Equinor and partners Petoro, Vår Energi and ConocoPhillips have submitted plans to the Norwegian Ministry for the development of the Breidablikk oilfield offshore Norway.
The field is claimed to be ‘one of the largest undeveloped oil discoveries on the Norwegian continental shelf’.
The partners have agreed to invest Nkr18.6bn ($1.95bn) towards the development.
Equinor noted that the field will have an estimated production of about 200 million barrels.
Breidablikk is a large oil discovery located north-east of the Grane field in the North Sea.
Situated at a water depth of 130m, Breidablikk will be developed as a tie-back to the Grane platform.
It will comprise the subsea development of 23 oil-producing wells from four templates controlled by Grane, where oil will be processed at the platform before being transported ashore to the Sture terminal in Øygarden.
Equinor Technology, Projects and Drilling acting executive vice-president Geir Tungesvik said: “The Breidablikk field is one of the largest undeveloped oil discoveries on the Norwegian continental shelf (NCS).
“Field development will create substantial value for the Norwegian society and the owners. We are also pleased to award two key contracts today at a total value of Nkr3.3bn ($344m), including options.
“The contracts will contribute to important activity for the supply industry and secure jobs for many years.”
Simultaneously, Equinor awarded a contract to Norway-based engineering company Aker Solutions for the delivery of a subsea production system for the Breidablikk development.
This contract is valued at approximately Nkr2.5bn ($263.2m), including options.
Engineering contractor Wood also secured an $84m contract to provide engineering, procurement, construction, and installation (EPCI) services at Breidablikk subsea development.
The Breidablikk field is expected to produce its first oil in the first half of 2024.
In June, Aker Solutions secured a letter of intent (LoI) from Equinor for the delivery of a subsea system for the Breidablikk.