Equinor today filed its £700-million-plus plans for further developing the huge Troll field off Norway.
The firm said the third phase of the Troll development could yield 2.2 billion barrels of oil equivalent.
Margareth Ovrum, executive vice president for technology, projects and drilling of Equinor, said the project would be one of the most profitable in the company’s history, with a break-even price of less than $10.
The field is expected to produce beyond 2050.
Ms Ovrum said: “The Troll oil and gas field is in a class by itself globally. The plan for development and operation for the next phase of the Troll development submitted today is highly important both to the future value creation for Norwegian society, but also to ensuring future gas deliveries to Europe.
Since it came on stream in 1995 the Troll field has generated an estimated £130bn in revenues.
Equinor will today sign contracts within marine installations and subsea facilities worth a total of approximately £70m with the companies Allseas, Nexans and Deep Ocean.
Earlier this year the partnership awarded contracts for subsea facilities and the construction of a new processing module on the Troll A platform to Aker Solutions.