The question of who “owns” Ekofisk is not straightforward. In simple terms, however, the field and the rest of Norway’s continental shelf (NCS) belongs to the Norwegian state. This was determined on 14 June 1963, when the Storting (parliament) passed the Act Relating to Exploration for and Exploitation of Submarine Natural Resources. This permits licences to be awarded on certain terms.

The greatest-ever oil bonanza, with oil prices hitting USD 130 per barrel, came to an abrupt end in 2014, when the cost of a barrel of crude slumped to less than USD 50 from June to December. And the bottom had still not been reached – this was only the start of a new oil crisis which lasted several years. What effect did this have on ConocoPhillips’ financial position off Norway?

Improving the recovery factor from Ekofisk, Norway’s largest field, was a priority for ConocoPhillips. This meant getting out a larger proportion of the resources originally in place.

The eight fields making up the Greater Ekofisk Area (GEA) have been pouring out oil and gas for almost 50 years. That has made them a key source of value creation since 1971.

Oil prices fell in 1998 to their lowest level since the early 1970s, and were at times below USD 10 per barrel.

Phillips initiated a collaboration on energy issues with Bellona in 1998. That made it one of several corporate partners and sponsors of this Norwegian environmental foundation’s B7 programme for cleaner energy.

ConocoPhillips published its first report on sustainable development in May 2005 for internal use in both Norway and the UK and towards external players.

The Phillips group entered into an agreement in May 2002 with Rogaland Research and the Stavanger University College (HiS) to learn more about how Ekofisk could yield more petroleum.

ConocoPhillips was created on 30 August 2002 through the merger of former US oil firms Phillips Petroleum Company and Conoco Inc. This international energy enterprise was headquartered at Conoco’s former head office in Houston, Texas.

Stavanger has always been ruled by the sea. The cathedral which laid the basis for the original town in the 12th century faces towards the Vågen inner harbour. Maritime routes were the channels for trade and external influences. In the 19th century, the town blossomed as a centre for the herring fishery and sailing ships. From 1900, canning and later shipbuilding took over as its principal industries. But the canning sector was in decline by the beginning of the 1960s, and Stavanger needed a new economic foundation. That was just when the hunt for oil in the North Sea began.

The Working Environment Act (WEA) adopted in 1977 represented a big advance for Norwegian workers, and particularly for oil personnel on Norway’s continental shelf (NCS). This legislation went further than any previous enactments in generalising union rights, and had positive consequences for offshore workplace safety.

Ekofisk II is the designation for the redeveloped central complex with two new platforms – Ekofisk 2/4 X and 2/4 J, installed in the autumn of 1996 and August 1997 respectively. Ekofisk 2/4 J handles processing and transport as well as serving as the new field centre for the Greater Ekofisk Area. Ekofisk II became operational in August 1998 and is designed to remain on stream for 30 years from that date. Eldfisk, Embla and Tor as well as Ekofisk itself are tied back to 2/4 J.

Phillips began recruiting Norwegians for offshore work from the early 1970s, and applications for such jobs rose as a result of problems in Norway’s merchant fleet after the 1973-74 oil crisis. The company took on experienced marine engineers and chief engineers, who eventually formed the nucleus of operating personnel on Ekofisk.

Stavanger and neighbouring Sola were the first Norwegian local authorities to experience fantastic oil-related growth after the award of the first exploration licences in 1965.