OSLO, Feb. 13, 2026 — ConocoPhillips and its partners will invest approximately $2.11 billion (20 billion Norwegian crowns) to revive production at three aging oil and gas fields in the Greater Ekofisk area of the North Sea, the company announced Friday.
The project, dubbed “Previously Produced Fields” (PPF), targets the Albuskjell, Vest Ekofisk and Tommeliten Gamma fields, all of which ceased production in 2019. ConocoPhillips estimates the fields collectively hold between 90 million and 120 million barrels of oil equivalent in natural gas and condensate.
The investment will aim to restart production by the end of 2028, with the first gas expected to flow in the final quarter of that year. The Norwegian government was presented with the plans on Friday, signaling its approval for the project to proceed.
ConocoPhillips holds a 35.1% stake in the Albuskjell and Vest Ekofisk fields. Vaar Energi is the largest partner in those fields, with a 52.3% share, followed by Orlen Upstream (7.6%) and the state-owned Petoro (5%). In Tommeliten Gamma, ConocoPhillips’ stake is 28.3%, while Orlen and Vaar Energi hold 62.6% and 9.1% respectively.
The exchange rate used in the announcement was $1 equaling 9.4750 Norwegian crowns.
