Vår Energi Boosts Stake in Ekofisk PPF Project to Over 52%

Vår Energi ASA (OSE: VAR) has acquired TotalEnergies’ ownership stake in the Ekofisk PPF (“Previously Produced Fields”) project, lifting its interest from 12.4% to 52.3% in licence PL018F on the Norwegian Continental Shelf.

The Ekofisk PPF redevelopment aims to extend the life of the Greater Ekofisk Area through four new subsea templates and 11 production wells tied back to the Ekofisk Field Center. By deploying advanced horizontal well and completion technology, the project is expected to unlock significantly higher recoverable resources at low operating costs.

The deal adds an estimated 38 million barrels of oil equivalent (mmboe) in net proved plus probable reserves for Vår Energi. A final investment decision (FID) is anticipated in Q4 2025, with first production targeted for late 2028.

CEO Nick Walker said the move underpins the company’s strategy to sustain production of 350,000–400,000 boe/d towards 2030, while consolidating its hub strategy in the North Sea.

Following the transaction, the licence PL018F partners are ConocoPhillips (35.1%, operator), Vår Energi (52.3%), DNO ASA (7.6%), and Petoro (5%).

The Ekofisk field, discovered in 1969, was the first to come onstream in the Norwegian North Sea and remains a core production hub. With declining output from legacy wells, redevelopment projects like PPF are critical to maximizing recovery and extending the life of mature assets. Vår Energi’s increased stake not only secures growth but also positions the company to leverage its presence in one of Norway’s most strategically important offshore hubs.

By Charles Kennedy for Oilprice.com

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