ConocoPhillips and its partners have successfully commenced oil production from the Eldfisk North project, located in the Norwegian North Sea, marking a significant milestone with an investment of NOK13 billion ($1.24 billion). This project, positioned within the Greater Ekofisk Area, underscores a major advancement in offshore oil extraction in the region.

Project Overview and Early Success

The Eldfisk North Project, part of production licence 018 (PL018) in block 2/7, features three subsea templates and 14 wells, including nine for production and five for water injection to support the reservoir. Positioned approximately 7km from the Eldfisk Complex, the project leverages the existing processing and transportation facilities to maximize efficiency. With a peak production capacity estimated at 15,000 barrels of oil equivalent per day, Eldfisk North is set to significantly bolster the area’s output.

Regulatory Approvals and Efficient Execution

The project’s plan for development and operation (PDO) was greenlit by Norwegian authorities in December 2022, and production was authorized by the Norwegian Offshore Directorate in February 2024. Originally slated for launch in Q2 2024, the early commencement of operations is attributed to effective collaboration and operational efficiencies among the partners. ConocoPhillips Europe, Middle East, and North Africa president, Steinar Våge, highlighted the exemplary safety performance and zero personnel injuries as key to the project’s ahead-of-schedule completion.

Partnership and Economic Impact

ConocoPhillips Skandinavia, a subsidiary of ConocoPhillips, operates the licence with a 35.1% stake. Key partners include TotalEnergies EP Norge, Vår Energi, Sval Energi, and Petoro, contributing to a diverse and robust operational team. The project has not only unlocked significant oil reserves, estimated between 50 to 90 million barrels of oil equivalent but also catalyzed substantial economic benefits, creating 4,000 to 4,500 job opportunities, predominantly awarded to Norwegian enterprises.

Sustainable and Economical Operation

TotalEnergies exploration and production senior vice president Europe, Jean-Luc Guiziou, emphasized the project’s strategic integration within TotalEnergies’ portfolio, citing its low break-even point and minimal greenhouse gas emissions (below 10 kg/boe), aligning with broader sustainability objectives.

The early production start at Eldfisk North not only enhances ConocoPhillips and its partners’ capacity in the North Sea but also demonstrates a scalable model of using existing infrastructure to optimize resource extraction with minimal environmental impact. This project is a testament to the evolving dynamics of the oil industry, focusing on efficiency and sustainability.

  ConocoPhillips, Eldfisk North project, North Sea oil production, Norwegian oil industry, offshore oil exploration, sustainable energy operations