Newfoundland Premier Paul Davis was quoted by Reuters as saying that the government would conclude a deal within weeks.
Davis said: "We can’t say there will be a term sheet until there is one but we’re very confident in the process."
The field is located 1,100m of water in the Flemish Pass, 500km northeast of St. John’s.
Statoil operates the field with 65% stake, while Husky Energy holds the remaining.
Husky Energy expects the field to be commissioned in early next decade.
In 2013, Statoil and Husky Energy estimated that the discovery could host around 600 million barrels of recoverable crude.
In September 2014, Statoil deferred its plan to develop 40,000 barrels per day Corner oil sands project in Alberta due to mounting costs and limited pipeline space.
