The Norwegian Ministry of Petroleum and Energy has approved the development plan for the first phase of the Equinor-operated Kristin Sør project, at Haltenbanken, in the Norwegian Sea.

Equinor and its partners submitted the plan for review in June last year.

The project marks the first step in developing the assets located south of the Kristin field. The field comprises several discoveries and prospects.

According to a government statement, the development includes the Lavrans and Kristin Q structures.

Kristin Q is planned to be built using an existing seabed frame on the Kristin field, whereas the Lavrans field will involve the development of a new seabed frame.

The production from the project will be transported to the Kristin platform, via pipelines, for processing.

Norwegian Petroleum and Energy Minister Marte Mjøs Persen said: “The Kristin Sør project is a good example of good resource management. Here, the companies create great value for the community when they utilise and extend the life of existing infrastructure.”

The investment for the development is expected to total an estimated $760m (NOK6.5bn).

The project is scheduled to commence output in 2024, with a production life of approximately 11 years. It is expected to contain total recoverable reserves of nearly 58 million barrels of oil equivalent.

Persen added: “The Kristin Sør project provides great value for the community, and creates more jobs. This is good news for Norwegian companies, and Norwegian society in general. This development is also important for the further development of the petroleum resources on this part of Haltenbanken.”

The gas recovered from the project will be exported to the European market via the piping system while the oil will be transported through the storage vessel Åsgard C.

Equinor Energy operates the project with a 54.82% stake. Other partners include Petoro (22.52%), Vår Energi (16.66%), and TotalEnergies EP Norge (6%).

Last month, Equinor announced a new oil discovery near the Fram field, in the Norwegian North Sea.