Lundin Norway has submitted a plan for the development and operation of the Brynhild field, which is located in block PL148 in the North Sea.
The company will work on the project, which encompasses three wells and pipelines / umbilicals tied back to the Pierce field infrastructure, with partners Noreco and Talisman Energy Norge.
The field has proved and probable reserves of 22 million barrels of oil, with a forecast gross peak production of approximately 12,000 barrels of oil per day.
The Pierce floating production, storage and offloading vessel will be used to process and store the oil before offshore loading to shuttle tankers.
First production from the Brynhild field is expected in late 2013.
The Brynhild field is owned by Lundin Petroleum, with a 50% working interest, along with Talisman and Noreco, which each hold 30% and 20%, respectively.