TotalEnergies Sells Stakes In Three Shut-Down North Sea Oil Fields To Vår Energi And Orlen

TotalEnergies EP Norge (PARIS:TTE) (LSE:TTE) (NYSE:TTE) has signed an agreement for the divestment of its non-operated interest (39.89%) in the West Ekofisk and Albuskjell fields to Vår Energi and has also concluded an agreement with Orlen Upstream Norway for the divestment of its non-operated interest (20.23%) in the Tommeliten Gamma field.

These three mature fields, located in the Greater Ekofisk Area (Albuskjell and West Ekofisk in PL018 license and Tommeliten Gamma in PL044 license), ceased production in 1998 and are to be redeveloped as part of the so-called "Previously Produced Fields project" (PPF).

Completion of the transactions is subject to the Final Investment Decision of the PPF project, expected to be taken in the fourth quarter of 2025, and customary regulatory approvals.