TotalEnergies EP Norge divests its non-operated interests in key Norwegian oil fields to Vår Energi and Orlen Upstream Norway, focusing on redevelopment under the Previously Produced Fields project.

Information on the Target

TotalEnergies EP Norge has finalized a divestment agreement concerning its non-operated interests in three significant oil fields within the Greater Ekofisk Area. This includes a 39.89% stake in the West Ekofisk and Albuskjell fields, as well as a 20.23% interest in the Tommeliten Gamma field. Notably, these fields ceased production in 1998 and are slated for redevelopment under the Previously Produced Fields project (PPF), which aims to leverage existing infrastructure to revive production activities.

Industry Overview in Norway

The oil and gas industry in Norway remains one of the leading sectors contributing significantly to the national economy. It has a well-established infrastructure and expertise in offshore operations. Norway's continental shelf has been extensively explored, resulting in discoveries that have sustained production over the years, despite challenges like fluctuating oil prices and regulatory changes. Recent advancements in technology have also enabled further examination of previously unproductive fields, making redevelopment projects like the PPF increasingly viable.

As of 2022, the Norwegian government extended the license period for several oil fields until 2048, indicating a commitment to maximizing extraction and utilizing resource