The Norwegian Petroleum Directorate (NPD) has agreed to let Statoil use the B platform on the North Sea Gullfaks field for another 20 years.
Final consent for the lifetime extension still has to be granted by the Petroleum Safety Authority.
Statoil asked for the extension, saying the facility could be operated at a profit until at least 2031.
Announcing its decision, NPD said: “We believe that further operation of Gullfaks B is needed in order to recover the remaining resources on Gullfaks.
“The drilling rig has recently been upgraded and new wells are now being drilled from the facility.”
Gullfaks B, in the Norwegian North Sea, came on stream in 1988.
The current licensees are Statoil, Petoro and OMV Norge.