ConocoPhillips and partners to invest $2 billion in Greater Ekofisk gas, condensate.

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.

Source: Globalbankingandfinance