KEY POINTS
- TotalEnergies sells non-operated Norwegian oil assets.
- Vår Energi to raise stake in PPF project.
- Redeveloped fields expected online by 2028.
The French energy major is selling minority stakes in three mature offshore fields as it reshapes its upstream portfolio while keeping a foothold in Norway.
TotalEnergies SE said it has agreed to sell its minority non-operated interests in three mature oil and gas fields offshore Norway, a move aimed at reshaping its upstream portfolio while keeping a strategic presence in the country.
The company’s Norwegian unit, TotalEnergies EP Norge, has signed a deal to transfer its 39.89 percent stake in the West Ekofisk and Albuskjell fields to Vår Energi. It also reached an agreement with Orlen Upstream Norway to sell its 20.23 percent holding in the Tommeliten Gamma field.
TotalEnergies trims Norwegian oil portfolio
The fields are located in the Greater Ekofisk Area and were shut in 1998. They are now part of the Previously Produced Fields (PPF) redevelopment project, designed to unlock additional volumes from legacy assets. Completion of the transactions depends on a final investment decision for the PPF, expected in the fourth quarter of 2025, along with regulatory approvals.
“TotalEnergies continues to actively high-grade its upstream portfolio by seizing value-accretive divestment opportunities,” said Jean-Luc Guiziou, the company’s senior vice president for Europe in exploration and production. “We remain fully committed to Norway, where the company holds interests in many licenses, including producing fields in the Greater Ekofisk Area.”
Vår Energi expands Greater Ekofisk presence
For Vår Energi, acquiring the West Ekofisk and Albuskjell stakes increases its share in the PPF project from 12.388 percent to 52.284 percent, significantly expanding its footprint in the North Sea hub. The company said the deal will add net proved and probable reserves of about 38 million barrels of oil equivalent, with low unit costs and potential upside, according to OilPrice.
Production from the PPF project is scheduled to begin at the end of 2028, once a final investment decision is made later this year. “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,” said Vår Energi Chief Executive Officer Nick Walker.
