ConocoPhillips to start $1.24bn Eldfisk North project production in Norway
The Norwegian Offshore Directorate has given the green light to ConocoPhillips for the commencement of production at the Eldfisk North project. With an investment of NOK13 billion (approximately $1.24 billion), this project is set to begin operations in the southern Norwegian North Sea, marking a significant development in the region’s energy sector.
The Eldfisk North project, strategically located in production license 018 within block 2/7 of the Greater Ekofisk Area, aims to enhance recovery rates from the Ekofisk and Tor formations. This offshore venture is comprised of two seabed templates for production and one for water injection, featuring a total of nine production wells and five injection wells. Notably, the project’s greenhouse gas emissions intensity is projected to be 7kg CO2 per barrel of oil equivalent, showcasing a commitment to environmental sustainability in oil production. The anticipated start-up is set for the first quarter of 2024, with the project being tied back to the Eldfisk complex.
ConocoPhillips, through its subsidiary ConocoPhillips Skandinavia, leads the project as the operator, holding a 35.1% stake in production license 018. The project sees participation from prominent partners including TotalEnergies EP Norge (39.9%), Vår Energi (12.4%), Sval Energi (7.6%), and Petoro (5%). Eldfisk North’s resource potential is estimated to range between 50-90 million barrels of oil, indicating a significant addition to the region’s oil reserves.
The Eldfisk field, discovered in 1970 and with production commencing in 1979, is part of the historic Greater Ekofisk Area, which started production in 1971. The area includes notable fields like Ekofisk, Eldfisk, Embla, Tor, among others. In 2022, ConocoPhillips Skandinavia successfully secured an extension for its production licenses in the area, extending the operational life of Ekofisk to almost 80 years, highlighting the enduring significance of this area to Norway’s energy portfolio.
This project represents a noteworthy advancement in Norway’s offshore energy sector, leveraging technological and environmental innovations to maximize resource recovery while minimizing the environmental footprint. The collaboration among international energy companies underlines the global interest in Norway’s oil and gas resources and the country’s role in providing stable energy supplies to the world market.
The Eldfisk North project not only contributes to the sustainability goals by aiming for lower greenhouse gas emissions but also reinforces Norway’s position as a leading player in the global energy sector. The project’s successful execution will likely encourage further investments in the region, promoting technological advancements and environmental stewardship in offshore oil production.