Statoil and partners have secured approval from the Norwegian Ministry of Petroleum and Energy for the development of the NOK8.2bn ($935.6m) Oseberg Vestflanken 2 field at block 30/9-30/6 offshore Norway.
Located in Norwegian continental shelf, the Oseberg Vestflanken 2 field is estimated to hold reserves of 110 million barrels of oil equivalent.
The field development involves an unmanned wellhead platform with ten well slots as well as reuse of two existing subsea wells.
The Oseberg Vestflanken 2 covers the Alpha, Gamma and Kappa oil and gas structures located around 8km north-west of the Oseberg field centre.
Statoil plans to remotely operate all the wells from Oseberg field centre.
Statoil project management senior vice-president Torger Rød said: "Oseberg Vestflanken 2 is a pioneer project of great strategic importance.
"This new concept has been required to meet the high safety standards established for installations on the Norwegian continental shelf."
Statoil operates the Oseberg Vestflanken 2 field with 49.3% stake. Other partners include Petoro with 33.6% interest, Total 14.7% and ConocoPhillips 2.4%.
Scheduled to commence production in the second quarter of 2018, the project is the first of three planned phases for developing the remaining reserves in the Oseberg area.
Statoil operations west senior vice-president Gunnar Nakken earlier said: "Oseberg Vestflanken 2 will add 110 million profitable barrels of oil equivalent, and will be an important contribution in reaching Statoil´s goal of maintaining the current production level until 2030 and beyond."
Image: The Oseberg Vestflanken 2 development field offshore Norway is estimated to hold reserves of 110 million barrels of oil equivalent. Photo: courtesy of Statoil.