The Norwegian Ministry of Petroleum and Energy has received plans for development and operation (PDO) on the Ekofisk and Eldfisk fields off Norway that expect Nkr65bn ($11.5bn) of investments.
Located in the southern part of the North Sea, the fields located are around 300km from the Norwegian coast.
The new investments will help increase oil recovery from the two fields.
Norwegian Minister of Petroleum and Energy Terje Riis-Johansen said the new projects would make it possible to maintain production from the area for another 40 years.
The projects are operated by ConocoPhillips, with Total, Eni, Statoil and Petoro as partners for the production licence.