Oil and gas company VNG Norge has submitted the plan for development and operation (PDO) for the Fenja field in the Norwegian Sea to the Ministry of Petroleum and Energy.
The PDO was submitted on behalf of the licensees in PL586.
The company and partners are planning to invest Nkr10.2bn ($1.219bn) in the field, which has a production period of 16 years.
Located at Haltenterassen in block 6406/12, 120km north of Kristiansund, the Fenja field is planned to start production in 2021.
VNG Norge managing director Atle Sonesen said: “The partnership has shown commitment when, just over three years since the discoveries were made, we are able to deliver a development plan for an economic project based on a good area solution and cooperation with the suppliers.
“Although this is the first development operatorship for VNG Norge, we have built a strong and experienced development team and are well prepared for execution.”
The company expects the field to contain recoverable resources of around 100 million barrels oil equivalent.
The partners intend to develop Fenja with two subsea templates.
Under the plan, six wells will be connected to the Njord A platform for processing and storage, as well as export via the Njord B ship.
Alongside VNG Norge, other licensees in PL586 include Point Resources with 45% interest and Faroe Petroleum Norge with a 25% stake.
VNG Norge holds a 30% stake in the licence.
Field development is subject to the receipt of approval from Norwegian authorities.