ConocoPhillips presented on Monday plans for the development of Norway's Tommeliten A gas and condensate discovery, with total investments expected to amount to 12.5 billion crowns ($1.46 billion), the U.S. oil firm said.
Located in the southern sector of Norway's North Sea, Tommeliten A is estimated to hold reserves corresponding to 125 million barrels of oil equivalent, it added.
ConocoPhillips, the operator of the discovery, and its partners plan to produce the reserves with an installation on the seabed connected to existing infrastructure at Conoco's Ekofisk field, some 25 km (16 miles) away.
"We are pleased to achieve this milestone for the Tommeliten A project. The field development will unlock production of new resources in the area and further strengthen the Ekofisk legacy and future," said Steinar Vaage, ConocoPhillips President Europe, Middle East and North Africa.
The company expects Tommeliten A to start production in 2024, with gas transported via Norpipe to Emden, Germany, and oil liquids piped to Teeside in Britain.
ConocoPhillips holds a 28.3% stake in the licence where the discovery is located, while Poland's PGNiG has 42.4%, France's TotalEnergies 20.2% and Italian Eni's Vaar Energi 9.1%.
($1 = 8.5649 Norwegian crowns)
(Reporting by Terje Solsvik, editing by Gwladys Fouche, Kirsten Donovan)