Under this development project, called Clair Ridge, the companies will construct and install two new bridge-linked platforms, scheduled to be installed in 2015 with production expected to begin in 2016.
The new facilities, which will require a total investment of about £4.5bn, are being designed for 40 years of production.
According to BP, the new development will have the capability to produce 640 million barrels of oil and will provide a hub for future expansion.
The Clair field was originally discovered in 1977 and extends over an area of 220 sq km in water depths of about 140m.
Production from this field began in February 2005 from the first phase facilities which are designed to continue producing until 2028.
