China National Offshore Oil Corporation's Nexen Petroleum is assessing the second phase of Buzzard development in the UK offshore region.
The company has also planned to develop two high-pressure, high-temperature (HPHT) exploration wells in the North Sea.
CNOOC now intends to proceed with an infill drilling campaign and subsea scheme to exploit the northern part of the North Sea field.
Buzzard is one of the highest producing oil fields in the UK, currently generating 190,000boe/d. It is located 60km north-east of Aberdeen.
Nexen is now working closely with partners to finalise the Phase II plan.
Tender evaluation work is currently taking place for a heavy-duty jackup to perform drilling operations for Buzzard either next year or in 2018.
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The company has also outlined plans for the Craster and Glengorm exploration wells.
Craster will be drilled west of Shetland, which requires a HPHT capable semisubmersible drilling rig.
This contract will be awarded shortly with drilling is expected to start in mid-2017.
Glengorm well will be drilled in the central North Sea. Nexen requires a heavy-duty jackup rig to complete the project. The contract is expected to be awarded by the end of the year. The company has not yet announced any drilling date.
In the latest Irish Atlantic licensing round, Nexen received four licence options in the Porcupine Basin covering 23 blocks and part-blocks over 4,500km².
The company stated that a seismic acquisition strategy for this area is currently being developed, with drilling expected to begin by early 2018.
Nexen is also exploring other drilling opportunities in the central North Sea.