Statoil has received approval from the Norwegian parliament for the NOK20bn ($3.68bn) development and operation of the Valemon gas and condensate field in the North Sea.
Recoverable reserves in the field are estimated at 206 million barrels of oil equivalents, including 26 billion cubic metres of gas, five million cubic metres of condensate and one million cubic metres of natural gas liquids (NGL).
The Valemon platform development includes a fixed platform with a steel jacket for the separation of gas, condensate and water.
The usually unmanned platform will be remotely controlled from the Kvitebjorn platform when drilling operations are completed in 2016 or 2017.
Production is expected to start in 2014 and is set to produce approximately three billion cubic metres of gas annually.