Vår Energi ASA $VAR (-0,51%) announces that it has acquired TotalEnergies' interest $TTE (-1,75%) in the Ekofisk PPF ("Previously Produced Fields") development project in license PL018F.

The Ekofisk PPF project is located in the greater Ekofisk area on the Norwegian Continental Shelf (NCS). The project will extend the production life of the Ekofisk area. The redevelopment will enable better reservoir development and higher production rates through the use of new completion and horizontal drilling technologies, which will lead to a significant increase in recoverable resources. The project includes four new subsea templates and 11 production wells connected to the Ekofisk Field Center.

The transaction increases Vår Energi's interest in the PPF project in license PL018F from 12.388% to 52.284%, strengthening the company's position in the greater Ekofisk area. The closing of the transaction is subject to the final investment decision for the PPF project and customary regulatory approvals, including the carve-out of the PL018F license from the PL018 license. The effective date is January 1, 2025.

The transaction will add estimated net proved and probable reserves of 38 million barrels of oil equivalent (mmboe) with a low operating cost per barrel and potential for further growth.

The final investment decision is expected to be made in the fourth quarter of this year, with production from the project expected to commence in late 2028.

Nick Walker, CEO of Vår Energi, commented: "The Ekofisk-PPF project is a strategic development that supports our ambition to maintain production levels of 350 to 400 thousand barrels of oil equivalent (kboepd) by 2030 and beyond. The transaction also supports our hub strategy by strengthening our presence in an area where we already have a presence and adding low-cost reserves with significant upside potential."

🔹 Corporate profile

Founded in 1924, TotalEnergies $TTE (-1,75%) is one of the oil and gas supermajors. Its model is integrated and global, encompassing exploration, production, refining, marketing, chemicals and power generation (including renewables). It is present in more than 130 countries and is a key player in the energy transition.

📊 Recent results

• In Q4 2024, it posted an adjusted profit of $4.4 billion, beating forecasts despite the drop in crude oil prices.
• For 1H2025, it posted cash flow of $6.6 billion and adjusted net income of $7.8 billion.

💰 Attractive dividends.

• Current dividend yield: ~5.4 %.
• An interim dividend of €0.85/share was approved in July 2025, +7.6 % year-on-year.
• The shareholder remuneration plan calls for returning up to 45 % of the cash flow in dividends and buybacks.

⚡ Growth strategy

• Clear commitment to a multi-energy model: oil, natural gas and renewables.
• Its renewable capacity will increase from 24 GW to 35 GW by 2026.
• By 2030, 70% of electricity generated will be green.
• New investments in offshore projects in Brazil with technology to reduce emissions.

Why invest in TotalEnergies now?

• Growing and sustainable dividend (over 5 %).
• Robust cash flow even in weak oil environments.
• Energy diversification, combining hydrocarbons with strong commitment to renewables.
• Global presence and active participation in the energy transition.

👉 In summary: TotalEnergies is today a company that offers stability in the present and growth in the future, ideal for investors seeking consistent dividends and exposure to the energy of tomorrow.