Vår Energi, partners announce sanctioning of PPF project in North Sea

Core Viewpoint - Vår Energi and its partners have sanctioned the Previously Produced Fields (PPF) project in Norway's North Sea, aiming to enhance production in the Greater Ekofisk Area starting from 2028 [1][2]. Project Overview - The PPF project is expected to deliver 55 million barrels of oil equivalent in net proved plus probable reserves [2]. - Vår Energi's capital commitment for the project is approximately $700 million (Nkr 7.15 billion) [2]. - The project involves the redevelopment of the Albuskjell and Vest Ekofisk fields, along with the Tommeliten Gamma field [2]. Technological and Economic Aspects - The redevelopment will utilize improved well placement and horizontal well technology to enhance reservoir exposure and production rates [3]. - The project includes four new subsea templates and 11 production wells connected to the Ekofisk Complex [3]. - Vår Energi anticipates a competitive breakeven price of below $35 per barrel of oil equivalent and an expected return on investment exceeding 25% [3]. Strategic Importance - The PPF project supports Vår Energi's goal to sustain production levels of 350,000 to 400,000 barrels of oil equivalent per day (boepd) towards 2030 and beyond [4]. - The project reinforces the company's strategy to consolidate its position in the Greater Ekofisk Area and secure low-cost reserves with significant upside potential [4]. Recent Developments - Vår Energi's recent acquisition of TotalEnergies' ownership interest in PL018B/F will increase its stake from approximately 12% to 52% [5]. - Upon completion of this deal, Vår Energi's ownership in licences PL018B/F will be 52.28%, while its share in licence PL044/D will be 9.13% [5]. - Additionally, Vår Energi announced an oil discovery in the Goliat North exploration well, located about 5 km north of the Goliat field in Norway's Barents Sea [6].