Licensees for the offshore Visund South field have submitted a NkrK5.6bn ($96.8m) plan for development and operation to the Ministry of Petroleum and Energy of Norway.

If approved, the scope of work will consist of the installation of a subsea template with four well slots, of which three wells will be drilled and tied in to Gullfaks C for processing.

Visund South, which consists of the Pan and Pandora discoveries, is located 10km from Gullfaks C and the Visund A platform in the North Sea.

Around 67 million barrels of oil equivalent were discovered at Visund South during 2008-09 in 290m of water, 2,900m below the seabed.

Statoil, which holds a 53.2% stake in the field, expects oil and gas production to start in the third quarter of 2012 and continue for more than 15 years.

The company’s project manager Hogne Pedersen said that due to the risk of pressure dropping on Visund South, resulting in a potential loss of reserves, a rapid development of the field is necessary.