First Oil Production on Eldfisk North Ahead of Plan

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STAVANGER - The licensees of the Eldfisk Field, operated by ConocoPhillips Skandinavia AS, announce successful first oil production on the Eldfisk North Project, located in the Greater Ekofisk Area in the North Sea. Oil and gas resources from the new project development are being produced some weeks ahead of plan.

The Eldfisk North Project is located in PL018, and the licensees are TotalEnergies EP Norge AS (39.896%), ConocoPhillips Skandinavia AS (35.112%), Vår Energi ASA (12.388%), Sval Energi AS (7.604%) and Petoro AS (5.000%).

In December 2022, the Norwegian authorities approved the Eldfisk North Plan for Development and Operation (PDO) with original production start scheduled in the second quarter of 2024. Cooperation and efficiency across companies have unlocked earlier first oil production.

"Sound and productive collaboration among our employees and the many contractors and business partners has contributed to strong safety results with zero personnel injuries, delivering yet another successful project ahead of schedule," said Steinar Våge, ConocoPhillips' President for Europe, Middle East and North Africa.

The Eldfisk North Project comprises three 6-well subsea templates located approximately seven kilometers from the Eldfisk Complex. The PDO included drilling of up to 14 wells, whereof nine are producers and the other five will inject water into the reservoir. The Eldfisk North Project will use available capacity at Eldfisk 2/7 S for processing and transportation, utilizing existing infrastructure in the Greater Ekofisk Area.

The total resource potential is in the range of 50-90 million barrels of oil equivalent while total capital expenditure is estimated at almost NOK 13 billion (USD 1.24 billion), capturing cost developments for extended drilling duration, inflation, and currency exchange rates. The project has created approximately 4,000-4,500 jobs, and more than 80% of the total contract value has been awarded to Norwegian businesses.

About Eldfisk

The Eldfisk Field was discovered in 1970 and original plan for development and operation was approved in 1975. A new plan for development and operation was approved for the Eldfisk II Redevelopment Project in 2011. The Eldfisk reservoir consists of fractured chalk containing mainly oil, similar to surrounding fields in the Greater Ekofisk Area.

About ConocoPhillips

ConocoPhillips is one of the world's leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 13 countries, $95 billion of total assets, and approximately 10,000 employees for the three months ended March 31, 2024. Production averaged 1,902 MBOED for the three months ended March 31, 2024, and proved reserves were 6.8 BBOE as of Dec. 31, 2023. For more information, go to www.conocophillips.com

Contacts

Elisabeth Fiveland (media)
+47 520 22 117
[email protected]

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