Sandnes, Norway, 1 October 2025: Vår Energi ASA (OSE: VAR) announces it has
acquired TotalEnergies' ownership interest in the Ekofisk PPF ("Previously
Produced Fields") development project in licence PL018F.
The Ekofisk PPF project is located in the Greater Ekofisk Area of the Norwegian
Continental Shelf (NCS). The project will extend the production life of the
Ekofisk area. The re-development will enable better reservoir exposure and
production rates resulting in significantly increased recoverable resources,
through use of new completion and horizontal well technology. The project
consists of four new subsea templates and 11 production wells tied back to the
Ekofisk Field Center.
The transaction will increase Vår Energi's ownership interest in the PPF
project in licence PL018F from 12.388% to 52.284%, strengthening its position in
the Greater Ekofisk Area. Completion of the transaction is subject to Final
Investment Decision for the PPF project and customary regulatory approvals,
including the carve-out of the PL018F licence from the PL018 licence. The
effective date is 1 January 2025.
The transaction will add estimated net proved plus probable reserves of 38
million barrels of oil equivalent (mmboe) with low operating costs per barrel
and potential for further growth. Final investment decision is expected to be
taken in the fourth quarter this year with production from the project expected
to start up at the end of 2028.
Nick Walker, CEO of Vår Energi, commented:
"The Ekofisk PPF project is a strategic development that supports our ambitions
to maintain a production level of between 350 to 400 thousand barrels of oil
equivalent (kboepd) towards 2030 and beyond. 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."
Following the transaction, the PL018F licence holders are ConocoPhillips
(35.112%, operator), with Vår Energi ASA (52.284%), DNO ASA (7.604%%) and Petoro
(5%) as partners.
About Vår Energi
Vår Energi is a leading independent upstream oil and gas company on the
Norwegian Continental Shelf (NCS). To learn more, please visit varenergi.no.
Contact
Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 90509291
ida.fjellheim@varenergi.no
Media relations
Liv Jannie Omdal
VP Communications
+47 976 67 137
liv.omdal@varenergi.no