Statoil has submitted a plan to the Norwegian Ministry of Petroleum and Energy for the development and operation of the Katla discovery in the North Sea.
Total investments at the Katla discovery, proven in March 2009, are estimated at around Nkr5.4bn ($1bn).
Production from the discovery, which has around 45 million barrels of oil reserves, is expected to start from the first quarter of 2013.
Statoil plans to develop the discovery with a seabed template and four wells, two of which will produce oil and gas, while the other two wells will inject water into the reservoir for pressure support.
Oseberg South platform will receive oil from Katla, while the gas will be used as pressure support on Oseberg Omega North, and thus help maintain production from this reservoir.