French energy company TotalEnergies is divesting its minority stakes in three oil and gas fields offshore Norway to high-grade its portfolio. The fields, part of the Previously Produced Fields project, ceased production in 1998. The transactions are subject to final investment decisions and regulatory approvals.

Buyer Vår Energi will increase its ownership in the project and gain 38 million barrels of oil equivalent reserves. The deal supports their hub strategy and low-cost reserves with growth potential. Production is set to begin in 2028. CEO Nick Walker sees the transaction as beneficial for the company’s overall strategy and growth.

Read more at Yahoo Finance: TotalEnergies to Sell Non-Operated Oil Assets Offshore Norway