ConocoPhillips has secured license extensions for one of its major oil hubs in the North Sea – which could see its lifespan reach nearly 80 years.
The Norwegian Ministry of Petroleum and Energy has extended the licenses for the Greater Ekofisk region from 2028 to 2049.
This leaves the potential for the North Sea field to become an octogenarian before it is finally closed – surpassing anything in the UK sector.
Ekofisk recently reached production of more than three billion barrels, 50 years after it started – and ConocoPhillips plans to deliver more projects through the North Sea complex.
Jan-Arne Johansen, Managing Director of Operated Assets Europe, said: “After more than 50 years in business, we would like to thank the trust of authorities and governments in our operations, including the good collaboration with our partners. of license.
“This milestone is recognition of our hard work and our long-term plans for continued development, aligned with the company’s vision, first in, last out.
“We continue to build on our HSE culture and our ability to manage resources with new knowledge and technology, and we are finalizing the Eldfisk North Project Development and Operation Plan, which is expected to be submitted shortly. An extension of production licenses is a premise for requesting project approval.
ConocoPhillips Skandinavia AS is the operator with a 35.11% stake, in partnership with TotalEnergies (39.896%), Var Energi (12.388%), Equinor (7.6%) and Petoro (5%).
Steinar Våge, President of ConocoPhillips Europe, Middle East and North Africa, said: “We are proud of our long history in Norway and we are pleased with this decision. The expanded licenses in the Greater Ekofisk region will contribute to sustainable and long-term investments, which will again provide continued value creation, jobs and ripple effects.
“In addition, it guarantees the future security of the oil and gas province’s energy supply in the southwestern part of the North Sea.”