ConocoPhillips wins approval to redevelop Greater Ekofisk oilfields in Norway
Updated
Updated · MarketWatch · May 7
ConocoPhillips wins approval to redevelop Greater Ekofisk oilfields in Norway
10 articles · Updated · MarketWatch · May 7
Norway's Ministry of Energy cleared an 11-well project using four subsea templates in the North Sea, with first production expected in the fourth quarter of 2028.
ConocoPhillips said the redevelopment could recover 90 million to 120 million barrels of oil equivalent in gas and condensate and support low-cost output and stronger exports to Europe.
The approval comes as Europe seeks alternative gas supplies after replacing much Russian pipeline gas with LNG, while the war in Iran has tightened global LNG supplies and lifted prices.
With Middle East LNG supplies crippled, can Norway's new gas project truly secure Europe's volatile energy future?
Hailed as an energy savior, is Norway's new gas project actually a massive betrayal of its climate commitments?
As AI's energy demand explodes, are new fossil fuel projects the only way to power the world's digital future?
Reviving North Sea Legacy Fields: Greater Ekofisk’s 90–120 Million boe Gas Production Set for 2028
Overview
The Greater Ekofisk redevelopment project, approved by the Norwegian Ministry of Energy in May 2026, aims to revive the Albuskjell, Vest Ekofisk, and Tommeliten Gamma fields to unlock 90–120 million barrels of oil equivalent. This opportunity arose from sustained higher gas prices and advances in subsea technology, enabling efficient development through four new subsea templates and horizontal drilling tied back to the Ekofisk Complex. First gas production is targeted for late 2028, strengthening Europe’s energy security by reducing reliance on Russian gas amid geopolitical tensions. The project also supports Norway’s economy by creating thousands of jobs and leveraging local contractors, while facing risks from volatile markets and extreme weather.