ConocoPhillips Skandinavia AS announced that it has awarded a $300‑$500 million engineering, procurement, construction and installation (EPCI) contract to Subsea 7 for the redevelopment of the Albuskjell, Vest Ekofisk and Tommeliten Gamma fields in the Greater Ekofisk Area. The contract covers the design, procurement, construction and installation of subsea structures, umbilicals, risers and flowlines (SURF) that will tie the PPF development to the existing Ekofisk Complex, a key hub that processes and exports oil to the United Kingdom and gas to Germany.
The PPF project represents a $1.8 billion capital investment that will recover 90‑120 million barrels of oil equivalent in gas condensate. The development will involve drilling 11 wells and installing four new subsea templates, with main offshore campaigns scheduled for 2027 and 2028 and first gas expected in the fourth quarter of 2028. The project is subject to approval of the Plan for Development and Operations (PDO) and is being executed by a joint venture that includes Vår Energi, Orlen Upstream Norway and Petoro.
ConocoPhillips’ near‑field strategy focuses on low‑cost supply and increased gas delivery to Europe. “We are advancing our near‑field resource strategy with subsea developments in the GEA, and we value our license partners’ support for the PPF Project,” said Steinar Våge, president of Europe, Middle East and Africa. The partnership with Subsea 7, a global leader in offshore project delivery, underscores ConocoPhillips’ commitment to leveraging existing infrastructure and advanced well technologies to extend the life of mature reservoirs.
The contract strengthens ConocoPhillips’ position in the North Sea, where it has a long history of redeveloping fields such as Tor and Eldfisk North. By redeploying existing pipelines and processing capacity, the company can bring the PPF fields online with lower capital intensity and faster time to production, supporting its goal of delivering reliable gas supplies amid European energy security concerns.
The announcement signals confidence in the project’s economics and the broader GEA market, and it positions ConocoPhillips to capture additional gas volumes while maintaining a disciplined cost base. The EPCI award also reflects Subsea 7’s continued leadership in subsea tie‑back projects, reinforcing the partnership’s strategic alignment for future developments.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.