ConocoPhillips Greenlights Subsea Gas Development, Approves $1.8 Billion Project

ConocoPhillips (NYSE:COP) on Friday disclosed that its subsidiary, ConocoPhillips Skandinavia AS, and its partners had approved the final investment decision for the Previously Produced Fields (PPF) Project in the Greater Ekofisk Area. The development and operation plans for PL018B/F and PL044/D are expected to be submitted to the Norwegian Ministry of Energy in the first quarter of 2026. Details The company expects the project's capital investment to be around NOK 14 billion ($1.3 billion) for PL018B/F and about NOK 5.5 billion (gross $500 million) for PL044/D. The joint development concept includes 11 wells and four new subsea templates; all tied back to the Ekofisk Complex via a shared multiphase pipeline, with first gas scheduled for the fourth quarter of 2028. Steinar Våge, president, Europe, Middle East and Africa for ConocoPhillips added, "Our focus is on projects with low cost of supply and increased gas delivery to Europe. We are advancing our near-field resource strategy with subsea developments in the GEA, and we value our license partners' support for the PPF Project," Following submission of PDOs, the PPF Project is subject to final regulatory approvals. Recent Earnings Snapshot Last week, the company reported fourth-quarter FY25 earnings of $1.17 per share, compared with $1.90 per share, in the same quarter last year. Adjusted EPS totaled $1.02, missing the consensus estimate of $1.11. Earnings declined 39% year over year (Y/Y) due to lower prices in the quarter. Revenue for the quarter was $14.185 billion, missing the expected $14.194 billion consensus. ConocoPhillips expects total production to be within 2.33 and 2.36 million barrels of oil equivalent per day (MMBOED), with first quarter production expected at 2.30–2.34 MMBOED. COP Price Action: ConocoPhillips shares were up 0.57% at $111.46 at the time of publication on Friday. The stock is trading near its 52-week high of $111.98, according to Benzinga Pro data. Photo via Shutterstock