Statoil and its partners will submit the plan for development and operation (PDO) for phase one of the Johan Sverdrup field to the Norwegian Ministry of Petroleum and Energy.
The entire field recoverable contingent resources range for the field is expected at between 1.7 and 3.0 billion barrels of oil equivalent, with about 95% being oil.
The oil and gas production capacity is estimated to be in the range of 550,000 to 650,000 barrels of oil equivalent per day.
The field will be developed in various phases with several fixed platform installations.
Phase one features four bridge connected platforms as well as three subsea installations.
It also includes oil and gas export pipelines, development wells as well as power supply from shore.
The first phase is expected to begin production in late-2019 with an estimated production level of between 315,000 and 380,000 barrels of oil per day.
Statoil will operate all phases of the field development and operation. The company’s partners include Lundin Norway, Petoro, Det norske oljeselskap and Maersk Oil.
Statoil chief executive officer Eldar Sætre said: "We are delivering the PDO for the largest oil discovery on the Norwegian continental shelf since the 1980s.
"Johan Sverdrup will generate value of great importance to Norway through several decades. The field’s economy is robust also at current oil prices."
The companies will also submit two plans for installation and operation for pipeline transportation and the development of power from shore solution.
The second phase of the Johan Sverdrup development is anticipated to start production in 2022.
Image: Statoil chief executive officer Eldar Sætre. Photo: Courtesy of Harald Pettersen.