By Stephanie Daniels
Energy Window International (Media) TotalEnergies EP Norge says it has signed an agreement for the divestment of its non-operated interest (39.89%) in the West Ekofisk and Albuskjell fields to Vår Energi and has also concluded an agreement with Orlen Upstream Norway for the divestment of its non-operated interest (20.23%) in the Tommeliten Gamma field.
The three mature fields, located in the Greater Ekofisk Area (Albuskjell and West Ekofisk in PL018 license and Tommeliten Gamma in PL044 license) ceased production, according to the Company’s email statement, in 1998 but redeveloped as part of the so-called “Previously Produced Fields project” (PPF).
The completion of the transactions which is the subject of the Final Investment Decision of the PPF project is expected in the fourth quarter of 2025, all things being equal.
Jean-Luc Guiziou, Senior Vice President Europe for Exploration & Production said: “TotalEnergies continues to actively high-grade its Upstream portfolio by seizing value-accretive divestment opportunities. We remain fully committed to Norway, where the Company holds interests in many licenses, including the producing fields in the Greater Ekofisk Area,”
TotalEnergies again announces divestment of 50% of its 270 MW Portfolio
Similarly, and in line with its renewables business model, the French major has also said that it has completed the sale of its 50% of a 270 MW wind and solar portfolio in France to investment funds managed by Eiffel investment Group. This transaction the Company told Energy Window International (Media) had placed the value of the portfolio at €265 million.
Following this transaction, TotalEnergies retains a 50% stake and remains the operator of the assets, from which it offtakes and markets most of the production.
The Company further said that it was already building a competitive portfolio that combines renewables (solar, onshore wind, offshore wind) and flexible assets (CCGT, storage) to deliver clean firm power to its customers. It said it took the option of divesting up to 50% of its renewable assets so as to achieve the 12% profitability target for its Integrated Power business.