Norway has approved plans to develop several Equinor-operated gas and condensate discoveries in the Norwegian Sea, the ministry for petroleum and energy said on Wednesday.
Equinor and its partners plan to invest 6.5 billion Norwegian crowns ($742 million) to develop several discoveries in the Kristin field and nearby, estimated to hold 58 million barrels of oil equivalent.
The project, known as Kristin South Phase 1, is expected to start production in 2024, with gas to be exported to Europe via an existing offshore pipeline system, while the oil will be shipped, the ministry said.
Equinor and its project partners - Petoro, Eni's Norwegian subsidiary Vaar Energi and TotalEnergies - submitted the plan in June.
($1 = 8.7654 Norwegian crowns)
(Reporting by Nora Buli; editing by Nerijus Adomaitis and Jane Merriman)