Vår Energi Earmarks $700 Million for Previously Produced Fields Project in Norway

04:53 AM EST, 12/16/2025 (MT Newswires) -- Vår Energi (VAR.OL) said Tuesday its previously produced fields re-development project in the Greater Ekofisk Area of the Norwegian Continental Shelf has been sanctioned, with initial production targeted towards the end of 2028. The oil and gas company and its partners took a final investment decision on the project, with Vår Energi to invest a net amount of $700 million. The fields, operated by ConocoPhillips Skandinavia, are expected to produce 55 million barrels of oil equivalent in net proved plus probable reserves. The project comprises the Albuskjell and Vest Ekofisk fields in license PL018B/F, and the Tommeliten Gamma field in license PL044/D. Vår Energi expects to secure a 52.28% interest in the PL018B/F license and a 9.13% stake in the PL044/D license following the completion of its acquisition transaction with TotalEnergies (TTE.L, TTE.PA) in December.