ConocoPhillips has secured approval from the Norwegian authorities to start production from the Eldfisk nord project in the North Sea.

The project, which includes two seabed templates for production and one for water injection, is poised to start operations within the first quarter. It comprises a total of nine production wells and five injection wells.

As per the ConocoPhillips estimates, the Eldfisk nord project contains resources of 50–90 million barrels of oil.

Located in production licence 018 within block 2/7, Eldfisk nord represents a significant investment of nearly Nkr13bn ($1.24bn).

This development is expected to enhance the recovery rate from the Ekofisk and Tor formations.

Eldfisk is an integral part of the Greater Ekofisk Area. The field was initially discovered in 1970, and its plan for development and operation (PDO) received approval in 1975.

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An amended PDO for Eldfisk, which includes the Eldfisk nord development, was sanctioned in December 2022.

ConocoPhillips, through its subsidiary ConocoPhillips Skandinavia, operates production licence 018 with a 35.1% stake.

Other partners include TotalEnergies EP Norge (39.89%), Vår Energi (12.38%), Sval Energi (7.6%) and Petoro (5%).

In December 2023, ConocoPhillips announced its decision to proceed with the Willow oil and gas project in Alaska.

Based on the estimates by the Bureau of Land Management, the Willow project could generate between $8bn and $17bn in new revenue for the federal government, the state of Alaska and Alaska Native communities.

Recently, the Norwegian authorities approved Aker BP for the start-up of production at the Hanz oilfield, part of the Ivar Aasen field in the North Sea.

ConocoPhillips plans to construct an airstrip, several kilometres of ice roads, three drill pads and more than 40km of gravel roads for the project.