TotalEnergies SE has announced the sale of its interest in several mature oil assets offshore Norway to Norwegian company Vår Energi ASA, marking a further step in its divestment strategy. The transaction, expected to close in the fourth quarter, aligns with the French group’s broader effort to streamline its portfolio and focus on more profitable projects.
Chairman and Chief Executive Officer Patrick Pouyanné stated during the company’s investor day that the deal in Norway forms part of a targeted disposal programme. The group plans to raise $3.5bn through divestitures by the end of the year, following over $3bn in acquisitions during the first six months of 2025, which led to a doubling of its debt.
Vår Energi increases its stake in Ekofisk
Buyer Vår Energi ASA confirmed that the agreement will increase its ownership in the Ekofisk redevelopment project to 52.3%. This project aims to extend the operational lifespan of the field and significantly increase recoverable volumes. The deal includes an estimated 38 million barrels of oil equivalent in proved and probable reserves.
Vår Energi also highlighted the low operating cost per barrel associated with these assets and their potential for further growth. The Ekofisk project, located in the North Sea, is one of the region’s oldest oil developments, with production starting in the 1970s.
Strategic optimisation and asset reshuffling
This sale is part of TotalEnergies’ ongoing strategy to optimise its global portfolio by balancing acquisitions and disposals. The company aims to maintain targeted growth while preserving financial discipline, amid energy price volatility and increasing pressure on oil majors’ balance sheets.
The agreement with Vår Energi reflects TotalEnergies’ intention to focus capital on high-yield areas while reducing exposure to older assets. The group continues its asset rotation policy initiated in recent years, maintaining a strategic presence in the North Sea through other active holdings.
