Aker BP said today that it had submitted development plans for three oil fields to the Norwegian Government.
The plans cover the Valhall Flank West, Aerfugl and Skogul fields.
Partners will invest £760million to bring Aerfugl on stream, £180million less than initially budgeted.
Valhall Frank West’s sticker price has been revised to £495million from £630million.
Skogul project is estimated to cost £135million.
The fields are expected to create 14,000 jobs and generate revenues of £9billion, based on an oil price of $60 per barrel.
Norwegian state can expect to bank £4.7billion in taxes.
Aker BP chief executive Karl Johnny Hersvik said: “This is a great milestone for Aker BP and our partners, and demonstrates our strong commitment to the Norwegian continental shelf as well as to the Norwegian society.
“Investments to increase the value creation from our core areas is a vital part of our growth strategy. The Valhall Flank West, Aerfugl and Skogul developments will substantially strengthen Aker BP’s reserves and production from our operated field centres at Valhall, Skarv and Alvheim.”
Aker BP was established in September 2016 following the merger of Det norske oljeselskap and BP Norge.