SANDEFJORD, Norway—ConocoPhillips submitted on Monday a plan to develop an oil discovery in the Norwegian North Sea for 10.5 billion Norwegian crowns ($1.10 billion), the first of an expected rush of new petroleum projects to be launched in Norway this year.
Known as Eldfisk North, the development is part of the wider Ekofisk area, where ConocoPhillips has pumped hydrocarbons for more than 50 years. The U.S. operator said the new reserves are expected to come on stream in 2024.
The Eldfisk North reservoir contains mostly oil and some gas and is estimated to hold between 50 million and 90 million barrels of oil equivalent, ConocoPhillips said.
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