Norwegian operator Statoil will cut the development costs at the Johan Sverdrup field.
The company’s partner,Det Norske Oljeselskap, said the move was being made as low oil prices continue.
The capital expenditure for the first phase of the North Sea field is now expected to be $12.23billion, a decrease of almost 12%.
The estimate is also around 5% of the suggested amount put forward in September last year.
A spokesman for Det Norske Oljeselskap said: “The development costs of the field are expected to decrease further.”
The Johan Sverdrup field is estimated to hold around three billion barrels of crude is expected to start producing in the fourth quarter of 2019.
Det norske oljeselskap said measures were also being taken to boost the field’s output beyond the estimated 315,000 to 380,000 barrels a day.
The company estimated its capital expenditure this year at between $925million and $975million, in line with the previous year’s spending.
Statoil has a 40.0267% participating interest in Johan Sverdrup, with Lundin Norway, part of Lundin Petroleum AB, holding 22.6%, Petoro 17.36%, Det Norske Oljeselskap ASA 11.5733% and Maersk Oil Norway, part of A.P. Moller Maersk A/S, 8.44%.
Earlier this month the company signed new agreements with OneSubsea and Aker Solutions for the Johan Sverdrup field.
In December, Statoil and its partners said they planned to spend more time improving the concept for the start-up of the second phase of the Johan Sverdrup field.