The partners also submitted the plan to the Norwegian Petroleum Directorate, which will evaluate the plan prior to sending for processing to Storting (Parliament).

Statoil chief executive officer Eldar Sætre said: "We are delivering the PDO for the largest oil discovery on the Norwegian continental shelf since the 1980s.

"Johan Sverdrup will generate value of great importance to Norway through several decades. The field’s economy is robust also at current oil prices."

The NOK117bn ($15.3bn) phase one of the field will have an estimated recoverable resources of 1.4-2.4 billion barrels of oil equivalent.

Planned to be developed in several phases, the Johan Sverdrup’s phase one includes four bridge-linked platforms, in addition to three subsea water injection templates while the first oil is scheduled for late 2019.

Statoil will operate all the Johan Sverdrup field development and operations while other partners include Lundin Norway, Petoro, Det norske oljeselskap and Maersk Oil.