Finance
ConocoPhillips and partners to invest $2 billion in Greater Ekofisk gas, condensate
Published by Global Banking & Finance Review®
Posted on February 13, 2026
1 min readLast updated: February 13, 2026
Home > Finance > ConocoPhillips and partners to invest $2 billion in Greater Ekofisk gas, condensate
Quick Summary
ConocoPhillips and partners will invest $2 billion to restart production in the Greater Ekofisk area by 2028, targeting 90-120 million barrels of oil equivalent.
ConocoPhillips and Partners Commit $2 Billion to Revive Ekofisk Fields
Investment in Greater Ekofisk Fields
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.
Project Overview
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.
Stakeholder Contributions
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.
Production Timeline
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)
Key Takeaways
- •ConocoPhillips and partners to invest $2 billion in Ekofisk.
- •The project aims to restart production by 2028.
- •Fields hold an estimated 90-120 million barrels of oil equivalent.
- •ConocoPhillips has significant stakes in the fields.
- •First gas production expected in late 2028.
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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.
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Oil and gas exploration is the process of searching for underground reservoirs of oil and natural gas, typically using geological surveys and drilling.
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A partnership is a business arrangement where two or more individuals share ownership and the responsibilities of managing the business.
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