Apache has asked the UK Government to sanction its Corona field development in the North Sea.
US-headquartered Apache said the Corona project would involve drilling operations, the installation of a subsea manifold and a tie-back from Corona to the Beryl Alpha platform.
Apache intends to start offshore construction work later this year with first oil slated for 2019.
Corona is located 172 miles east of Shetland in the Beryl area.
Apache announced the discovery of Corona in October 2015, alongside the Callater and Seagull finds.
At the time, Apache said the three finds contained net recoverable reserves of 50-70 million barrels of oil equivalent.
The company has sent an environmental statement for Corona to the UK Department for Business, Energy and Industrial Strategy.
Interested parties have until April 14 to make any concerns known as part of the consultation process.
Apache entered the North Sea after acquiring the Forties field from BP in 2003.
It bought the Beryl, Ness, Nevis, Nevis South, Skene and Buckland fields from ExxonMobil in early 2012.
Callater, which used to be known as the “K discovery”, is expected to start producing in the third quarter of 2017