with 52.3%, Orlen Upstream with 7.6% and state-owned Petoro with 5%. Orlen and Vaar have 62.6% and 9.1% in Tommeliten Gamma, respectively.
The first gas production is expected to start in the final quarter of 2028.
($1 = 9.4750 Norwegian crowns)
(Reporting by Nerijus Adomaitis and Nora Buli, editing by Terje Solsvik)
Investment refers to the allocation of resources, usually money, in order to generate income or profit. It can involve purchasing assets like stocks, bonds, or real estate.
Project management involves planning, executing, and overseeing a project to achieve specific goals within a defined timeline and budget.
Oil and gas exploration is the process of searching for underground reservoirs of oil and natural gas, typically using geological surveys and drilling.
A partnership is a business arrangement where two or more individuals share ownership and the responsibilities of managing the business.
Energy technologies encompass a range of methods and tools used to produce, store, and utilize energy, including renewable energy sources and traditional fossil fuels.
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