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May 10, 2022

ConocoPhillips to invest $1.1bn for Norwegian offshore field development

The Eldfisk North Project is estimated to hold between 50 and 90 million barrels of oil equivalent.

ConocoPhillips Skandinavia and partners have submitted a development plan for the Eldfisk North Project in the Norwegian North Sea.

The plan for the project’s development and operation (PDO) has been submitted to the Norwegian Ministry of Petroleum and Energy. 

ConocoPhillips expects the total investment associated with the project to be approximately $1.2bn (Nkr10.5bn).

Located in the Greater Ekofisk Area, the Eldfisk North Project is estimated to hold resources between 50 and 90 million barrels of oil equivalent (Mboe).

The development forms part of the wider Ekofisk area, where ConocoPhillips has been producing hydrocarbons for more than 50 years.

Targeting additional resources in the Eldfisk Field, the development will include a three-by-six slot subsea production system (SPS), with nine producing wells, and five water injecting wells.

Planned to be developed as a tie-back to the Eldfisk Complex, in the North Sea, the Eldfisk North project is anticipated to start production in 2024.

ConocoPhillips Europe, Middle East, and North Africa president Steinar Våge said: “We are pleased to achieve yet another development milestone in the Greater Ekofisk Area.

“The Eldfisk North Project will utilise spare processing and transportation capacity in existing infrastructure, reduce overall greenhouse gas emission intensity, and increase resource recovery and value creation in the Eldfisk Field.”

The Eldfisk North plan, however, is conditional on customary approvals from Norwegian authorities, according to Reuters.

ConocoPhillips Skandinavia operates the Eldfisk field with a 35.112% stake. Its other partners include TotalEnergies EP Norge (39.896 %), Vår Energi (12.388 %), Equinor (7.604 %), and Petoro (5%).

Eldfisk is one of several fields located in the Ekofisk area, in production licence 018, in the Norwegian North Sea.

Last year, Aker Solutions was selected by ConocoPhillips to provide a subsea production system for the Eldfisk North project.

Earlier this year, ConocoPhillips announced that it was looking to sell its gas producing assets in North Texas and Western Oklahoma.

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