Norwegian energy giant Equinor has been given the go-ahead to start-up its Johan Sverdrup project in the North Sea by the Norwegian Petroleum Directorate (NPD).
Equinor said it has scheduled the start up of the field in Autumn.
Construction of the second phase is planned for Q4 2022.
The Johan Sverdrup field is expected to produce oil for the next 40 years.
It is located 96 miles west of Karmoy and 24 miles south of the Grane field.
Equinor said the investment cost for the first stage of development is more than £7.5 billion.
Total reserves from the field are thought to be 2.7 billion barrels of oil equivalent (boe).
The four installations are a living quarters platform with auxiliary systems, a process platform, a drilling platform and a riser platform.
Ingrid Solvberg, director of development and operations at the NPD, added that the project was not yet complete and that the NPD will continue ensuring that the licensees “continue to work to develop production technology and that they make decisions to promote measures that can enhance value creation from the field.”
Last week, Equinor announce it haPetroleum dir completed the sale of Swedish exploration oil and gas company Lundin Petroleum.
The deal for Equinor’s 16% shareholding in Lundin has been sold for almost £600 million for a 2.6% direct interest in the Johan Sverdrup project.
The transaction was first announced on July 7 2019.
The deal totaled £589m.