Equinor and its partners in Norway's Breidablikk oil discovery have agreed on an 18.6 billion Norwegian crowns ($1.95 billion) development plan for the North Sea field, the state-controlled company said on Monday.
Partners in the field are ConocoPhillips, Petoro and Vaar Energi, a unit of Eni.
"The Breidablikk field is one of the largest undeveloped oil discoveries on the Norwegian continental shelf," Equinor said in a statement.
The field is estimated to contain some 200 million barrels of oil, and is scheduled to begin output in the first half of 2024, Equinor said.
Deploying remote-control technology designed to cut costs, the field will have subsea-installations only, rather than a traditional platform, taking advantage of its proximity to the older Grane oil platform and an extensive pipeline network.
"Breidablikk is being phased in during a period of declining oil production at Grane and will help maintain the activity level on the platform," Equinor said.
