TotalEnergies will sell its minority non-operated stakes in three mature oil and gas fields offshore Norway as part of a strategy to high-grade its upstream portfolio, the French supermajor said on Wednesday.
The group’s Norwegian subsidiary, TotalEnergies EP Norge, has signed an agreement to divest its non-operated interest, 39.89%, in the West Ekofisk and Albuskjell fields to Vår Energi. TotalEnergies has also concluded an agreement with Orlen Upstream Norway to sell its non-operated interest of 20.23% in the Tommeliten Gamma field.
The three mature fields, located in the Greater Ekofisk Area, ceased production in 1998 and are to be redeveloped as part of the so-called Previously Produced Fields project (PPF).
Completion of TotalEnergies’ transactions is subject to the Final Investment Decision of the PPF project, expected to be taken in the fourth quarter of 2025, and customary regulatory approvals.
“TotalEnergies continues to actively high-grade its Upstream portfolio by seizing value-accretive divestment opportunities,” said Jean-Luc Guiziou, Senior Vice President Europe for Exploration & Production at TotalEnergies.
“We remain fully committed to Norway, where the Company holds interests in many licenses, including the producing fields in the Greater Ekofisk Area.”
The buyer of the West Ekofisk and Albuskjell fields, Vår Energi, will raise its ownership interest in the PPF project from 12.388% to 52.284%, strengthening its position in the Greater Ekofisk Area, the Norway-based producer said.
The deal 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, Vår Energi said. Final investment decision for the PPF project is expected to be taken in the fourth quarter this year, with production from the project scheduled to start up at the end of 2028.
“The transaction also supports our hub strategy by increasing exposure in an area where we are already present and adds low-cost reserves with significant upside potential,” Vår Energi CEO Nick Walker said.
By Tsvetana Paraskova for Oilprice.com
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