ConocoPhillips has been granted licence extensions to one of its major North Sea oil hubs – which could see its production life reach nearly 80 years.
The Ministry of Petroleum and Energy in Norway has extended the licences for the Greater Ekofisk Area from 2028 to 2049.
This leaves potential for the North Sea field to become an octogenarian before it is eventually shut down – surpassing anything in the UK sector.
Ekofisk recently reached production of more than three billion barrels, 50 years on since starting up – and ConocoPhillips has plans to deliver more projects via the North Sea complex.
Jan-Arne Johansen, general manager of Operated Assets Europe, said: “After more than 50 years of activities, we extend our thanks to the authorities’ and governments’ trust in our operations, including the sound collaboration with our license partners.
“This milestone is a recognition of our work and long-term plans for continued development, aligned with the company’s vision first to come, last to leave.
“We continue to build on our HSE culture and ability to manage resources with new knowledge and technology, and we are finalizing the plan for development and operation of the Eldfisk North Project, expected to be submitted shortly. An extension of the production licenses is a premise for seeking approval for the project.”
ConocoPhillips Skandinavia AS is operator with a 35.11% stake, partnered 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-standing history in Norway, and we are pleased with the decision. Extended licenses in the Greater Ekofisk Area will contribute to sustainable and long-term investments, which again provides continued value creation, jobs and ripple effects.
“In addition, it ensures future energy supply security from the oil and gas province in the southwestern part of the North Sea.”