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

Vår Energi and its licence partners person announced the sanctioning of the Previously Produced Fields (PPF) task successful the Greater Ekofisk Area successful Norway’s North Sea.

The partners successful the PPF task person reached a last concern determination regarding the PPF re-development initiative. The PPF task is operated by ConocoPhillips Skandinavia.

The PPF project, scheduled to commencement accumulation from 2028, is expected to bolster the accumulation beingness of the Greater Ekofisk Area.

It is estimated to present 55 cardinal barrels of lipid equivalent successful nett proved positive probable reserves.

Vår Energi’s superior committedness for the task stands astatine astir $700m (Nkr7.15bn).

The PPF task includes the redevelopment of the Albuskjell and Vest Ekofisk fields successful licences PL018B/F, arsenic good arsenic the Tommeliten Gamma tract successful licences PL044/D.

This redevelopment volition usage improved good placement and horizontal good exertion to heighten reservoir vulnerability and accumulation rates to boost recoverable reserves.

The task besides features 4 caller subsea templates and 11 accumulation wells linked backmost to the Ekofisk Complex.

Vår Energi said the task is successful enactment with its concern strategy, providing a accelerated payback, a competitory breakeven terms of beneath $35 per tube of lipid equivalent and an expected instrumentality connected concern of supra 25%.

The institution besides highlighted the project’s anticipated accelerated payback period.

Vår Energi COO Torger Rød said: “The PPF task is an important improvement that supports Vår Energi’s program to prolong accumulation of 350–400,000 barrels of lipid equivalent per time (boepd) towards 2030 and beyond.

“This reinforces our focused strategy by consolidating our presumption successful the Greater Ekofisk Area and securing low-cost reserves with beardown upside potential, enhancing semipermanent worth creation.

“Combining modern technologies with an entrepreneurial mindset enables optimised betterment from the mature fields, strengthening accumulation agelong term, and to maximise plus value.”

In October, Vår Energi announced the acquisition of TotalEnergies’ ownership involvement successful PL018B/F, which volition summation its involvement from astir 12% to 52%.

Upon this deal’s completion, which is expected this month, Vår Energi’s ownership successful licences PL018B/F volition beryllium 52.28%, portion its stock successful licence PL044/D volition basal astatine 9.13%.

Recently, Vår Energi announced an lipid find successful the Goliat North exploration well, located astir 5km northbound of the Goliat tract successful Norway’s Barents Sea.

The well, 7122/7-8, was drilled successful accumulation licence 229 utilizing the COSL Prospector rig.

"Vår Energi, partners denote sanctioning of PPF task successful North Sea " was primitively created and published by Offshore Technology, a GlobalData owned brand.