By Kelly Cloonan
ConocoPhillips received approval from the Norwegian government to move ahead with plans to redevelop previously producing oilfields, part of its efforts to increase gas deliveries to Europe.
The oil company said Norway's Ministry of Energy approved its plans for a project that would bring several previously producing fields in the Greater Ekofisk Area, a hub for offshore oil and gas in the Norwegian sector of the North Sea, back on stream.
The project comprises 11 new wells from four subsea templates. ConocoPhillips expects the redevelopment would deliver between 90 million and 120 million barrels of oil equivalent in recoverable gas and condensate resources, and expects first production in the fourth quarter of 2028.
The project aims to produce resources at low cost while strengthening gas exports to Europe, the company said.
The approval comes as Europe hunts for new natural-gas supplies as the war in Iran has tightened supplies of liquefied natural gas, sending prices surging. Europe has relied heavily on LNG to replace Russian pipeline gas since the invasion of Ukraine began in 2022.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
05-07-26 1312ET
