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OSLO - TotalEnergies announced Wednesday it has signed agreements to divest its non-operated interests in three mature oil fields in Norway’s Greater Ekofisk Area that ceased production in 1998.
The French energy company will sell its 39.89% stake in the West Ekofisk and Albuskjell fields to Vår Energi, while its 20.23% interest in the Tommeliten Gamma field will go to Orlen Upstream Norway, according to a company press release.
The three fields are slated for redevelopment as part of the "Previously Produced Fields project" (PPF). Completion of both transactions depends on the PPF project’s Final Investment Decision, expected in the fourth quarter of 2025, and regulatory approvals.
"TotalEnergies continues to actively high-grade its Upstream portfolio by seizing value-accretive divestment opportunities," said Jean-Luc Guiziou, Senior Vice President Europe for Exploration & Production at TotalEnergies. "We remain fully committed to Norway, where the Company holds interests in many licenses, including the producing fields in the Greater Ekofisk Area."
The Greater Ekofisk Area includes several producing fields in the Norwegian North Sea. The Ekofisk field, discovered in 1969, began production in 1971 and had its license period extended from 2028 to 2048 in 2022.
Financial terms of the transactions were not disclosed in the announcement.
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