ConocoPhillips and its partners announced a $2.11 billion investment to restart production at three Greater Ekofisk fields—Albuskjell, Vest Ekofisk, and Tommeliten Gamma—bringing the fields online by the end of 2028. The project will unlock 90‑120 million barrels of oil equivalent in recoverable resources, primarily natural gas and condensate.
The investment follows ConocoPhillips’ Q4 2025 earnings miss, where adjusted EPS fell to $1.02 versus $1.18 expected and revenue slipped to $13.82 billion versus $14.14 billion expected, largely due to lower commodity prices. The company’s $1 billion cost‑cutting plan for 2026 and commitment to return 45 % of CFO to shareholders provide a backdrop that investors view favorably.
Restarting the fields leverages existing infrastructure and known reserves, delivering a low‑cost supply that aligns with ConocoPhillips’ focus on portfolio execution and organic growth. The project also contributes to Europe’s energy security by adding natural gas output, a tailwind for the company’s upstream portfolio.
The partnership includes Vaar Energi, Orlen Upstream, and Petoro, with ConocoPhillips holding the majority stake. First gas production is slated for Q4 2028, and the investment is expected to enhance the company’s upstream capacity and support its long‑term revenue base.
Market analysts have highlighted the company’s cost discipline and shareholder return strategy as key drivers of positive sentiment, while geopolitical developments that have lifted oil prices provide additional tailwinds for the North Sea gas sector.
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